On this episode of The Mobile Home Park Lawyer, Ferd interviews Harsha Moole. Ferd and Harsha discuss ways in which GPs mislead LPs, long-term risk/reward ratios, and nightmare stories. Harsha also shares some tips and tactics that he has used in MHP.
“At the end of the day, long-term, safe investment is what you look for. For syndicators like you or me, we look at risk before reward. You want to make sure you don’t lose what you put in.”
0:00 – Intro
0:43 – Harsha explains his background and how he got into real estate and MHP
3:27 – Harsha speaks about LP and syndicator tips and tactics that he uses
7:50 – Ferd discusses two ways in which GP’s mislead/misinform LP’s
11:28 – Harsha speaks about how he goes about the deals he makes and what he’s learned from previous deals
17:38 – Harsha states that a long-term, safe investment is what you should be looking for
18:56 – Ferd asks Harsha if he has any nightmare stories, and Harsha shares a story about his first investment
23:59 – Harsha speaks about long-term risk/reward ratio
28:24 – Ferd discusses how your first deal can also be your last deal if you’re not smart about it
28:56 – Ferd asks Harsha for some final tips and advice
FIND | HARSHA MOOLE:
Ferd Niemann: Welcome back mobile home park nation. Ferd Niemann here again with another episode of The Mobile Home Park Lawyer Podcast, got another special guest today. This guest is a friend of mine, we’ve invested together, I’ve done some legal work for him, known each other for a little while now. He’s a physician, he’s an entrepreneur, he has several startup companies. He’s a real estate investor, real estate syndicator. He’s one of the smartest guys I know. Please help me welcome Harsha Moole. Harsha, thanks for coming on.
Harsha Moole: Well, thanks for the really good introduction Ferd, glad to be here.
Ferd Niemann: Great. Glad to have you. I know you obviously, but for our audience that may or may not, please tell us a little bit more your background and we’ll get into how you got into real estate and into MHP, in particular.
Harsha Moole: Great. So I started off as a physician grew up in India and moved here 10 years ago. We have a family business real estate background back home in India and kind of wanted to emulate real estate renters in America. But it’s obviously a different playground, took me a couple of years to learn, we started off with while working as a doctor, I take paid time off 15 days a month. That gave me a lot of time to spend. Go to these real estate seminars to learn a lot of stuff. started off in multifamily space, this was about 2016, 2017, the market was very hard, then we were looking to kind of venture into something where the market is not as hard but provide as a good segue to kind of focus on real estate deals. And that’s how a buddy of mine kind of told me about mobile home parks at the end of 2017, 2018. Took me about a year to learn about them. That’s eventually kind of felt like that’s a great asset class. And we can talk more about why or what the key points are in the mobile home parks. that’s how I got into mobile home park space. Prior to mobile home park space, we did a bunch of apartment complexes, redevelopment projects in Midtown Kansas City in the commercial real estate space, mostly in gentrifying areas, we syndicated deals. right now we do acquire like two to four properties every year in the syndication model. Whenever possible if we see good deals, we try to be as healthy, finding those deals, and so on so forth. It’s kind of a pretty big spectrum of what we do. But we stick to our fundamentals. And we just want to be in the right asset class at the right time.
Ferd Niemann: Make sense and I know from deals we’ve looked at together, one thing you’ve got a keen eye for is kind of looking at the numbers and looking at assumptions. because as we both know, you’re a syndicator, I’m a syndicator as well. And there’s a lot of numbers you can manipulate. You know there’s a lot of variables, you can look at a spreadsheet, oh great, well, what if you manipulate the cap rate a little bit the interest rate, a little bit, the lease absorption rate a little bit, market a little bit, and you do that three, four or five times it’s exponential and exponential growth. So give me some, give us some tips and tactics as to what you look for as an LP. And then also when you’re you know, just if you’re going to be a GP as a syndicator what do you do to be kind of bulletproof. I kind of look at like a, I think I’ve told you there’s actually you know, I played baseball and in baseball, you get three strikes. But as a syndicator, it’s a one-strike game.
Harsha Moole: You can’t mess up.
Ferd Niemann: I can’t mess up. so you don’t get caught your hand in the cookie jar, you don’t fail the project, you don’t want to have unrealistic expectations. So like let’s get it right the first time every time. So far, so good. But tell me about your analysis.
