Passive Mobile Home Park Investing Interview with Jordan Savitsky of 50West Capital
Welcome back to the Passive Mobile Home Park Investing Podcast, hosted by Andrew Keel. In this episode of the Passive Mobile Home Park Investing Podcast our host Andrew Keel interviews Jordan Savitsky from 50West Capital.
Jordan Savitsky is the principal of 50West Capital, who acquired their first mobile home park in Canton, OH, in mid-2023. Jordan and 50West Capital have several more mobile home parks in their acquisition pipeline. Based in New York, Jordan Savitsky holds a dual degree in Marketing and Supply Chain Management from the University of Maryland.
Join us on this episode as Jordan Savitsky dives into why he found the mobile home park asset class intriguing, the advantages of owning a storage business, and his approach to acquiring mobile home park investments.
***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 3,000 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.
Book a 1 on 1 consultation with Andrew Keel to discuss:
- A deal review
- Due diligence questions
- How to raise capital from investors
- Mistakes to avoid, and more!
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Talking Points:
00:21 - Welcome to the Passive Mobile Home Park Investing Podcast
01:25 - Stumbling into mobile home parks, and loving it because it’s *not* sexy
06:20 - Why your second mobile home park deal is the hardest
10:00 - Mobile Home Park Property Management and Utilities
12:50 - Getting educated in Mobile Home Park Investing
14:56 - Discovering that initial mobile home park opportunity, seizing on what's intriguing
17:00 - Aim small, miss small
19:20 - Storage units and tenants
21:30 - Mobile Home Park Operators are important
25:20 - Perfect mobile home parks are different depending on the location
29:00 - Mobile Home Park Operators and Investors with poor intentions
32:45 - Getting in touch with Jordan Savitsky
33:24 - Conclusion
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Links & Mentions from This Episode:
Reach out to Jordan Savitsky at jordan@50westcapital.com
Find Jordan Savitsky on LinkedIn at https://www.linkedin.com/in/jordan-savitsky-64505b23/
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:
“To a degree, you need a little analysis paralysis because, especially when it's your first (mobile home park) deal and you're going to go out and you're going to raise money and you're going to talk to investors, you got to make sure it's right.” - Jordan Savitsky
“You got a whole load of pissed-off tenants because someone came in, jacked up the (mobile home park lot) rent (sometimes by 100% overnight) without even doing any kind of facelift to make the residents feel like they're getting any more value. And then, also, the residents feel like they're just being traded like cattle.” - Jordan Savitsky
“I don't want to just be a guy who owns 30 (mobile home) parks within, you know, 30 miles of each other. I'd like to be sort of more diversified than that.” - Jordan Savitsky
“One of my mentors, he always told me he's like, use the 80 /20 rule. Right. Like if 80 % of it looks good, it's probably a good deal.” - Andrew Keel