MFREE 119 Trailer # 5 with Cory Harelson: What’s the Rookie Mistake That Can Sink Your Park Deal?

Aloha, It’s Shelon "Hutch" Hutchinson here! If you’re enjoying 'The Multifamily Real Estate Experiment' podcast, please like, comment, and share our episodes to help us reach and inspire more people. Thank you for your support!

When Cory Harelson and his team took over their first mobile home park, they didn’t do anything flashy—they simply showed up, walked the property, talked to residents, and solved small problems that had been ignored. The feedback? “You guys actually care.”

But this episode isn’t just about feel-good moments. Cory also shares one of the most common mistakes investors make when moving from apartments to mobile home parks: miscalculating value by capitalizing income from park-owned homes. That rent is tied to personal property, not real property—and banks won’t recognize it when underwriting a deal.

If you’re chasing deals without understanding this difference, you might be overvaluing your investment and setting yourself up for trouble. The numbers matter—but so does doing right by the people living in these communities.

#MobileHomeParks #UnderwritingMatters #ImpactInvesting

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