Passive Mobile Home Park Investing Interview with Dylan Stewart from Northstar Investors
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 Dylan Stewart from Northstar Investors. Today Andrew and Dylan discuss how consistent messaging from management and proper maintenance in mobile home parks can lead to consistent distributions to investors. They also discuss the differences in quality on newer land-lease community assets versus older assets and how scaling too quickly can negatively impact mobile home park operations.
Dylan is CEO of Northstar Investors, Northstar specializes in Mobile home park & RV Park investments in Texas & Ohio. Their current portfolio totals over 500 lots. After graduating from high school in 2017 Dylan dove right into single-family real estate investing, he completed many wholesale deals in his local market then pivoted in 2018 to run a virtual wholesaling operation primarily in St. Louis, MO. Since the spring of 2020, his company only focuses on finding, buying, and stabilizing value-add mobile home parks & RV parks.
***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.
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Talking Points:
00:21 - Welcome to the Passive Mobile Home Park Investing Podcast
00:41 - Dylan's history and journey into mobile home park investing
03:39 - Toughest hurdles in mobile home park investing
06:32 - How Dylan's MHP investing strategy has changed over the years
10:10 - RV park dynamic
13:20 - Financing for mobile home park and RV park hybrids
15:17 - Where Dylan sees opportunity right now
17:55 - Mistakes we can learn from
19:24 - What passive investors should know before investing in mobile home parks
21:24 - The future of mobile home park investing
24:27 - Getting a hold of Dylan
24:50 - Conclusion
Resources/Links:
Northstar Investors: http://northstarinvestors.com/
Dylan's email: ds@northstarinvestors.com
Dylan on LinkedIn: https://www.linkedin.com/in/dylan-stewart-812545130
Dylan on Facebook: https://www.facebook.com/dylan.stewart.906/
Dylan's previous episode: https://podcasts.apple.com/us/podcast/interview-with-dylan-stewart-and-alex-donnolo/id1520681893?i=1000524622355
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Links & Mentions from This Episode:
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:
"We're trying to get and become specialists in the Texas market, specifically starting out in Dallas-Fort Worth." - Dylan Stewart
"I think just the hardest thing is, of course, integrating everybody-the full team-when you look at the site managers, construction managers, contractors, our in-house regional managers, COOs, owners, and our virtual assistants." - Dylan Stewart
"When you're trying to build a company, it's hard to scale without data and information." - Dylan Stewart
"The biggest pivot that we're continuing to make is focusing on longer horizons to where we focus on buying better assets." - Dylan Stewart