Harsha Moole: It’s a challenge meaning for someone new to real estate, especially when you talk about these high-network accredited people that we work with. Mostly I work with physicians 95%, 5% here and they’re like I have passive investors who are attorneys or some sort of high-level engineers from the California area. And folks, it is sad, but they’re not very educated on what cash flow means, what IRR means. a syndicator might go and pitch them, hey, the IRR is 30 percent but, on their Performa, it says the sale cap is 4%. Like you and I know the sale cap is 4% is unreasonable, but they don’t know. They’re going to look at the IRR and say, you know what this deal is great. I’m going to put my money into this deal. Or on the other side, I’m pitching this same investor a deal which says, Hey, IRR is only 16%, but my sale cap is more reasonable seven half to eight cap, which is more realistic, but obviously the guy, the greater investor, so to speak will prefer a higher IRR. But they wouldn’t know how these numbers work out until the end of the lifecycle of today, which is a 5 to 10-year timeframe. So it takes a lot of convincing to kind of get them up to speed with Hey, you know what, this is the market comps in the last two years we’ve seen them, the sale cap is averaging between six to eight based on the location. For sale cap is under real estate and it takes time to drill in that piece of information to investors. Most of the time like these email newsletters, they work sometimes but most of the folks who are busy they don’t, they tend to look at it as promotional content and they don’t pay attention to it. So it takes multiple phone calls one on one conversations, meet them in person, talk to them. small bits and pieces of information. Like I try to pass it on as one on one information to these investors saying, and that’s when they know, okay, then I present them a deal next time. They just don’t completely blow it off, comparing that to some unrealistic IRR members, and they say, okay, this is something that we know about. But otherwise, for your question on what should LPs look for, I think there’s a lot of due diligence that needs to be done. I like to call healthy investment structure, there is a famous saying, everybody tries to call it passive investment. In my mind, I don’t think it’s passive, I call it semi passive. there is still a lot of work that needs to be done prior to putting in money into as an LP. you have to look into the operator experience, what have they done in the past? How many have they, like I think completing the whole cycle is really important for the operator. For example, I know, I personally know a couple of operators in Kansas City, they’re just starting off three to four years ago, very aggressive four or five deals per year. And nobody knows what their like exit plan is, but they keep promising these 30,40 IRR, which are unrealistic, and it’s hard to kind of like, you know, put them to like, test because we don’t know what they’re going to do. So I think with operators, we just have to look at their past experience their boots on the ground, and how their performance looks. This is where it gets tricky. When you look at performance. Like I said, it’s a challenge for regular folk to know what normal underwriting is to kind of separate it from realistic underwriting. And that’s kind of where like, they should probably reach out to other experienced folks to learn what normal estimates are, that would help obviously, have a legal person look at it, just don’t sign a document. Because it’s a very lucrative deal. So I think it’s a combination of a lot, I think it will take at least 20 to 30 days to do the work of due diligence. Even on an LP standpoint.
Ferd Niemann: Interesting, yeah, I think from my experience, you’re the most diligent LP I’ve ever met, because you ask a million questions, and then you understand the numbers. And you even have when you, if there’s something that PPM you don’t understand, or you want to check, then you hired your own legal counsel to review it. And that’s, I think that’s going to set apart your investments as LP and it’s going to make you such, a better GP, on the deals, you did the syndication. because I look at a lot of deals and put some money in other people’s deals, you know, one to learn, but two to see if they’re messing up, you know, frankly, and then see what not to do. But, I mean, I was just thinking recently, you know, there are two types of ways I feel like a GP can mislead or misinformed LPs, and one is by aggressive assumptions. And you’ve covered that things like, you know, look, the cap rates, you know, the IRR is huge, but the cap rate is influencing, the cap rates are unrealistic. So your variable as an assumption is leading to an end result that’s unrealistic. that I think is malicious in sometimes. There’s another way of misinformation. I just looked at this on a syndication, another mobile home park operator, I wasn’t under the hood on his ppm and such. And there was misinformation based on a lack of understanding of the financial metrics. In particular, internal returns are a pretty complicated concept for a lot of people measuring, you know, the cash inflows and outflows, the timing of such, you know, debt paid down, appreciation, and cash flow. It kind of blends the overall yield, as you know, but this other person was just taking the end net proceeds. let’s say it was $300. And they’re saying it took us three years to get there. So it’s an average of $100 per year. And if you invested $50, okay, it’s 50 into 100. And like, wait a second, you know, and I think real example was like, they invested 300. So they made 100 on the three, they said, Oh, it’s a 33% return, I was like, but there was no cash flow. I was just like, it baffled me, I don’t think the operator recognized what they were shooting out to their investors was inaccurate, so I don’t think it was malicious, as much as just misinformed and as a result that misinformed other people and I want to actually do a whole podcast, you know, Logan, my business partner, I’m still arm-wrestling him like, we just need to shred these other guys PPMs and offer memorandums and he’s like that is too mean. alright, maybe we won’t, but I mean, I think it’s a disservice to the community, to have misinformation out there and you’re doing a good job I know of vetting the operators and vetting the PPMs to make sure that doesn’t happen.
