Interview with James Cook of Yale Advisors

Jul 19, 2022

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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 James Cook from Yale Advisors. As a broker in the niche market of manufactured housing communities, James has excelled and is known by sellers for selling top quality assets at extremely low cap rates. James and Andrew discuss how to identify bad mobile home park deals, the hardest value add component in Mobile Home Parks and the trade- off between current interest rates and the exit cap rates that are currently at a record low. Andrew and James also discuss what MHP's looked like during the Great Recession of 2008 - 2011.

Yale Advisors handle all aspects from confidential displacements, to running full marketing and the call for offers process. Yale focuses on institutional grade mobile home communities ranging from 50 sites to 1,000+ site portfolios. James' primary focus as a broker at Yale Realty & Capital Advisors is assisting buyers and sellers of quality Manufactured Home Communities and RV Resorts. He has successfully closed on the sale or financing of roughly $1 billion in production and could be considered one of the top brokers in the Mobile Home Park space..

***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

01:55 - James' journey into mobile home communities and his first listing

04:20 - About Yale Advisors

07:12 - How are buyers able to pay the prices they're able to pay and where that is going into the foreseeable future

10:28 - MHP's in The Great Recession of 2008 - 2011

13:35 - The best opportunity or strategy right now for operators in the MHP space to create a good return on investment for people

15:39 - Aggregating an MHP portfolio

19:11 - The most important things that passive investors need to look out for when investing into mobile home parks

22:04 - James' perfect mobile home park

27:07 - Getting in touch with James

28:07 - Conclusion

Links & Mentions from This Episode:

Yale Advisors: https://yaleadvisors.com/

James' email: james@yaleadvisors.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:

"You have to pretty much go in with the mindset that everything has a value and I'm willing to buy almost any situation, but it just has to be price-adjusted." - James Cook

"I've always said every deal has got some amount of hair. If it's not the property, it's probably the owner, or the financials, or the government." - James Cook

"You've got to pick a partner that has the team to execute that business model, and then you want to be investing in people with ethics." - James Cook

"I want to win this business. I want to be in the brokerage side for a long time. I'm not in a rush to compete with my clients." - James Cook