Mobile Home Parks

A Better Exit Fund I, LP Capital Raise Opportunity

Better Exit Invests in Affordable Housing

This fund is designed to acquire and manage small to medium sized mobile home parks, totaling around 250-275 pad sites.

Our goal is to achieve above industry average returns by utilizing proven, innovative management, backfill methods and acquisition strategies.

ACQUISITION & DEVELOPMENT

INVESTMENT OPPORTUNITIES

CURRENT
PORTFOLIO

About Us

Since its inception in 2017, Better Exit has earned a reputation as an affordable housing leader in and around Texas. We pride ourselves in acquiring and adding value to manufactured housing communities.

Working alongside a strong team of industry professionals, we have a proven track record in unlocking value in sites and translating client and investor visions into reality. To learn more about our company profile, get in touch today.


PRINCIPALS

Jarrod Pettit

Jarrod brings a wealth of residential real estate experience to Better Exit. Jarrod has acquired and managed an impressive portfolio of hundreds of single family homes and manufactured communities. Jarrod enjoys wearing cowboy boots and shooting things.

Chris Koerner

Chris is a serial entrepreneur with a passion for marketing and real estate. Chris has started and sold several successful companies and received his MBA from TCU. Chris enjoys ultrarunning and eating good tacos, sometimes at the same time.

Santee Hathaway

Santee brings 14 years of commercial real estate experience to Better Exit, with specific expertise in U.S. and Canada coverage of tenant representation and development services. In his free time, Santee enjoys hunting and Crossfit.

Michael Tatum

Michael has 11 years of commercial real estate experience, with extensive expertise in demographics and market analyses. Michael enjoys a fine wine paired with Netflix every night.


COMPANY HISTORY

2008-2012

Owner-Financed Homes

Purchased, renovated, and owner-financed 100+ homes in North Texas.

2012-Present

Rental Homes

  • Purchased, renovated, and rented 400+ single-family homes

  • C-class properties in towns surrounding larger metroplexes

2017-Present

Renovated and Redeveloped MH Parks

  • Purchased, renovated, and own six MH parks

  • Still own and manage

  • Developed one park from the ground up in 2018

2019-Present

Better Exit, LLC was founded in early 2019

  • Since Better Exit's inception, we have acquired five mobile home parks across Texas, Oklahoma, and Kansas

  • We have already acquired seven more in 2020

Strategy

The Increasing Demand for Affordable Housing

There is an ever-increasing demand for affordable housing nationwide. Mobile home parks have serviced this need since the 1920s. It's impossible to build homes or apartments, from an investor perspective, to compete with the pricing you can deliver from these assets.

As the cost of living increases and more people moved to fixed incomes, the need for affordable housing will skyrocket. A tremendous upside to investors, relative to this asset class, is the ability to scale without having to service the maintenance issues that arise with apartments, single-family homes, and duplexes.


MARKET SIZE

Nationwide, there are approximately 60,000 combined mobile home and RV parks. However, as this market is incredibly fragmented and ownership has typically been difficult to locate, this number is not concrete.

A large portion of this market can be purchased, put under Professional management, improved and then brought to maximum occupancy and market rents.

ACQUISITION SEGMENTS

STRATEGY

Our strategy is to primarily buy in the small park segment.

  • More motivated sellers

  • More parks to be selective of

  • Highest yield

  • We are going to band together 5,000+ pad sites within this market segment to take the market

  • Due to Better Exit's principals' experience and developed infrastructure, we are able to manage effectively in this market segment where most investors can not


DEVELOPMENT TACTICS

BACKFILLING

Backfilling is the process of buying new housing units and moving
them into our parks.

  • Seller-financing backfilled units absolves us from needing to maintain homes, thus resulting in drastically lower management costs and helping us enable scale

  • Backfilling enables us to only maintain and upkeep the underlying infrastructure of the park (water, electrical, sewer), which is minimal, while also quickly bringing us many long-term tenants with a sense of pride of ownership.

  • Critical to our entire growth and long-term occupancy strategy.

  • Helps us create long-term, low maintenance occupancy.

  • Eliminates the necessity of a new tenant to already own a mobile home.

  • Competing parks either don’t backfill, or backfill and then rent out the units, which necessitates maintenance.

TYPICAL BACKFILL UNIT

  • 3 Bedrooms

  • 2 Bathrooms

  • 880 Sqft

  • Comes with new appliances: stove, dishwasher, and microwave

  • Central Heat and Air

  • Approx. $27,500 “turn-key”: delivered, leveled, skirted, connected to utilities, and central heat and air installed

FRICTIONLESS TENANT EXPERIENCE

Current Tenant Experience

The industry has been owned and managed primarily by 65+ year old “mom and pop” operators, with issues such as:

  • No web presence

  • Most only take cash payments, no online options

  • No units to seller finance

Better Exit Tenant Experience

We are bringing 21st century technology into the industry:

  • Full online marketing presence

  • Online payments

  • Onsite payment and leasing kiosks

  • Automated bookkeeping abilities

  • Bringing in units to seller finance (backfilling)

Investors

We are of the belief that at some point we will be in the midst of another economic recession. Mobile home parks are the most affordable housing class, and experience the greatest returns and occupancy rates during recessionary periods.

For this reason we are aggressively expanding our portfolio of properties throughout 2019 and 2020. We are always seeking private capital partners with similar mindsets.

  • Consistent Returns - Our investors enjoy consistent double-digit monthly returns & equity participation in each deal.

  • Long-term Quality - Our innovative and cost-efficient management systems allow us to quickly scale, without sacrificing quality.

  • Hands-off Approach - Affordable housing management can often be a messy job. We insulate investors from the headaches of property management while providing all the transparency necessary for peace of mind.

  • Fair and Honest - If our terms aren't overly generous and transparent, our investors won't want to participate in future deals. We want to partner with you for the long haul.

Portfolio

Contact Us

Thank you for your interest in Better Exit.
We look forward to connecting with you.

801 E Campbell Rd.
Suite 475
Richardson TX 75081

info@betterexit.com