Interview with the MHP Expert: Glenn Esterson

Feb 1, 2022

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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 Glenn Esterson, one of the leading brokers in the mobile home park industry.

Glenn has over 20 years of experience as a real estate broker and in this episode he gives us his advice for limited partner investors getting started in the mobile home park space. Glenn and Andrew also discuss the current state of the mobile home industry given the recent woes in the economy with inflation and all. Glenn is the author of the Mobile Home Park Manifesto and is currently a Marcus and Millichap commercial real estate broker with a speciality in manufactured housing.

***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.

Book a 1 on 1 consultation with Andrew Keel to discuss:

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Talking Points:

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

01:25 - Glenn’s story and journey into manufactured housing

10:00 - Putting your improvements up front

12:15 - The toughest hurdle for most operators in the mobile home park business

15:14 - What operators overlook and not account for in their pro formas

17:30 - Things that get overlooked in underwriting

19:41 - Common expense ratios

22:00 - Important things passive investors need to look out for when investing in mobile home parks

26:00 - Glenn’s perfect mobile home park

28:17 - The future of mobile home parks

33:40 - The current state of the mobile home park industry

39:34 - Getting a hold of Glenn

40:23 - Glenn’s top tip

41:30 - Conclusion

Links & Mentions from This Episode:

The Mobile Home Park Manifesto: Ethical and profitable investing in non-institutional grade land lease communities, by Glenn Esterson

The MHP Expert Website: https://www.themhpexpert.com/

Glenn’s cell number: 423-483-0492

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/PassiveMHPin...

Andrew Keel Instagram page: https://www.instagram.com/passivemhpi...

Twitter: @MHPinvestors

Quotes:

“Put your improvements in upfront. Raise your money upfront for the roads, for the landscape, for the septics that need to get repaired.” - Glenn Esterson

“There's a way for everybody to accomplish their financial goals without it just being stuffing it down the poor guy's throat.” - Glenn Esterson

“If I was an MH investor, I would be very, very cautious about who I'm giving my money to. There are a lot of new groups coming in promising some big stuff and they haven't been through a down cycle yet.” - Glenn Esterson

“Robotics and AI are going to change the future for us. For better or worse, you're going to have to learn how to accommodate that.” - Glenn Esterson

“Buyers, when they price things, they're always looking backward or they're trying to convince the seller and the broker that, hey, nothing in this area sold for that number, and your rents are blah, blah, blah. But as a broker, we're always looking forward.” - Glenn Esterson