Passive Mobile Home Park Investing Interview with Scott MacNeil, CEO of Performance Equity Partners (PEP Lending)
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 is joined by Scott MacNeil, Chairman and Chief Executive Officer of Performance Equity Partners, Inc. (PEP Lending), a chattel lender serving the manufactured housing industry across 16 different states.
In this episode, Andrew and Scott discuss Performance Equity Partners (PEP) in detail, from default rates and recourse guarantees, to the trends in the manufactured housing chattel lending industry.
Scott MacNeil and his team at Performance Equity Partners are experts in the chattel lending industry and they have processed over $160 million in MH chattel lending contracts. In addition, Scott has a keen interest and a wealth of knowledge in the passive mobile home park investing arena, which he shares with us today.
***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 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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Talking Points:
00:21 - Welcome to the Passive Mobile Home Park Investing Podcast
01:38 - Scott MacNeil’s journey into manufactured housing chattel lending
03:26 - How chattel lending has changed since 2007
06:00 - The approval rate of Performance Equity Partners (PEP lending)
09:50 - Why Performance Equity Partners might be a good choice for you
11:50 - Current rates and values on mobile homes
15:00 - Default rates and recourse guarantees
17:53 - The Performance Equity Partners process for qualifying new applicants
22:43 - Investment strategies: What’s your return?
24:00 - The mobile home park industry in the state of Illinois
26:00 - Reaching out to Scott MacNeil or Performance Equity Partners (PEP Lending)
26:25 - Conclusion
Links & Mentions from This Episode:
PEP Lending website: https://peplending.com/
Scott MacNeil’s phone:708-253-6010
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:
“If you're going on evenly and moving along, maybe it's a two or three-year infill project, then you're playing the percentages and the averages should work out in everybody's favor.” - Scott MacNeil
“We’re the absolute best solution for mobile home park-owned homes and selling off any sort of mobile home inventory you have in your community.” - Scott MacNeil
“We don’t use appraisals. So mobile home park community owners can price the units however they like. The borrower just has to be able to afford to repay the loan based on the rate and terms.” - Scott MacNeil
“We try to make it as easy as possible. Our loan officers are trained to chase as much paper as they can and do as much as they can, so the owners of the mobile home parks can leverage our people and not have to hire their own people.” - Scott MacNeil