The Mobile Home Park Expert Podcast is back! Today we’re joined by some esteemed guests from Cook Properties. CEO, Jeff Cook, as well as Maxwell Dowd, the companies Director of Investor Relations and Acquisitions, weighed in on their time in the MHP space. As we note in the clip, they’re currently raising $45million for a deal valued at roughly $120million.
Managing a portfolio like this doesn’t happen overnight. It takes years of trials and experience to navigate properly. Learn more about their journey, as well as the status of this raise in the sections below. Also, be sure to visit their website!
Managing An 8 Figure Raise
“This one is a monster for us. It’s a big deal that we’ve been cultivating over the past year or so,” says Jeff. It consists of properties all located in NY’s upstate area. “
“It’s a really natural fit.” The comfort of the location isn’t the only perk in this scenario, either. “Once we close this deal, we will be the largest park owner in New York State, which we find pretty cool.” Pretty cool indeed, Jeff! We’d at The MHP Expert would like to reiterate our congratulations to the team over at Cook Properties for this landmark win!
Now The Real Work Begins
As I note in the clip, this is only the start of the team’s work. With such a huge deal comes the inevitable laundry list of obligations. It’s tedious, time consuming, and sometimes downright frustrating. But if you take the time to prepare, and keep your ducks in a row, you can chart a course for success.
In Cook’s case, they’re starting with their vast network of investors as the catalyst for growth. They adjusted their usual buy-in guidelines by an increase of roughly $200,000 to account for the size of the deal. “Anyone that can come in $250k or higher, we’re happy to talk to them.”
A Head Start On Funding
With an investor base as strong as Cook’s, even the minimum of these kinds of contributions begin to add up. But with the value of this deal, the larger the investment, the greater the inevitable pay off. About $10million has been pledged thus far. Around $4million is coming from Jeff and his brother, COO and managing member, Brian Cook.
This is important to note because it shows how deeply invested the team is. It’s not some pass and grab cash flip. They have just as much skin in the game as those they’re asking for contributions from. “We’re in it too, we’re in it big,” Jeff proclaims. And with the current developments, these soft commitments are a great sign of what’s to come for the deal.
The Mobile Home Park Expert
You can hear the rest of the podcast in the attached clips. We’d like to thank our guests for joining us. We wish Cook Properties the best in their raise. If you’d like to reach them for more info, here’s their contact page. And as always, for advice on navigating the MHP space, contact the MHP Expert!