Mobile Home Park Investing Newsletter

It’s hard to believe that we’re back in the Holiday Season – weren’t we just decorating that tree a few months ago? One of the great things about Christmas is the time spent with family and friends that you just can’t see enough of during the year. And we have always considered our extended family to be those who we know through the mobile home park industry. In that light, we’d like to extend a sincere “Happy Holidays” to everyone who reads this newsletter. When we started out twenty years ago, we had a dream that one day the mobile home park industry would be considered a mainstream real estate investment option, just like the apartment sector. We started writing because nobody else was – at least nobody who had a clue about how the industry really worked. Over the past two decades, we have met many interesting people who share the same goal of building a legitimate business out of one of the most fragmented segments of real estate. If anyone ever earned a “nice” designation from Santa, it’s those who have provided non-subsidized affordable housing to American families who have suffered through the Great Recession with a singular desire to provide a nice home to their loved ones. We’re not sure what Santa is sending you this year, but rest assured that you deserve a wonderful Holiday Season, and we hope that you enjoy it mightily while you make your plans for 2017.

We are huge fans of carports and fences in mobile home parks – if they are done the right way. There are many significant benefits to these home additions, as long as you protect the downside risks. So what’s the complete story about carports and fences?

They add “pride of ownership”

Lenders and appraisers rate the quality of your tenants based on the concept of “pride of ownership” which basically means that they care about their property and, as a result, are a “stakeholder” in the business and pay their rent like clockwork. Carports and fences are immediate examples of this “pride of ownership” and score a high rating when refinancing or selling your community. It’s worthy of note, however, that I’m talking about professionally installed carports and fences here, and not lean-to structures made out of old plywood.

They make the home more difficult to move

There’s no question to the fact that carports and fences make mobile homes even less “mobile”. As all park owners have a #1 goal of not losing occupancy, this fact is not lost on most owners. That little extra difficulty in getting a home out may be the straw that breaks the camel’s back on the possibility of moving a home out of your park. But equally important is the fact that such improvements can’t be moved at all, and the homeowner has to choose whether or not to abandon their multi-thousand dollar carport and/or fence, which is a definite deterrent to changing locations.

They improve the resident’s quality of life and, as a result, retention

Even more important as far as longevity of residents is concerned is the fact that they are extremely happy where they live – and carports and fences are important building blocks to this satisfaction. Nobody likes to get in or out of their car in the rain without some type of roof over their heads, nor do they like their car to be covered with snow in the winter or melting in the summer. And fences allow for the free-roaming of pets, as well as greater security and privacy on outdoor living. These items are all part of the collective American Dream of homeownership.

They need to be professionally engineered and installed

Now for the bad news: carports and fences look terrible and are unsafe if they are not professionally engineered and installed. You should never allow any carport of fence that is not constructed by a licensed professional in that trade. The only exception would be white-vinyl fencing, which can be installed by a smart homeowner with proper tools. Carports, in particular, have a huge amount of liability if improperly built, as they will go flying in high winds and do a huge amount of damage. You should require that all carports and fences be installed by reputable companies.

They need permits in many cities

Carports and fences also need permits to be installed in many cities. You should require the homeowner to obtain such permits and give you evidence of them. Never let a resident try to circumvent the law, as the inspector’s wrath will fall on you. Not sure of the requirements in your city? Call City Hall and get the facts.

Watch out for underground utilities

Both carports and fences unfortunately require digging and that means risk of hitting buried utility lines. Make sure that nobody ever digs in your park without called “One Call” or whatever state group checks and marks these lines. In addition, your private utility lines are not going to be marked by these groups, so you need to know where they are located on each lot. Not sure? Call your plumber and have them inspect where the holes are to be dug. There’s no worse feeling than having your water, sewer, gas or electric lines cut – it’s dangerous, expensive to fix and you’ll get a huge utility bill for lost resources.

Don’t let fences hide what goes on in the backyard

We don’t allow any fence in our parks to be higher than 4 feet and not see-through. So we allow chain link, white picket and 2, 3 and 4-rail fences only. Why not solid fences higher than 4 feet? Over the past 20 years we have learned that every 8 foot solid fence hides something bad going on behind the mobile home. “Grow labs”, “chop shops” and “dog breeders” all begin with privacy fences. The only exception might be an expensive white-vinyl solid fence – professionally installed prior to the purchase of the property – that we are convinced was built only to allow for privacy in the backyard of a great homeowner. All others must come down and no new “criminal activity protection walls” must be allowed.

