Approach to rent increases and resident sensitivity

Welcome back to the Passive Mobile Home Park Investing Podcast, hosted by Andrew Keel. On this episode of the Passive Mobile Home Park Investing Podcast, Andrew talks with Ryan Murdock from Open Door Capital. Ryan and Andrew discuss the benefits of having a vertically integrated mobile home park property management company as an owner/ operator. They also discuss the opportunities available today in the MHP space and the proactiveness needed in the current economic market in order to transact. They also discuss in depth what Ryan thinks are the most important things that passive investors should look out for when investing in mobile home parks.

Ryan spent 10 years in the semiconductor manufacturing industry before moving into real estate investing and property management in 2007. Since then, he has acquired an extensive portfolio of multifamily rental properties. He has operations and management experience in many facets of real estate including retail: office, multifamily, homeowners associations, and eour favorite mobile home parks. Ryan also has experience managing and consulting on nationwide commercial real estate turnaround projects. As a co-founder of Open Door Capital, Ryan played a critical role in setting up the early operations and in assembling some of the experienced team members they have today. In his spare time Ryan is an avid scuba diver and adventure seeker from his home base in Maui, Hawaii.

***Andrew Keel and Keel Team Real Estate Investments (Keel Team, LLC) do not endorse any interviewee. This interview is for informational purposes only and should not be depended upon for investment purposes. ***

Andrew Keel is the owner of Keel Team, LLC, a Top 100 Owner of Manufactured Housing Communities with over 2,000 lots under management. His team currently manages over 30 manufactured housing communities across more than ten states. His expertise is in turning around under-managed manufactured housing communities by utilizing proven systems to maximize the occupancy while reducing operating costs. He specializes in bringing in homes to fill vacant lots, implementing utility bill back programs, and improving overall management and operating efficiencies, all of which significantly boost the asset value and net operating income of the communities.

Andrew has been featured on some of the Top Podcasts in the manufactured housing space, click here to listen to his most recent interviews: https://www.keelteam.com/podcast-links. In order to successfully implement his management strategy Andrew's team usually moves on location during the first several months of ownership. Find out more about Andrew's story at AndrewKeel.com.

Book a 1 on 1 consultation with Andrew Keel to discuss:

• A deal review
• Due diligence questions
• How to raise capital from investors
• Mistakes to avoid, and more!

Click Here: https://intro.co/AndrewKeel

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Would you like to see mobile home park projects in progress? If so, follow us on Instagram: @passivemhpinvesting for photos and awesome videos from our recent mobile home park acquisitions.

Talking Points:

00:21 - Welcome to the Passive Mobile Home Park Investing Podcast

01:51 - How Ryan Murdock got into manufactured housing communities

03:00 - Open Door Capital and Ryan's current projects

05:09 - The toughest hurdle for most operators in mobile home park ownership

06:55 - The hardest value add component in mobile home park investing

07:58 - The easiest value add component in trailer park investing

09:00 - Ryan's mobile home park investment strategy

11:49 - Running a property management company

13:55 - The best opportunity in the marketplace NOW for mobile home park investing

15:43 - Mobile home parks and the economy the next couple years

19:33 - Mistakes Ryan has made in mobile home park investing

21:21 - The most important things that passive investors should look out for when investing in mobile home parks

23:15 - Raising rent

25:20 - Ryan's perfect mobile home park

27:00 - Underwriting

28:54 - Infill and paying for vacant lots

30:11 - Getting a hold of Ryan Murdock

00:00 - Conclusion

Links & Mentions from This Episode:

Open Door Capital: https://odcfund.com/

Ryan's email: ryan@odcfund.com

Keel Team's official website: https://www.keelteam.com/

Andrew Keel's official website: https://www.andrewkeel.com/

Andrew Keel LinkedIn: https://www.linkedin.com/in/andrewkeel

Andrew Keel Facebook page: https://www.facebook.com/PassiveMHPinvestingPodcast

Andrew Keel Instagram page: https://www.instagram.com/passivemhpinvesting/

Twitter: @MHPinvestors

Quotes:

“You walk into a place that has been poorly managed over the period over the handful of years prior to our ownership and that's like the easiest low-hanging fruit.” - Ryan Murdock 

“We're really spread out. We prefer the Southeast, Sun Belt stuff, but we have parks everywhere from Florida to Alaska and everywhere in between.” - Ryan Murdock

“Get out of your comfort zone and do those uncomfortable things, make those connections, continue to network, and big things can happen from it.” - Ryan Murdock

“You really got to put a lot of focus on the team and on the operators.” - Ryan Murdock