Vetting GPs: NOI growth and operator focus

Welcome back to the Passive Mobile Home Park Investing Podcast, hosted by Andrew Keel. In this episode of the Passive Mobile Home Park Investing Podcast our host Andrew Keel interviews a very special guest in Joe Fairless of the Best Ever Real Estate brand.

Joe Fairless is the Co-founder of Ashcroft Capital with over $2.7 billion of assets under management. He is also the author of the Best Ever Apartment Syndication Book, creator of the Best Ever Real Estate Show podcast, and he personally has completed over 120+ Limited partner investments.

In today’s episode, Andrew Keel and Joe Fairless dive into Joe's impressive journey of managing a real estate portfolio worth over $2.7 billion. They discuss passive versus active investing, effective portfolio tracking, and highlight the importance of staying informed on market trends.

Andrew and Joe explore a potential game-changer in the real estate market: a looming undersupply of Multi-family and Apartment housing that could lead to a significant housing crisis within the next 12-24 months. They also discuss how investors can strategically navigate and capitalize on this anticipated shift, particularly in the mobile home park sector.

Joe shares insider tactics for securing lucrative mobile home park deals, also reviews how he as a Limited Partners (LP’s) looks at capital calls for passive real estate investments, and provides expert tips on vetting General Partners (GP’s).

Tune in now to gain valuable insights and actionable strategies to thrive in the evolving mobile home park investing game with Andrew Keel and Joe Fairless!

***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 3,000 lots under management. His team currently manages over 40 manufactured housing communities across more than 10 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. Check out KeelTeam.com to learn more.

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

Are you getting value out of this show? If so, please head over to iTunes and leave the show a quick review. I have a goal of hitting over 500 total 5-star reviews, and it would mean the absolute world to me if you could help contribute to that. Thanks ahead of time for making my day with your review of the show.

Would you like to see value-add 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

01:27 - Joe Fairless’s journey to managing a real estate portfolio of over $2.7 billion

06:30 - Passive (mobile home park) investing versus actively (mobile home park) investing

09:13 - Tracking your (mobile home park) investment portfolio and following trends in the market

13:35 - Joe Fairless current limited partner (LP) investments including mobile home park deals

15:53 - The importance of deploying the right business model to achieve investment success.

19:00 - Current supply and demand within the housing industry and how investors can capitalize on this anticipated shift in the mobile home park sector

25:40 - A possible housing crisis in the next year

27:56 - The critical role of Limited Partners (LP’s) and how to view capital calls for mobile home park and apartment investments

30:43 - Joe’s tips for vetting a general partner and mobile home park operator

33:06 - Reaching out to Joe Fairless

34:20 - Learn like you’ll live forever

34:49 - Conclusion

SUBSCRIBE TO PASSIVE MOBILE HOME PARK INVESTING PODCAST YOUTUBE CHANNEL https://www.youtube.com/channel/UCy9uI3KGQmFgABsr9lUtRTQ

Links & Mentions from This Episode:

Ashcroft Capital: https://ashcroftcapital.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:

“So passive investing, profits, and tax advantages can be similar to actively investing from a return standpoint.” - Joe Fairless

“47 % of people with credit card bill are still paying it off from stuff they spent last summer.” - Joe Fairless

“This is the greatest difference (between supply coming online and being started) since the 1970’s. It's just completely shifting from lot’s being built to, basically, nothing being built. And that demand is going to continue to increase.” - Joe Fairless

“The average amount of people within a household on the new leases of apartments has dropped about 3%. It’s the lowest since 2016.” - Joe Fairless