Harsha Moole: I think in regard to your podcast idea, I definitely think you should do it more so to educate people more than anything. meaning I just feel bad for limited partners or passive high net worth folks who get into these deals, expecting those unrealistic, falsely promised numbers, so to speak, and then 5,10 years down the line, they get worked. I think if anything like that’s kind of what I tried to do is I mean, I don’t have a podcast like, show like you. But my interactions are mostly one on one. When I talk to guys, I try to ask them, Hey, what are you looking at? They kind of tell me a couple of things that they looked at. And then I say, Hey, this is what happens here. And this is why those numbers are not good. So I think educationally, I think there’s a lot that folks like you and I can do to kind of get the word out saying, hey, there is so many ways that people can mess up those numbers in a bad way.
Ferd Niemann: Good. I’m going to tell Logan we’re voting. You just got an equal vote with them, by the way. So those are some good tips on the syndication standpoint. As a mobile home park owner, tell me some of the tips you learned, you know, on your first deal as you’re going into other deals now, what you’ve learned so far, and you can share with our audience and how you’re going to react differently in the future. Perhaps the same, perhaps you didn’t make any mistakes in your first couple deals, you know, but typically, we all learn as we go along and deals in new asset classes, always a new challenge for investment.
Harsha Moole: I think from where I stand, I try to be extra conservative or extra protective in the way I do deals. I am not very bold, and I don’t go to things and then learn later, before I step in, I try to make sure I have at least one or two folks around me that know the industry really well so that they can walk me through it and lead me through it. Even when it comes to make sense of certain percentage of the deal, it makes sense because as a syndicator, Like, going back to your rulebook one strike, that is it. you can’t do a mistake. It’s a brand, it’s a name of the company’s, it’s people have trust in what we do. And you don’t want to blame that. If that content expands a certain percentage of the deal, I’m more than happy to pay that up and work with the right team to get started. So when I first moved to mobile home park deal, you were one of the first person I spoke to, we had a free tour of your velvet park, great experience, felt like you know what, this is something that really works. And that was the first time then we had a practical sense of you know, this is an industry that we want to be in. Until then there are so many misconceptions on the mobile home park, saying you know what, you don’t want to get into that industry, but it is a good space, where you can provide affordable housing to folks and be on the good side of the industry. now in regard to tips, I guess the big thing is, buying mobile home parks is more intricate than getting an apartment complex, so to speak. I have been in both spaces so that I compare these, there’s a lot of due diligence that goes into mobile home park on a relative scale to apartment complexes. apartment complexes, you can just hire an inspector, the inspector goes, does their thing, okay tracks are bad whatnot picks it up. But mobile home parks, most of these have been there for like 50, 60, 70 years, there’s a lot of title complications, there’s a lot of utility complications, who knows how the water-sewer systems are, there’s a lot of grandfathering and nobody knows what the rules of how many lots this does this have, can this have more lots? So I believe extra effort needs to be put in up front before you buy the asset and then later realizing that you did a mistake, that’s kind of where I felt like you need like a strong somebody that knows the ins and outs better. Like for me It happened to be you were like when I first bought my first asset, you are one on side guiding me through the legal work, title work, zoning. And if I went into mobile home parks first just with my multifamily background, I would have definitely missed most of those. And the majority of the time people might be just fine. There’s like many times with the intricacies that I just mentioned the title work, zoning, grandfathering that you can, there’s a high potential for getting burned at a later date. That I think is a big difference in my opinion. I mean, once it gets to, once you buy it the operations, that’s a different whole ballpark. But for me acquisitions was a big thing that kind of stood out and one MHP space compared to the multifamily space.
