Byron Friend’s Post

Happy Independence Day!!! Today I spent the day parading with the Joseph A. Ferko String Band in the Woodstown, NJ Independence Day Parade. The Ferko String Band is a nonprofit organization founded in 1922 that serves communities through charitable music performances. Our band also competes in the annual Philadelphia New Years Day Mummers Parade. #independenceday #fourthofjuly

The 55+ demographic is becoming a driving force in the market: Over 4.1 million Americans turn 65 this year alone, and a significant increase in the wealth held by those over 70. Senior living mobile home park communities are a major focus in the large public REIT players like Equity LifeStyle Properties, Inc. ELS owns 451 properties with 70% of their properties listed as age qualified or have a resident base of an average age of 55. Here are key insights on how to attract these tenants: 1. Offering ease of living: lawncare, close to ground homes, larger showers, proper toilet height, move-in services, and concierge services increases your community attractiveness. 2. Build a sense of community: social events, clubs, and activities encourage interaction and build relationships among residents increasing chances of long-term residence. 3. Provide health and wellness support: partner with third-party providers to offer in-home healthcare, wellness checks, and telehealth services to give residents and their families peace of mind. This article by MHInsider is packed with value for 55+ communities. Real Estate is about providing a space that people enjoy. #commercialrealestate #realestate #seniorliving #seniorhousing #mobilehomeparks #tenants #seniors

Last Thursday I attended a fantastic digital workshop called "6 Social Media Mistakes as a Commercial Real Estate Broker", here are my top 3 takeaways: 1. Consistency compounds multiples: - A weekly content plan with daily themes or ideas such as articles, photos, or videos allows you to think ahead of time for post ideas, for example: Market Mondays, Deal Story Tuesdays, Broker Tip Thursdays, etc. - Posting every day versus twice a week makes a significant difference in your accounts traction by putting you in a routine for credibility and exposure. 2. Comment 10x more than you post: - Have a "LinkedIn Tribe" favorites bar folder of 15-25 people. Right click then "Open All" for tabs to comment on every post for an efficient system. - Learn from their content styles and find your own voice through stealing like an artist and gain your own content ideas through relating. 3. Your mindset needs to be set on a 1 to 2 year time horizon: - Understand gaining traction will take a long time but stay consistent with commenting and posts because it drives steady traffic to your account. - Be aware that everything you do is your personal brand and consider repurposing content on to other platforms to network with new people. Thank you to Augie Schmidt Beth Azor, The Canvassing Queen and Justin Ryder, CCIM, who ran this event. It was a very valuable workshop! #commercialrealestate #linkedin #creators #clients #realestate #mobilehomeparks #realestate

Mobile home park investments require a strategic approach now more than ever: - Recent events and trends highlight the need for a thoughtful strategy to optimize manufactured housing community investments for the long term. - Balancing profitability with tenant satisfaction is paramount and investors need to consider the ethical implications of rent increases, especially for seniors on fixed incomes. - Ohio's state legislature banning rent control in 2022 is showing a similar theme across many states, while there is no restrictions on much much rents can be increased this requires careful consideration to avoid tenant turnover and dissatisfaction. - New amenities can justify rent increases and increase tenant satisfaction. - Consider adding community centers, fitness facilities, or pools to create value for both residents and investors. - Be proactive in your asset management, rising inflation and consumer costs emphasize the importance of adjusting rents responsibly by keeping a pulse on market rents in your area over a long period of time. Imagine a beautiful garden with multiple gardeners and each plant represents a mobile home park. One plant has the potential for a high return, however if you water it too aggressively, it risks drowning not only itself (tenant turnover) but also causing the roots of neighboring plants to rot (rent regulations). Moderate rent increases, thoughtful property improvements, and tenant satisfaction ensure sustainable growth without triggering adverse reactions that could harm the entire investment environment. #mobilehomeparks #affordablehousing #rentcontrol #housing #commercialrealestate #realestate

Home prices soared 50% since 2019, here's how it affects CRE investors considering mobile home parks: U.S. demand for homes exceeds supply by 2.1 million units, any shift towards equilibrium could lead to price corrections and could negatively impact park occupancies and reduced cash flow. The article states that rental yields are low for residential properties. With rent control becoming more popular across the country, it is important to understand your return on equity and if your current property's dollar invested is working hard enough. The fundamentals of mobile home parks are becoming stronger. Stable revenue streams from strong affordable demand ensures consistent income, paired with the surprisingly low expense ratio potential of parks enhances their profitability. With residential being overvalued across the board, it's extremely important to focus on property supply and demand fundamentals to keep an eye out for macro corrections while maximizing return on equity. #commercialrealestate #mobilehomeparks #realestate #housing #affordablehousing

Are you falling into the Seller Financing Trap? 🎭 Avoid Masked Problems: Sellers might use financing to hide high vacancies, poor locations, or overpriced properties. 🚪 Interest Rate Bait: Low rates can disguise poor performance. Always evaluate with standard bank loan rates to gauge what is realistic. ⏱ Short-Term Loan Pitfall: Initial low rates may lead to negative cash flow and failed refinancing, risking foreclosure. #RealEstate #MobileHomeParks #SellerFinancing #AffordableHousing #CRE

How can rent control impact your investments? Iowa's recent legislative efforts to allow local rent control measures are creating discussions on housing affordability. Rent control aims to protect tenants, unfortunately it can pose risk for value-add investors and maintenance upkeep for landlords. It's important to engage with policymakers to find balanced solutions that address affordability without negatively impacting the housing market. Stay ahead of the curve and informed about any changes. #RealEstate #MobileHomeParks #MarketTrends #AffordableHousing #RentControl

Proud of my team, everyone worked so hard for this. #affordablehousing