Episode 17: Uncommon Real Estate Investing and Running a Family Business – with Chris Ramsey
Rental property can be an excellent source of residual income. Mobile home parks are an increasingly popular segment of this market. It is also, as we will hear, a great way to leave a legacy for the generations which follow you.
On this episode of the Uncommon Life Project podcast, Bryan and Phillip talk with Chris Ramsey who, with her two sisters, operate a mobile home park in South Sioux City, Nebraska. Chris also happens to be Phillip’s mom, so it’s a lively conversation, to say the least.
You’ll learn about the dynamics of a multi-generational family business and how to make that work.
Chris Ramsey did not expect to get into the mobile home park business – but when her parents passed it on to her and her sisters, they all rose to the occasion and are very happy they did.
Chris has worked in advertising, as a tutor, and in adoption services. She’s a singer, songwriter and performer. Her group, the Matney Sisters were chosen by the Smithsonian Institute to represent Iowa during the sesquicentennial celebration, performing on the mall in Washington DC for two and a half weeks.
Chris and her husband of 43 years, Phil, live in Grimes, Iowa. She is a mother to two adult children and Nana to six grandchildren. She’s a huge advocate of stepping out in faith, allowing God to work in all things creative.
What you’ll learn in this episode:
- How to protect family relationships layered with a business relationship
- The importance of a buy/sell agreement, especially for a multi-generational business
- Creating legacy assets that can benefit and protect generations to come
- Uncommon ways to evaluate the risk of jumping in to a venture
- How to define roles and expectations in any business relationship
- Why many people relish the idea of taking on a new challenge later in life
- Why mobile home parks are becoming an increasingly popular source of residual income
- How to handle business disagreements in an open, honest way
- Giving family members the freedom to get involved or not get involved in the family business
Golden Nuggets“In the beginning, we tried to learn everything – finance, taxes – all of the ins and outs. It soon became clear that we needed to play to our strengths and find people we trust for the rest.” – Chris Ramsey Click To Tweet “What’s the worst that can happen? Consider that maybe this is a lower-risk opportunity than you think.” – Phillip Ramsey Click To Tweet “An unexpected thing that is happening (uncommon, you might say) is that God is highlighting areas we actually have skills in – things we had no idea we were good at.” – Chris Ramsey Click To Tweet “Being a landlord requires a spine, for sure. But raising the bar high, expressing appreciation, just treating people with humanity and respect, goes a long way.” – Chris Ramsey Click To Tweet “You would think that three siblings running a business together would drive each other crazy. It is a blessing that we are all like-minded. It’s been a great experience.” – Chris Ramsey Click To Tweet “Another lesson from my dad was how to have disagreements. He wanted me to be totally honest with him when I disagreed with something. Get things out in the open and deal with them. That is a real gift.” – Chris Ramsey Click To Tweet “Now we have excellent people around us to allow us to do this business venture together. It’s not easy, but it is also crazy fun!” – Chris Ramsey Click To Tweet