Ferd Niemann: Those are good points. Thanks for that. What I find on a regular basis with some of my clients too, is I think the biggest of the clients, the biggest guy in the industry the REITS, and some of the top 10 players, they’re very sophisticated, right? And they probably don’t make a lot of mistakes. And you got the rookies down on their first deal. And then they feel like they’re way underperforming compared to the mid-level guys. But what I found is, a lot of times people attack the small person tackling one deal that’s like, this is my own real money. And I’m putting my, I am signing the note myself. They’re better due diligence because they’re all in. And they’re a little paranoid. Now, they may not be educated to know what a phase one environmental is. But they’re educated enough to ask and say, I don’t know what I don’t know. And then they ask where I have a new client who owns 30 or 35 parks. And I asked him, I said, who’s doing your title objections? And they’re like, well, we just if nothing pops out, we don’t really care. I was like, well, who’s looking at your survey for titling and for easements, encroachments, and liens. And they’re like, we don’t do surveys. I am like, you have 35 parks, you don’t do surveys. No, we don’t even worry about it. I was just like, whoa, that’s a pretty big operator. For me, none of those parks are worse. But man if he is here in a $30 million portfolio that’s a pretty big deal. And you don’t pay the surveys. He is like well, I can’t do legitimate title objections without having a survey in front of me and I get other people saying, I was buying a wholesale deal from a guy and he said what do you have done? you have the survey done, you have title commitment, phase one? He goes, oh, you don’t need a phase one. This one is in a nice area. I was like, I’ll pick phase one. All right. But these are pretty good size guys. So I mean, I tell that to say, you know, I have some clients, I had a lady yesterday she called me she’s, you know, I’m embarrassed to say that I haven’t, I didn’t pay for these things on my first deal. And she’s called me a second deal. I go, that’s okay. You’re now aware and you’re doing the second deal. There are people who are 30 deals in and are running rogue, like I don’t need that. I am like you need that you know, and this isn’t you know, you don’t ask the barber if you need a haircut, right? Because the barbers always going to tell you do. I’m like, I don’t own the survey company. I don’t own the phase one company like, this is not me trying to drum up the legal bill. This is me giving you legitimate legal advice, or just practical advice to protect you and you know, it’s kind of like talking to my kids. Sometimes they listen, sometimes they don’t. So that’s definitely a good tip. You know, I say be paranoid. You know, be paranoid in your due diligence.
Harsha Moole: At the end of the day, I think it’s a long-term, safe investment is what you look for, I mean, for like syndicators like you or I, we look at risk before reward. You want to make sure you don’t lose what you put in, forget about what you can make.
Ferd Niemann: Absolutely and I know Frank Roth is obviously one of the Titans in our industry. He always references Sam Zell, you know, who’s probably the biggest titan in the industry, it’s hard to get access to, right? I’d love to have him on my podcast. here I am calling him out. So maybe he’ll do it. But he talks about that, you know, risk, reward analysis, risk-reward ratio, and you want to look for an asymmetric risk-reward profile. And a lot of guys don’t do that. I’ve got some people that are LPs on my deals. I don’t like these two. I want that last deal. I am like, well, that last deal was riskier because it was infill, it is more of a medium-lift or heavy lift. This current deal is right down the fairway. It’s hard to screw up. So you’re not going to get the same yield. No, but I want that yield. if I offered that yield in this deal, I wouldn’t even be calling you. I’d have filled it up by now. So it’s important to have that view on life, I think is it a risk-reward pallet ratio. What other tips and tricks can you share, or if you got any stories or nightmares, nightmare scenarios you can share. Those are always fun too.
Harsha Moole: Nightmare scenarios, I wouldn’t call it a nightmare. But the first park, you probably know this. we had like a heavy workload on the title work in closing, that was something that we did not expect. And I remember you famously saying that was one of your worst like, title experiences you’ve had in your entire career. So it pushed the closing by a couple of days. And we had to kind of go back and forth with the title company, I guess. So that was big and again, I was glad to have you and your team by my side to kind of walk through it. But that was painful, I guess 14, 15 days to get that done. And again, going back to tips. I guess moving newly relatively into this space. The biggest challenge for me was well, you have so many deals on the market. in the multifamily space, you see a listing you put in an offer, but most of the listings in our space for our space right now.
