120: Why and How to Acquire Mobile Home Parks in Expensive Markets with Daniel Weisfield

Daniel Weisfield is a founder of Three Pillar Communities, a values-driven real estate investment firm. Three Pillar Communities acquires and operates manufactured housing communities in the United States. The firm has a two-part mission: to deliver safe, reliable housing to residents and safe, reliable returns to investors. As a consultant at McKinsey & Company, Daniel co-authored the McKinsey Global Institute’s report on tackling California’s high housing costs. His research on real estate and housing has been featured in the New York Times, the LA Times, and The Wall Street Journal. Daniel holds a J.D. from Yale Law School, an M.B.A. from Yale School of Management, and a B.A. in humanities, magna cum laude, from Yale. A former U.S. diplomat and a licensed attorney, Daniel is the recipient of a Fulbright Scholarship and the U.S. State Department’s Meritorious Honor award.

(00:01-04:05) Opening Segment

- Introduction of the host into the show

- Alpesh introduces the guest of the show, Daniel Westfield

- Daniel shared something interesting about himself

(04:04-33:30) Real Estate Investing Journey and Why and How to Acquire Mobile Home Parks in Expensive Markets

- When and how Daniel started investing in real estate

- Daniel's transition from being a Yale Graduate and U.S Diplomat to Real Estate Investor

- First MHP deal

- Why Daniel chose to operate in Western U.S? How did he focus there?

- Eviction Moratorium and Tenant-friendly laws in California

- Daniel's acquisition strategy

- How to make investment work when it's hard to find property cash flow

- How to work out buying MHP?

- Owner financing vs Lease to own

- How to navigate Dodd-Frank loan

- Gotchas to keep in mind when you want to acquire mobile home parks in expensive markets

- Best mobile home park deal

- Are your investors open to being in the deal long-term?

- Worst deal

(33:31-33:37) Break

(33:38-34:52) Second Segment

- Welcoming listeners and guest back to the show

(34:53-37:26) Fire Round

- Will Daniel change the business strategy after Coronavirus?

- Daniel's favorite real estate, finance, or other related books

- Tool or website Daniel recommends

- Daniel's advice to beginner investors

- How does Daniel give back?

- How can Wealth Matters Podcast listeners reach out to Daniel?

(37:28-37:50 Closing Segment

Reach out to Daniel by visiting threepillarcommunities.com and join their mailing list.