Passive Mobile Home Park Investing Interview with Abraham Anderson of Capital Communities
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 Abraham Anderson of Capital Communities. Abraham exploded onto the mobile home park investing scene after attending the Frank and Dave MHU mobile home park boot camp in 2019. Abraham was a top salesman for a national insurance company in a prior career and with those skills he has excelled through cold calling park owners. Within 4 years, Abraham has become a top 50 mobile home park owner with over 2,500 lots in 40 communities. Abraham Anderson owns mobile home parks across 6 states and he is also the host of the Capital Cashflow Podcast.
Abraham shares with us his Mobile Home Park Investing strategy, how he managed to close his favorite mobile home park deal, why he only buys in red states, as well as his view on the future of the mobile home park asset class. Abraham and Andrew discuss which metrics to use in evaluating a mobile home park's performance, the importance of affordable housing and the increased demand for mobile home park communities.
He might be fairly new to the MHP industry, but Abraham Anderson has a wealth of knowledge to share with us.
***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 2,500 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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- Due diligence questions
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- Mistakes to avoid, and more!
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Talking Points:
00:21 - Welcome to the Passive Mobile Home Park Investing Podcast
01:50 - Abraham Anderson’s story and mobile home park investing journey
06:00 - Abraham’s first mobile home park deal
08:41 - Abraham’s favorite trailer park investing deal: 358 spots
10:29 - His team and how they handle management
11:23 - His Mobile Home Park Investing strategy through the years
14:43 - Funding and sourcing mobile home park deals
15:30 - Playing the long game
17:48 - Changing people
20:09 - Investing in people and property
21:07 - Mobile Home Park Investing Metrics, WalMart, and affordable housing
23:22 - Location, location, location
24:14 - Mobile Home Park investing - Demand is on the rise
26:50 - Rental rate increases
32:00 - Buying mobile home parks in red states
35:37 - Reaching out to Abraham Anderson
36:15 - Getting over the fear
37:25 - Conclusion
Links & Mentions from This Episode:
Capital Cashflow: https://capitalcashflow.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 just have to get more creative and look at, ‘All right, well, this property here, what can I buy it for?’” - Abraham Anderson
“My end goal with all of these is to get them into a Fannie Mae or Freddie Mac loan and they have a minimum size of about 50 lots.” - Abraham Anderson
“Just keep your funnel full of deals.” - Abraham Anderson
“There's still the stigma with mobile home parks, but that is going away. So if you can get into parks right now and you can buy a deal, you know, and it checks all the boxes and you're not overpaying, then it’s only gonna get better.” - Abraham Anderson