Let fence and carport companies distribute flyers in your park

Any legitimate fence or carport company that wants to distribute flyers door-to-door in your park should be welcomed with open arms. Typically, after building a carport or fence, the installer will want to walk through the park and hand out flyers to see if he can get another customer in the park. You should never discourage this, for all the reasons shown above. We have parks where a single carport has grown to encompass almost every lot.

Conclusion

Carports and fences are great additions to any mobile home park, if designed and installed professionally and with careful attention to the details of permits and buried utilities. They create customer satisfaction, greater retention and apparent “pride of ownership”. In short, when a resident asks if they can have a fence or carport, the answer should be a conditional “yes, absolutely”.

Many people know the story of Henry Ford. But few know the story of Walter Chrysler, who started out in a small town in Kansas and went on to be of the most important figures in the automotive industry – but for a skill set that was quite different from what you’d expect.

Walter Chrysler grew up in Ellis, Kansas, and received an engineering degree from a correspondence school (nobody is even sure if it was legitimate). His first working experience surrounded the railroads, working as a train mechanic and machinist. He was first hired into the car industry by a banker who was one of a consortium that had just foreclosed on GM. They were looking for new employees to try to turn around the troubled firm, and liked Chrysler’s railroad production experience. He worked his way up to being in charge of the Buick plant in Flint, Michigan. Chrysler is credited with many of the modern methods used to cut costs, such as not painting the bottom and insides of cars with the same degree of perfectionism as the outside. Before long, General Motors had been brought back to life, and Chrysler immediately left to go find another car manufacturer to turn around. He had started at GM in 1911 earning $6,000 per year, and left in 1919 with the sale of his stock for $10 million. His next failed factory to take over was the Maxwell Motor Company. He re-named this company Chrysler Motors and later added the Dodge brand. This is the company that he is known by today. He was named Time Magazine’s Man of the Year in 1928 – pretty amazing for somebody who had been a railroad mechanic only about twenty years earlier.

What’s interesting about Chrysler is that he used the same theory that we have been using in mobile home parks for the past twenty years: buying properties that are “broken” and “fixing” them. That’s where the real money has been in all industries – buying failing properties for a low cost and then turning them around. We also think that Chrysler was unusual in that he was able to out-miser Henry Ford, who was known for being a supreme penny pincher. All good traits for a mobile home park career.

While many automotive founders focused on risky design and invention, Chrysler focused on turning around failed plants, cutting costs, and betting on safe designs that sell well in both booms and recessions. That’s a whole lot like properly buying a mobile home park and offering affordable housing to a huge demand.

One of the first things you see when entering a mobile home park are the cars. And in all good parks, there is a structured order to where these cars are located. This structure is also critical to getting a mobile home park financed as well as sold for a good price down the road.

Every park needs a “parking plan”

There are effectively three favored “parking plan” designs in mobile home parks. The most preferred is the two-car parking pad on each lot. The second is on-street parking, typically in front of the mobile home itself. The third is a designated group parking area for all residents, like a typical parking lot. Without a parking plan, any park resembles vehicular anarchy, and has the appearance of not being “investment grade”.

Parking on dirt in the yard is not a good plan for lenders or exit strategy

While parking on the resident’s lot is the most common parking plan, it does not work when the parking surface is grass, which over time has become dirt or mud. This gives the appearance of a “Grapes of Wrath” type of park where the tenants live like poor hillbillies. This, in turn, gives the park a poor appraised value and is a turn-off to lenders who favor “pride of ownership” and the luxury of a paved parking pad.

Parking pads are ideally concrete or asphalt

So if dirt doesn’t work, what does? Concrete is, by far, the preferred material for parking pads, with asphalt a close second. Lenders and appraisers love these surfaces because they are expensive and count as infrastructure collateral. Additionally, they are used to seeing these surfaces in the finer parks – such as those owned by REITs and larger portfolio owners – and associate them with success.

