Biggest hurdle: deciding to buy

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 Walter Johnson of Sonos Capital.

Walter Johnson is the founder of Sonos Capital, a real estate investment firm specializing in mobile home park investments nationwide. Walter began his career in finance at Security Mortgage Corporation back in 2004. Established in 2016 in Phoenix, Arizona, Sonos Capital uses unique Section 8 and other uncommon strategies to increase NOI in manufactured housing communities. Walter Johnson also serves on the board of the Manufactured Housing Association in the state of Arizona and leads initiatives for affordable housing in Mesa, Arizona after being appointed by the Mayor himself.

In this episode, Andrew Keel and Walter Johnson dive into various aspects of mobile home park investing, spanning from the market conditions during Walter's early years of investing in Mobile Home Parks to future projections. Walter unveils his unique business model for Sonos Capital and also emphasizes the significance of proper education in the mobile home park asset class. Walter Johnson of Sonos Capital, also shares insights into his personal learning journey within the mobile home park sector.

Walter's clear passion and excitement for the Mobile Home Park Investing industry are evident as he shares valuable knowledge with us from his time in the space.

***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.

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

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Talking Points:

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

02:23 - Never take an opportunity for granted and always be reliable

09:00 - How Walter Johnson used to get Mobile Home Park deals and how he does now

17:11 - Walter’s current mobile home park portfolio and what they’re looking at right now

18:08 - Making a decision on whether or not to buy a Mobile Home Park is the toughest hurdle

19:32 - Higher interest rates don’t necessarily matter

20:45 - Don’t ever think you know more than the mobile home park managers who are there everyday

24:21 - Important things to look for in mobile home park operators and deals

26:54 - Trailer parks versus mobile home parks

27:40 - Walter’s Mobile Home Park buy box and his unique business model

32:53 - Government regulations and legislations aren’t helpful to the mobile home park community

34:56 - Getting in touch with Walter Johnson of Sonos Capital

35:30 - Education in mobile home park investing is important

35:52 - Conclusion

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Links & Mentions from This Episode:

Email Walter at: Walter@sonoscapital.com

Walter’s office: 480-674-2035

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:

“If you can be reliable, who doesn't want to work with someone reliable?” - Andrew Keel

“I had two rental properties before I bought my place for myself. So I was still living in an apartment building with no furniture.” - Walter Johnson

“We’re social creatures, human beings, and if you can walk a (mobile home) park and say hi to the residents and see that social aspect of it, I think that helps as well.” - Walter Johnson

“I think passive (Mobile Home Park) investors can have some tremendous financial opportunities in this space.” - Walter Johnson