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  • David Shirkey

June 16, 2021 - Last $ In...Investing at the End of a Mobile Home Park Fund Fundraising Cycle

Updated: 6 days ago

Many thanks to Jeff Cook and the Cook Properties team for joining us again at MIG. 


We talked about the Cook Property Fund as it enters the final fundraising timeframe this summer.   It was good to get some updates.


Why might you want to be part of the "last money in...?"


We talked specifically about some of the reasons why it can be advantageous to invest in a fund when the fund is nearly closed to new investment dollars. 


VIDEO:

June 2021 Video


Timeline and Contents of Video:


• 2:30 Book recommendation – The Lifestyle Investor by Justin Donald

• 3:08 Future MIG meetings – Fort Capital (industrial real estate in Texas) and Tribevest (investing as a team)

• 4:20 Introduction of Jeff Cook and Cook Properties

• 5:45 Jeff Cook provides overview and update of the Find

• 10:15 Map of the Fund assets (currently owned and under contract)

• 15:35 Why is the fundraise $26MM of equity now when it was initially only going to be a $20MM equity fundraise?

• 17:20 How much money is still needed to be raised?

• 17:30 When does the money need to be raised by?

• 18:04 What will happen if enough equity is not raised?

• 19:00 Have do the current projected returns compare to the initial projections from last fall?

• 21:30 Lessons learned raising your first fund?

• 23:30 David shares his thoughts about being the “last money in” a fund, how this is no longer a “blind” fund, and how you can invest now with the same terms as the first money in the fund

• 25:35 Question & Answer session starts

• 34:42 David rants about New York state mobile home parks, less competition, geographic knowledge and experience, cap rates, etc. (Make it stop!)

• 36:10 Jeff Cook shares his thoughts about New York state real estate ownership

• 40:15 Contact Information for Cook Properties

• 41:07 The End



Lean more:


If you want to learn more about the Cook Properties Fund, then I recommend you watch the video from Jeff Cook's first MIG presentation in November 2020. You can hear directly from Jeff why he is so passionate about the mobile home park real estate asset class and learn more about Cook Properties and their fund. The November 2020 video is about 1 hour long with over 30 minutes being the Question and Answer session where MIG member's direct questions were addressed by Jeff and Brian Cook.

Finally, if you want to learn about investing in the fund, then contact:


Jeff Cook

Thanks again for being a part of MIG.


Best regards,

David






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