The Best Ever CRE Show Best of 2025 Replay: Off-Market Wins, Market Resilience, and Capital Strategy ft. Brad Johnson
Dec 26, 2025
In this engaging conversation, Brad Johnson, Co-founder and CIO of Vintage Capital, discusses his impressive transition from institutional real estate to a $200M+ mobile home park investment portfolio. He reveals the secrets behind sourcing off-market deals through local partnerships and the importance of thorough due diligence. Brad emphasizes the value of long-term holds over short-term flips, while also addressing legislative risks like rent control. His insights on creative financing structures and current market resilience offer valuable strategies for real estate investors.
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Three-Star Parks Offer Best Returns
- Brad targets mid-market, working-class parks ("three-star") where operational improvements drive outsized returns.
- He targets ~15% IRR on average, with higher IRRs in softer markets and lower in top markets.
Screen Markets Then Operators
- Prioritize market fundamentals first, then vet operators thoroughly before investing in a mobile home park.
- Avoid markets with declining populations and pick operators with established teams and systems.
Be Flexible With Capital To Close Deals
- Provide large equity chunks to sponsors when traditional debt is scarce to help close deals without taking entire control.
- Favor long-term, tax-efficient holds and aim to refinance out equity in 3–5 years rather than forcing quick exits.