Passive Mobile Home Park Investing

Interview with Matthew Ricciardella, Founder of Crystal View Capital

Oct 3, 2023
Guest
Matthew Ricciardella
Matthew Ricciardella, founder and CEO of Crystal View Capital with decades in real estate and $500M+ AUM, shares his rise from first park purchase to scaling funds and self-managing thousands of sites. He discusses value-add plays like submetering and repaving, infill strategies to fill vacant lots, operating pitfalls to avoid, sourcing and financing used homes, and buying in regulated blue states while building in-house management.
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ADVICE

Run A Full Infill And Home Sales Engine

  • Build an end-to-end infill program to fill vacant sites using new and used homes and onsite crews.
  • Crystal View sources used homes via Craigslist/local ads, makes cash offers, owns trucks and crews to set up homes and skirts.
INSIGHT

Tenant Ownership Eases Financing And Ops

  • Tenant-owned homes are preferable for pride of ownership, financing and lower maintenance liability.
  • Fannie/Freddie favor tenant-owned homes, so converting park-owned rentals to sales simplifies future financing.
ADVICE

Exclude Park Home Rent From NOI Underwriting

  • When underwriting, exclude park-owned home revenue from stabilized lot-rent NOI and treat those homes as wholesale purchases.
  • Example: if lot rent is $250 and home rent is $250, only underwrite the $250 lot rent for valuation.
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