But you can build them out of crushed rock if you are creative

But let’s assume you are buying a 100 space mobile home park that has no parking pads. At $3,000 each, that’s $300,000 in parking pads needed – way too much to make many deals possible. Are there any less expensive options? Yes, there’s one that has worked in the past. The typical parking pad is 20’ x 20’. The typical used railroad tie is 8’ long. You can “frame out” a parking pad using 9 railroad ties that measures 24’ x 24’. Those used railroad ties cost about $10 each, or a total of $90. You then add crushed granite on the inside of what you’ve framed on three sides, with the road forming the fourth. That costs about $200 per pad. So you’ve built a great looking pad for around $300 per unit, which would cost $30,000 on a 100 space park – which represents a savings of around $270,000 over conventional methods. The strange part is that this railroad design actually looks nicer in some applications than the paved option (you will note that in most issues of Architectural Digest, million-dollar designs are favoring crushed granite over concrete in driveways and parking pads, when formed up with a solid border (sometimes metal edging or stones).

Keep the round-up handy in the spring and summer

Regardless of whether your parking pads are concrete, asphalt or stone, you will need to keep them liberally bathed in round-up during the spring and summer, as nothing destroys their appearance (or longevity) as much as grass and weeds growing in them. Nothing will destroy the drive-up of your park more than every pad covered in weeds – it suggests a complete lack of “pride of ownership”.

Conclusion

Parking pads are the preferred parking system for most parks. They allow the resident to park by their door and keep the roads free for pedestrians and emergency vehicles. But every parking pad must be of some surface other than dirt. Every park needs a professional parking plan to attain a solid exit strategy.

Whether you are simply in need of an insurance quote or you have the unfortunate, yet common task, of filing a claim, Mobile Insurance is ready and waiting to take your call. We’ve used Mobile Insurance for over a decade, and their superior service is known throughout the industry. Kurt, the owner of Mobile Insurance, is a top resource for any park insurance question, and they provide free quotes on parks that you are acquiring. That’s why around 2,000 park owners in the U.S. are Mobile Insurance customers.

Mobile Insurance can help you engineer the policy you need to cover all your concerns, and their prices are unbelievably low. Being able to contact them when you need them is just as important. We recommend that every park buyer call them first, as we know of no other group that has the same expertise, quality of service, and low prices. Call them at 800-458-4320 or email [email protected].

It comes as no surprise that we favor mobile home parks located in the Midwest portion of the U.S. In fact, we are considered to be the largest park owner in Illinois, and have significant holdings in Missouri, Wisconsin, Minnesota – virtually every Midwest state. But why do we like the Midwest so much?

Low rents with plenty of room to grow

The first reason we like the Midwest has to do with our convictions on affordable housing. If you assume that the upper limits to affordable housing are $500 to $700 per month (which equates to roughly a third of resident income), then you want lot rents with plenty of room to grow before hitting this ceiling. The average lot rents in the Midwest are around $275 per month, so there is still room to roughly double these while at the same time offering a great value to the consumer. Unlike the east and west coasts – where mobile home park lot rents are often up to $1,000 per month – the Midwest has plenty of room to raise rents yet not violate the affordable housing business model.

High home prices

Midwestern single-family home prices are right in line with our need for “contrast” between traditional home rates and mobile home park rents. In every major Midwestern market, homes begin at $100,000. At $100,000, mobile home park residents fail to have the capital for the down payment and closing costs, nor do they have the necessary credit. The rental rates on these homes – in those cases where they are even offered – typically range around $1,000 per month. So homes are not a competitor to mobile home parks in these markets.

High apartment rents

Typical Midwestern apartment rents are around $1,000 per month for a 3-bedroom apartment. This compares to $700 for a similar 3-bedroom home with lot rent in one of our parks – a distinct price advantage. Once you take out the home payment (roughly 80% to 100% of our residents have paid off their mortgage in many of our parks), the price advantage doubles.

Low unemployment

Take a sampling of Midwestern markets and you will notice a low unemployment rate vs. the U.S. average. In metro St. Louis, for example, that rate is 4.9% vs. 5.2% for the U.S. average. Metro Des Moines, Iowa is at 3.8%. Metro Madison, Wisconsin is at 3.4%. What’s even more remarkable is that many of these unemployment rates were just as low during the Great Recession, when the U.S. average exceeded 10%.

Recession-Resistant economies

What fuels these low unemployment rates are very “recession-resistant” economy formations in the Midwest. “Recession-resistant” employers, in our opinion, are such industries as healthcare, education, government – employers that are not subject to the ups and downs of the private sector. And in the Midwest you find a huge volume of colleges, universities, health centers (Mayo Clinic, Barnes, etc.) and government (Kansas City has more federal agencies than any city outside of Washington, D.C.). While many other parts of America posted huge employment gains and population growth prior to 2007, they then proceeded to lose that and more during the downturn. Midwestern markets are extremely stable and well-constructed for both good times and bad.

