Passive Mobile Home Park Investing Interview with Larry Abramowitz from Broadview Capital Partners
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 Larry Abramowitz from Broadview Capital Partners.
Although Larry might be newer to the manufactured housing community investing space, by comparison, he is making a name for himself, with his entrepreneurial spirit and love for the asset class. He has acquired 16 mobile home communities in only 3 years. In this episode Larry offers a lot of golden nuggets from his mobile home park investing journey. Larry discusses some of the mistakes he has made, including buying too many mobile homes for infill too fast. Larry also discusses his unique take on what his perfect Mobile Home Park would look like. Larry brings enthusiasm and down-to-earth knowledge for passive investors interested in mobile home park investing.
Larry Abramowitz founded Broadview Capital Partners LLC, in 2014, to acquire, remodel and rejuvenate, distressed and abandoned Mobile Home Park communities, as well as multi-family and commercial properties. He has bought and sold over $40M in assets and owns and operates 16 Mobile Home Park communities in the Midwest and Southeast.
Larry holds a B.A. in Manufacturing Engineering from Boston University and an MBA, in Finance & Marketing, from the Wharton School at the University of Pennsylvania.
***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 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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- 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
01:44 - Larry’s journey into Mobile Home Park investing
10:30 - Larry’s team, operations, and growth
13:00 - Managing park-owned mobile homes
15:00 - Infill, the toughest value-added component!
18:53 - Larry’s Mobile Home Park investing strategy and how his strategy has changed over the years
20:52 - Buying too many mobile homes too fast
23:47 - Advice for LP’s (passive investors) limited partner investors of mobile home parks
26:05 - Fixing up a neglected Mobile Home Park
30:26 - Affordable housing is a great asset class to invest in
32:19 - Difficulties with zoning, regulations, and the local government
36:00 - Reaching out to Larry
36:49 - Conclusion
Links & Mentions from This Episode:
Reach out to Larry: larry@broadviewcap.com
Broadview Capital Partners: https://broadviewcap.com/
Broadview Communities: https://broadviewcommunities.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:
“There's an execution risk part of Mobile Home Park investing with these value add deals.” - Andrew Keel
“I think that's, that's number one is making sure that, you know, at least your money is invested with a person who's going to do the best to take care of it and try to perform well with the capital.” - Larry Abramowitz
“That's what we try to do. Working with these cities to understand that we are making things better and providing affordable housing.” - Larry Abramowitz
“I think it's a great asset class to be in. I mean, I’m a big believer that this is a long term growth strategy for your wealth.” - Larry Abramowitz