Ferd Niemann: For some reason for guys like you who have been in the market for a while, and guys like me who are relatively new, we feel like the cap rates have compressed so much that you don’t find anything meaningful on the market. So acquisitions have been like a real pain point. And we’ve been trying multiple creative ways to find, find ways to acquire properties at rates that we feel are good for business, direct mail marketing, direct phone calls, trying to have someone work for you, who can lead you to the park owner, so you can buy directly from them. So that I think has been like the biggest challenge in the industry, it takes a lot of work, which we were not expecting what we’re putting in right now. I think over time, hopefully, that’ll reward us with more properties. But that is something that’s been something that we were not expecting to see in this page. But we right away, like, I think like one month after like, we got the last park under contract, we realized, you know what, it’s not easy. It took us 1500 letters to get that one asset in Nebraska that we closed. That’s kind of why we realized we have to scale up those operations by multiple fold to at least be hopeful of finding more properties. And as days pass by, more folks are entering into the space, they see this as a stable risk mitigated asset class for how fluctuant the economy is, and it’s getting even more difficult to find these deals.
Ferd Niemann: Now, I definitely see that personally, and I hear that from people all the time, I think one thing that I know you’re doing that I’ll caution others to also do is to not lower your standards. You have to be aware of market conditions. it’s going to be hard to find the 12 cap on mark, right? The 10 cap on mark, probably even seven or eight at this point. Off-market, yeah, those deals can be found they’re just hard because there’s so much competition space. I hear other people saying, well, I wanted to get this, but it wasn’t available. So I went to this and that’s things like I went to private utilities, I went for a lower cap rate, I paid for pro forma brands, I capitalize the park owned home income, these are things that you know, those are the four cardinal sins, you know, back in 2014 when I got started and to some degree, you know, like I bought septic this year, I don’t like septic as much as private but I can inspect the septic and one of them failed inspections, we had the seller replace it. The other one was, it is new in 2015. Okay, I’ll take that, that is a mitigated risk, right? a risk-reward profile. And that’s a 12, the one that I’m under contract for is 12 cap. And it’s got septic right. But hey, it’s great pricing. It was, we got to the first day on market from a residential realtor. So lucky right? it didn’t hit the airwaves yet. But that’s something that I think people were making mistakes in this competitive market. And I look forward to that. I say look forward, I feel like, Sam Zell is nicknamed the grave dancer, maybe he’s my mentor here. But I look forward to the day, three years from now, four years from now, when a lot of these guys, you know, realize, I mean, I shouldn’t have paid a 4 cap on pro forma in rural Iowa just because it says Iowa at the end of the address like you’re going to end up choking on the deal when you try to get a new loan when you try to exit. What if you can’t implement, right now home prices were up like crazy, you got set and install prices that are getting out of control. you got to have an understanding of the risks instead of rose-colored glasses and so that’d be my tip response for other listeners. And based on your comment, which is not uncommon that look, my chokepoint in my supply chain is reasonable deal-flow. And it’s the same for most everybody, some guys are solving the problem by buying nine-unit parks in Mississippi on a lagoon and park-owned homes.
Harsha Moole: I couldn’t agree more. I have seen investors like compromise a lot on their acquisition criteria. And there’s always some sort of justification when you ask them saying, oh, you know what, the market is really hard. And we have to go get this property. Well, you did not have to get that property. If you look at the long-term, risk-reward ratio. I mean, and I think that’s kind of like, where we feel like one of our very strong points is the group of investors that I work with, they’re all doctors, they’re not looking for active cash. They’re looking for generational wealth, they displace their money in stable returns. So we don’t have the pressure to meet any criteria saying, hey, we need so many assets per year. So we just look at each deal on its own and say okay, this meets our criteria we’re gonna buy into that, but that’s kind of not for the same market, couple of days ago, I had a meeting with another doctor who is also mobile home park owner now. They bought like four parks in one year. I was totally dumbfounded. I’m like, how did you find them? like, Well, we found all of them on the market, we bought it at like five and a half cap, but I think they have the potential to become 10 cap. Well, do you have an operator? No, they don’t have an operator, do you live in the same town? No, I don’t live in the town. How do you want that on infilling? No answer. So I think those are some of the mistakes like, I mean, I know being on like being with the right company. I know that’s not a good thing. But they don’t. And it just pains me to see what’s happening in the market. It’s all the investors.