Large volume of parks to choose from

There is a huge number of mobile home parks in the Midwestern states. Some are already institutionally owned, but the largest number are still owned by the original moms and pops. This greatly increases your odds of finding a great park to buy that offers solid economics coupled with great infrastructure. In addition, there are more strong metro areas than in most other regions of the U.S. Even smaller metro areas, in such states as Wisconsin, have high levels of employment and solid lot rents around $300 per month.

Low stigma issues

Another reason that we like the Midwest is rarely talked about, and that’s simply because there is no “stigma” against mobile home park living in those states. The whole “trailer trash” label is from the southern states, and is not a part of Midwestern culture. Why not? We think there are several reasons. First of all, mobile home parks in the Midwest carry no label – in those states, mobile homes are simply referred to as “homes”. Many people in the Midwest look to mobile home parks as retirement havens where they can sell their brick home and downsize at a much lower cost. This has led to a culture of respect for those who live in parks, as most everyone has at least one relative who lives there. In addition, in the Midwest the home prices are uniformly high, so mobile home parks appeal to more affluent residents who can’t quite afford a traditional home yet. Midwestern parks have police officers, bank tellers, accountants, and many other trades that are not found in other regions. Higher levels of income have reduced or eliminated “rich vs. poor” stigma in mobile home parks in the Midwest. The writer from the New York Times who lived in our park in Pontoon Beach, Illinois was shocked that his neighbor drove a new Porsche 911. He was even more shocked when he interviewed him only to find that he was a retired steelworker with a $50,000 per year pension. Not exactly “trailer trash”.

Conclusion

We are huge fans of mobile home parks in the Midwest. That, plus the Great Plains, are the bulk of our portfolio. But we don’t just buy in these markets because we live there. We buy there because we love the fundamentals and the economics of the parks we find there. The Midwest has been, and will always be, a great mobile home park region.

The best corporate lawyer we have ever used is Dave DiMarco at Woods Oviatt Gilman, LLP. We have used him on virtually all of our conduit loans, as well as traditional bank loans. What we love about Dave DiMarco is that he knows what we are trying to accomplish (get the loan closed quickly and inexpensively) and he can quarterback the situation and push it to the goal line without us having to bug him or worry about our progress. Here’s a story that illustrates why we use Dave Dimarco.

A few years ago we bought a mobile home park and, after turning it around, went to refinance it into conduit debt. Everything looked great until the lender’s counsel found a minor problem with the title: a city street that fed into the park actually belonged to the park and not the city. On top of that there was around 16 square feet of land that the park owner had not obtained an easement for 40 years ago, and that made one side of the city’s road in jeopardy. Now, the whole situation was ridiculous, as the city itself was adamant that they owned the street. In fact, state law mandated that, under adverse possession, they had owned the street for decades. It even showed as the city’s street on the street map. However, the impossible-to-please lender would not move forward unless we could obtain a letter from a judge stating that the city owned the street – which could take months or years. So Dave DiMarco ran out and located the owner of the 16 square feet, initiated negotiations, and we bought the easement. It saved the day on that loan. No other attorney on earth would have taken that outside the box effort. We knew then that Dave Dimarco was our man.

If you need service like that, then consider using Dave DiMarco on your next transaction. You can reach him at (585) 987-2833. And, yes, he’s the brother of Anthony and Gerry DiMarco – the #1 mobile home park loan brokers in the U.S. This is a family that definitely shapes the industry.

A good park owner does a great balancing act of keeping rents high while, at the same time, providing a great value to residents. They know that, to be successful, you have to maximize financial performance while also retaining and attracting residents who feel they are getting value for their dollar. And often, higher rents actually lead to higher value and customer satisfaction. So how do you balance these factors?

Acknowledge that cheapest is not always best – yet many park owners strive only to be cheap

There is nothing more frustrating than the industry concept that we are in the business of being “cheap”. When we think of “cheap” we think of many products that are not attractive. For example, you can buy your daughter a Barbie knock-off at the Dollar Store for $1. But the arms fall off after about ten minutes and then it goes into the trash. Compare that to the $5 Barbie from Mattel that lasts for decades. Most consumers would rather pay $5 for a well-built product than $1 for a piece of junk. And the same is true with mobile home parks.

