Passive Mobile Home Park Investing Interview with Loan Broker Scott Modelski of Black Bear Capital
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 Loan Broker Scott Modelski, Managing Partner at Black Bear Capital Partners.
Are you looking to invest in mobile home parks but unsure how to navigate the loan process? Scott Modelski can help guide you through it.
With over 15 years of experience in commercial real estate, Scott Modelski is a seasoned loan broker who has worked with both institutional and entrepreneurial sponsors across various asset classes. He began his career at Wells Fargo Bank’s Commercial Real Estate Group, handling transactions exceeding $1 billion. Now, as Managing Partner at Black Bear Capital, Scott specializes in sourcing and executing structured debt and equity transactions.
In this episode, Andrew Keel and Scott Modelski explore the complexities of banking dynamics and the intricacies of navigating Fannie Mae and Freddie Mac deals. They dive into crucial topics for Limited Partners (LPs), including insights on the 10-year treasury, strategies for restructuring capital in the case of excessive debt, and the current banking cycle's nuances. Scott shares invaluable tips on distressed commercial real estate deal situations and essential pre-loan preparation with how mobile home park operators or sponsors can best position themselves for securing a cash-out refi loan.
Join Andrew Keel and Scott Modelski as they provide a comprehensive guide to securing financing from banks, uncover why mobile home parks are a standout asset class, and offer expert advice to help you secure the financing for your manufactured housing community investments.
Tune in for a deep dive into the world of real estate financing and mobile home park investing with Andrew Keel and Scott Modelski.
***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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- 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
01:30 - Scott Modelski’s history in commercial real estate and working with Andrew Keel when financing Mobile Home Park investments
05:00 - Three ideal solutions for the lender during a recession
10:44 - The nuances of the current banking cycle
15:18 - Restructuring capital if you took on too much debt
17:25 - Distress in the Mobile Home Park market
19:07 - The good thing about using a mobile home park loan broker and typical terms offered
23:34 - Younger investors in the mobile home park asset class
25:37 - Investing with a mobile home park operator as a Limited Partner (LP)
29:50 - Mobile Home Parks usually allow investors the opportunity to add value quickly to their investment
34:09 - Fannie Mae and Freddie Mac have a give-and-take investor relationship
41:21 - What Limited Partners (LPs) need to know about the 10-year treasury
43:37 - Investors looking to refinance: short-term loans versus long-term loans
45:46 - The perfect mobile home park from a debt perspective
47:20 - Tips on how a mobile home park operator or sponsor can best prepare for a Mobile Home Park financing event
49:00 - Reaching out to Scott Modelski
50:09 - Conclusion
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Links & Mentions from This Episode:
Black Bear Capital Partners: https://bbcp-llc.com/
Scott Modelski’s cell number: (312) 217-4511
Scott’s email address: smodelski@bbcp-llc.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:
“The banks right now are not really taking a lot of action.” - Scott Modelski
“We haven’t seen folks come back to work like they were pre-COVID.” - Scott Modelski on office
“There's always some level of distress in the marketplace, even in a really strong upmarket.” - Scott Modelski
“There's definitely a wide range of both personalities and market outlooks and the way people put together deals..” - Scott Modelski