Ferd Niemann: Now see, that’s a good point. And I see it happen all the time, too. It’s like, I’m going to fill these 50 lots, I was like new homes or used homes? I’m going to look for used homes, have you looked for used homes in your due diligence, because I’m having trouble finding used homes right now and you’re banking on 50 of them? You have cap, those are 20,000 a pop. No, I’m just going to get a loan. You are getting a loan on used homes, okay. from whom? It’s hard, right? I mean, from the land lender, maybe. What kind of leveraging, you need down payment? It just goes back to that. you as a doctor, I know you are not in the same lane of medicine. But, you know, the postmortem, you know, the postmortem. I don’t know if it was Jocko Willink, Chris Pratt, there is lots of guys, they do the premortem. If I was to die, how would it happen? And then try to solve you know, I’m going to die cause I smoke, I drink, I’m overweight. And you know, that’s a problem, right? You can solve that before it becomes a problem before it becomes a death. Well, people should do that analysis. And, you know, what, if I can’t find a used home? What if I can’t get a loan on these? and what they’re going to do is going to talk themselves out of pain and four cap on a deal to can you support new homes. But it’s unfortunate, as Benjamin Franklin said, you know, common sense is not all that common. That is what we’re trying to do here. We’re educating people to, you know, trying to help.
Harsha Moole: And some of the stock market terms hold true in the mobile home park industry. There’s a famous term called FOMO, fear of missing out. I see that a lot in mobile home parks space right now, you just want to get in, I want to get in while it is still hot like this, but okay, get in, but get in the right way.
Ferd Niemann: Yeah, you’re right. When I bought my first single-family house, I was right out of college. And I had, it was about six months, I’d saved up $14,000. And that’s what I need for the down payment and you know, mowed grass and you know babysat and painted fences, and, you know, didn’t spend it. But I’d saved up enough money for a down payment. I think my parents lent me the closing cost, I couldn’t get over the hump at that time. And I was trying to think where I was going with that, now I’m blanking.
Harsha Moole: We were talking about…
Ferd Niemann: Fear of missing out. All right. My first deal, my first deal I only had $14,000. If I missed, it was one strike, I don’t have more money. If the first deal was bad, I was not going to do a second deal. So I was like, it’s got to be right. And I got to hustle. Got to get done. Well, I see these guys jumping in mobile home parks, I got to get the, you know, I’ll tell them, hey, I’m not here to opine as your business deal. Unless you want me to. I’m going to your title working into a great win. Here’s your zoning letter, great. LLC, great. But then sometimes guys say no, no. What do you see that is a problem? And I’ll tell them, this is a huge problem. I wouldn’t do this deal, If I were you, I wouldn’t touch a 10-foot pole. And some of them would say, good point. But I got to get in the game, it’s my first deal, and then I’ll learn from this I’m like, but if your first deal ruins it for you, and you lose your money, or you work yourself to death, or you ruin your investment, your investment profile, and your reputation, it’s your first and last deal. So my dad always says, the best deal I ever did was the one I didn’t do that I shouldn’t have done.
Harsha Moole: I couldn’t agree more with that statement. You know, you better be out of the game than like get in and do a mistake.
Ferd Niemann: Well Harsha, this is good. Anything else you want to share with our listeners?
Harsha Moole: I think the big thing for, since this is a more mobile home park-focused podcast, and your audience is mostly mobile home park-focused, pretty much getting into the game. I’m very new to the game, I still consider myself taking baby steps towards learning more from experience mostly and from everybody else, It’s a steep learning curve. There is a lot of places where people can do mistakes. So try to associate yourself with experienced people in the industry. And don’t just buy a park, because you have to buy a park, buy a park which you think will make sense financially. And making a mistake is very easy, and it’s very tempting. That’s how the market is. I’ve been through a couple of markets, so I know how things can go wrong. So I guess like that’s kind of a word of caution. But again, like you did amazing risk mitigated spaces at this time, it’s my favorite investment space. I’ve been in the stock market, I’ve been in angel investing. I’ve been in commercial space, I’ve been in multifamily space, not only mobile home park space. So I get when I look at returns, or like let’s say I have like x capital to invest, every investor has separate model, like at the end of the day for folks that I work with are doctors, you always want to risk mitigate, we have lifting for generational wealth growth. And I honestly feel like the MHP space is a great space to be in right now and going forward for at least 30, 40,50 years, I was on zoning last change. But just be careful when you plan on that. That’s kind of my take-home.
Ferd Niemann: All right, great tips Harsha, appreciate it. Where can people find you after this episode?
Harsha Moole: We have a website, www.physicianestate.com. You’ll have all my contact information there. Just like real estate, but physicians data, we are like a group of 60 to 70 doctors, investing our funds together and doing syndication deals. If you’re a high net worth individual, and if you’re willing to or looking to save some money in the form of taxes or get some tax payments back, I’ll be more than happy to talk to you guys soon.
Ferd Niemann: All right. Sounds good. Thanks, Harsha.
Harsha Moole: Well, thanks for having me. Bye-bye.