Ep. 20: Not all Mobile Home Parks are Created Equal, with Jack Martin and Nate Pattee

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Lance is the Founder and Managing Partner of Verivest, an end-to-end real estate investment platform designed to bring transparency and trust to middle-market investing, and a Principal in Fairway America, a real estate private equity firm in Portland, Oregon.

Jack Martin and Nate Pattee of the Arizona-based firm 52TEN join Lance to discuss their “Give Before You Take” approach to Mobile Home Park investing. This asset class is a unique, complicated beast. Jack and Nate believe in the importance of building credibility with owners first, by investing in park culture and experience. They discuss risk mitigation as it relates on on-site management, vigilante owners, leverage and debt, as well as their exit strategies.

This Week’s Guests

Jack Martin: Over the last 20 years, his businesses have been involved in more than $250 million in real estate projects, including land development; construction; and the acquisition, renovation, and disposition of thousands of properties across a variety of asset classes.

After serving in the US Army, Jack began his entrepreneurial journey as a general contractor, specializing in land development and the construction of custom homes. He spent the next 14 years with a Phoenix-based real estate capital management company, where he became extremely adept at sourcing off-market property and fostering relationships with capital partners. He joined Nate in 2016 forming 52TEN to focus on creating recession-resistant cash flow through mobile home investments.

Jack is known for his strong communication skills and his ability to consistently find great real estate opportunities. He understands what it takes to build lasting relationships, always striving to deliver the best experience in the business. Outside of real estate, Jack dedicates his time to his family, the outdoors, and teaching personal development. He lives in Phoenix with his wife and seven (yes, seven!) children.

Nate Pattee:  His experience over the last 20 years include commercial development, commercial brokerage, real estate marketing, and portfolio management of multifamily and manufactured home communities. He has participated in the acquisition and disposition of over $150 million in commercial real estate.

After graduating from Purdue University, Nate moved to Arizona and joined The Weitz Company, gaining extensive development and construction experience. At Marcus & Millichap, he became adept at underwriting and brokerage of commercial transactions. He spent four years building a successful marketing business that serviced the real estate industry before serving as asset manager for a portfolio of multifamily communities. In 2016, he founded 52TEN to focus on mobile home and RV parks.

Nate is known for his conservative underwriting style, his proactive approach to asset management, and the creative strategies that allow 52TEN to outperform projections. He currently serves on the board of the MHCA in Arizona. Outside of real estate, Nate spends most of his free time in the great outdoors, enjoying live music, and grilling BBQ. He lives in Phoenix with his wife and two children.

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Episode 20