The key is value

What consumers want is value. And value is much harder to define than just being cheap. Webster’s Dictionary defines value as “to estimate the monetary worth of something”. So basically the trick is for the resident to feel that the monetary worth of living on their lot in the park is equivalent to what they are paying. You’ll note that being “cheap” is not a part of this formula. If you are cheap but they are unhappy despite the low price, then you do not offer a good value. We have found that most residents want solid roads in good repair, working utilities, attractive common areas and entry, and professional management that treats them fairly and with respect – and they are willing to pay for that. A park with $150 rents in disrepair is a worse value than the same park at $300 per month in good shape. Once you accept that, you are well on your way to understanding the concept of value.

Higher rents can lead to higher value

Here’s where things get interesting. There is a correlation between higher rents, higher value and higher customer satisfaction. In order to afford capital expenditures and professional management, you have to have higher rents. So, in effect, you must have perpetually higher rents to create superior consumer value, as all park costs are constantly escalating. Here’s an example you might be aware of. Point Dume mobile home park in Malibu, California has lot rents of over $2,000 per month, yet the residents feel that is such a good value that they rarely move out. Being “cheap” is not the role of the successful mobile home park owner.

Case study: our park in Pontoon Beach, Illinois

We learned that same lesson with our park in Pontoon Beach, Illinois. We had purchased it as a turn-around REO property, in terrible condition. There had been no mowing for a couple years, trash piled everywhere, burned houses standing on lots, non-running vehicles on every other lot, and zero management. Upon purchase we re-built the roads, removed the debris, brought back law and order, and made everyone proud to live there again. In the process, we raised the lot rent significantly – almost 50%. This was the same park that Gary Rivlin – the writer from the New York Times – lived in for a week before writing his story on the industry in 2014. He remarked in the article that he could not find a single tenant in the park (over 200 of them) that was not 100% satisfied with living there. And that was despite a 50% rent increase.

Don’t sell your product short

Some park owners think that they have to be “cheap” to attract customers. They have no confidence in the value they offer. We’ve sold thousands of homes, and we can tell you with complete sincerity that a decent mobile home park is infinitely better than any apartment complex for several reasons: 1) you have no neighbors knocking on your ceiling or walls 2) you have a yard 3) you can park by your front door 4) you have neighbors who are not transient and look after each other and 5) you have the ability to obtain the American Dream of home ownership. These are huge weapons that most park owners fail to realize. If a Class B apartment is $800 per month, and your combo of home and lot is the same $800 per month, the mobile home always wins. For some bizarre reason, some park owners think that you have to have a gigantic price differential to make the park option attractive. Sure, mobile home park vs. brick home is a losing proposition. But mobile home park vs. Class B or Class C apartment is a winner every time. While we like to have a small financial spread to make our product superior on every level, you do not need anywhere near the spread that some park owners offer.

And don’t listen to industry “gurus” who represent special interest groups

Recently, one of the industry “gurus” has been writing up a storm that mobile home park lot rents can’t go up because it will make it that much harder to sell new mobile homes on those lots. This is where the industry has always had a multiple-personality disorder. I can’t emphasize this enough: MOBILE HOME PARK OWNERS HAVE NO AFFILIATION WITH MOBILE HOME MANUFACTURERS AND DEALERS. What’s good for us is often bad for them. Sure, higher lot rents lead to lower priced homes on those lots, as the consumer’s money has to either go to lot rent or mortgage. Since mobile homes are anything but mobile, the only time we are even concerned about the concept of homes is when filling our few vacant lots. We have never supported the position that you should keep lot rents artificially low to help our dealer and manufacturer friends. However, many industry “gurus” are the puppets of the manufacturers and dealers and, as a result, put their goals ahead of yours.

Conclusion

Smart mobile home park owners focus on value and not just rent levels. And smart park owners are raising their rents significantly because they know that they can do so and still offer a great value. And they also know that higher rents often lead to higher value and customer satisfaction. If you are not thinking hard about setting your rents based on value and not just where you inherited them, then you are not doing a service to yourself, your investors, or your customers.

As many people know, we are the largest users of 21st Mortgage/Clayton Home’s CASH program in the U.S. We have around 1,000 homes in our parks under this initiative. So why are we such huge fans of CASH?

