Jeff Cook is the CEO of Cook Properties, a family owned and operated company that invests in commercial, retail, office, self-storage and mobile home parks. He began his real estate investing with single family homes in 1997 and bought his first mobile home park in 2008. In this episode, Jeff talks about the importance of focusing on what you are good at – which for his group is mobile home parks located in New York.
Jeff discusses his transition from buying single and small multi-family homes to transitioning to more commercial assets. He mentions the challenge of trying to do a 1031 exchange when selling his initial portfolio of homes but having it fail due to timing. He now prefers not to sell, rather to return capital to investors through refinancing his properties.
Jeff talks about investing in NY and how to be successful in a business climate that most regional and national operators avoid. He had to adjust the mobile park business to deal with rent control but it hasn’t negatively affected the business as they understand the market and the regulations. This allows him to run a successful business by focusing on the asset classes and markets they are experts in.
Jeff discusses some important mobile home metrics he evaluates when looking for properties and what passive investors should focus on when evaluating a deal. He also talks about other asset classes they are currently operating in and why they are looking to sell most of those assets and continue concentrating on mobile home parks. He also mentions the current mobile home park fund for which they are raising capital until May 15th.
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