Passive Mobile Home Park Investing Interview with Craig Napoliello of 40 Oaks Properties
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 Craig Napoliello of 40 Oaks Properties. Andrew and Craig discuss the benefits of geographical targeting when managing mobile home parks from an operational standpoint, monetizing park owned homes versus tenant owned homes, and the significant benefits of scalability when buying mobile home parks.
Craig worked as a fixed-income trader for a large portion of his career and now works at a fintech firm. After he acknowledged his growing interest in real estate and dabbled in single-family home investments, he began his multi-family journey in the beginning of 2019. When he's not at his W-2 job, Craig loves to learn new ways to build generational wealth through mobile home parks and other investment real estate.
***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.
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Talking Points:
00:21 - Welcome to the Passive Mobile Home Park Investing Podcast
01:25 - Craig's journey into real estate investing
06:25 - Funding: raising money for deals or personal money
09:30 - Craig's first MHP deal in North Carolina
15:06 - The toughest hurdle to overcome in mobile home park investing
15:31 - Craig's management company
17:45 - Learning from mistakes in manufactured housing communities
19:20 - Tenant-owned homes, park-owned homes, and rent-to-own
24:30 - Changes in viewpoints from when Craig bought his first MHC portfolio
28:15 - Buying smaller mobile homeparks
31:48 - Important points passive investors should know about the mobile home park space
35:33 - Bringing over skills from Craig's W2 job.
37:32 - Getting a hold of Craig
37:52 - One final tip
39:15 - Conclusion
Links & Mentions from This Episode:
Craig's email: craig@40oaks.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:
"If I think that manufactured housing is a better vehicle for my investments, why am I not doing that?" - Craig Napoliello
"If the opportunity is there, I should be doing everything in my power to bridge the gap financially." - Craig Napoliello
"It was super important to them what was going to happen to the park and we made them feel comfortable about that. This gentleman was a little less worried about that, but I'd say that he wanted to be treated like the master of his domain." - Craig Napoliello
"Like everything else during COVID and this inflationary period, the prices of used cars have gone up. We've seen things in our market." - Craig Napoliello