• It allows you to fill your vacant lots with no money out of pocket.
• You are not the home owner: the customer is the buyer and 21st is the lender.
• 21st Mortgage handles all the paperwork, so you do not have to be SAFE Act licensed.
• 21st does a terrific job of screening applicants, and has very low defaults.

We’re not alone in our excitement for this program, as the number of homes ordered under CASH has more than doubled this year from a variety of park owners, both large and small.

For more information on this program, call Candice Doolan at 800-955-0021 ext 1735 or email her at [email protected].

It’s no shock that we are huge fans of the show American Pickers. For one thing, it’s very easy to type reports with American Pickers playing in the background. But the other reason is that this show, as well as Pawn Stars, offer huge practical lessons in successful negotiation.

Pawn Stars and American Pickers are like a case study on negotiation

The History Channel has done well with both of these shows, as they command large audiences. But they have also provided a service to those who negotiate things frequently, as they are a complete primer or CPE course on the negotiation habits of the average American. In each episode you see anywhere from ten to fifty negotiations take place, and you notice the same repetitive features in each one.

The price rarely ends up where it begins

In either of these shows, the standard practice is the seller says “I want $X” and it’s a pretty safe bet that the final price will be lower than that. The key take away? Always offer less (if you are the buyer) or more (if you are the seller) than you expect to receive, because the price never ends where it began. How much lower do you go? If you watch the shows, you will see the standard reduction or increase is about 20% to 30% – but many items end up going for 90% less. The bottom line is to realize that people like the back and forth of bartering and you should allow for this in what you say.

Don’t give up until you’ve tried at least three times

Persistence is key in negotiation. Don’t just say “I’ll give you $X” and quit. If the seller says “but it’s worth 2 times $X” you should say “not this one, as it’s got all these problems …” and then rattle them off. Keep trying until it’s clear that you simply aren’t going to get what you want. But try at least three times.

Get creative

You’ll also notice that many deals end up getting done by getting creative. Items are bunched together, or conditions are met on whether the item works or not when plugged into a power outlet. One failure of some buyers is to approach each park with “deal killer” mentality. A better approach is a “deal maker” thought pattern, in which you try to find creative methods to get what you want.

These shows are much more realistic than reading a book

We think that most park buyers can benefit greatly from watching Pawn Stars and American Pickers and watching the repetitive habits and outcomes of negotiation. These shows are definitely going to improve your skills more than just reading a book. And they are 100% free. So why are you not already watching them?

Conclusion

Just as Rosetta Stone offers a quick way to learn a language, Pawn Stars and American Pickers offer a quick way to sharpen your negotiation skills. Make them a part of your weekly entertainment schedule.

You can’t buy a mobile home park without doing a Phase I – you could lose everything if it turns out to have environmental pollution on it. So who do you choose to do the report? We choose Mike Renz. Mike is the consummate professional and his range of knowledge is unparalleled. Here’s an example. We were buying a mobile home park and it failed the Phase I. Most people would have given up, but Renz knew that something did not seem right. It seems that a disgruntled manager had called the EPA and claimed that the owner had been operating an illegal land fill at the back of the property, yet Renz saw no evidence of this on aerial photos. So he did some quick borings and found the claim was a lie and the EPA removed it from their database. Case closed and park purchased. That’s the reason that we refer so many people to Mike Renz. Have you ever seen the “Beard of Knowledge” character on the show Pawn Stars – the guy who is a walking encyclopedia of all trivia? Well, for environmental issues, Mike Renz is that guy.

You can contact Mike Renz at (614) 538-0451.

This is a new section of the monthly newsletter that will allow park buyers to better communicate directly with each other for opportunities and information sharing. To advertise here, you must be a member of the MHU Investor’s Club which is a program available to our Mobile Home Park Boot Camp and Mobile Home Park Home Study Course customers.

We do a lot of conduit loans -- and regular bank loans -- every year. A common feature of those loans is Security Mortgage Group. If you are buying or financing a mobile home park, let Security Mortgage Group get you the loan. They build the loan package, they pitch the banks, and they bring you the best options. It saves a ton of time and energy, and the rates and terms they find are always better than what you can obtain on your own – they effectively more than pay for themselves. If you have any loans you need help on, you can reach Anthony or Gerry at (585) 423-0230. Tell them Frank & Dave sent you.