Passive Mobile Home Park Investing

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 LP (limited partner) Investor Advisor, Aleksey Chernobelskiy of Centrio Capital Partners Aleksey Chernobelskiy, a prominent figure in the real estate private equity investing community engages with over 3,500 LP investors weekly through his Substack platform and he adds value to a substantial following of over 20,000 on Twitter and LinkedIn. His background includes overseeing a staggering $10 billion real estate portfolio at STORE Capital, a notable public REIT, which comprised over 3,000 commercial real estate properties. Moreover, he spearheaded a 20-member underwriting team at the firm. Aleksey holds a quadruple major from the University of Arizona in Finance, Mathematics, Economics, and Accounting. In this episode, Andrew Keel and Aleksey Chernobelskiy dive into the intricate world of Limited Partner Investments. They discuss REIT underwriting, effective methods for vetting General partners, identifying reputable GP’s, and establishing investment safety thresholds. They also shed light on the intricacies of commercial real estate deal structuring, evaluating downside risks, navigating assumptions as a LP, along with providing invaluable insights into PPM recommendations and crucial elements to scrutinize within them. Join us on this episode as Aleksey Chernobelskiy (LP advisor helping investors with passive real estate positions) shares his wealth of knowledge and expertise on LP investments with us. This is an episode not to be missed if you are considering passive 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! Click Here: https://intro.co/AndrewKeel Are you getting value out of this show? If so, please head over to iTunes and leave the show a quick review. I have a goal of hitting over 500 total 5-star reviews, and it would mean the absolute world to me if you could help contribute to that. Thanks ahead of time for making my day with your review of the show. Would you like to see value-add mobile home park projects in progress? If so, follow us on Instagram: @passivemhpinvesting for photos and awesome videos from our recent mobile home park acquisitions.   Talking Points: 00:21 - Welcome to the Passive Mobile Home Park Investing Podcast 02:00 - Sometimes the best things appear randomly in your life 04:00 - REIT underwriting teams 07:35 - How to best vet a potential General Partner 15:00 - Where returns need to be for people to feel safe enough to invest 17:13 - Downside risk and assumptions as an LP 25:05 - How deals are being put together 29:00 - LP and GP interests tend to diverge during times of distress 31:10 - Learning as a passive investor 33:45 - How to find a good GP 36:00 - PPM recommendations and what to look for 38:36 - Finding Aleksey Chernobelskiy online 39:00 - Conclusion   SUBSCRIBE TO PASSIVE MOBILE HOME PARK INVESTING PODCAST YOUTUBE CHANNEL https://www.youtube.com/channel/UCy9uI3KGQmFgABsr9lUtRTQ   Links & Mentions from This Episode: “Don’t Lose Money” LP Lesson video: https://www.youtube.com/watch?v=-EO2x7EdNzA “My Deal is Distressed. Now What?” by Aleksey Chernobelskiy: https://www.lplessons.co/p/my-deal-is-distressed-now-what “5 Ways in which Real Estate Can Lose You Money” by Aleksey Chernobelskiy: https://www.lplessons.co/p/5-ways-in-which-real-estate-can-lose “26 Questions to Ask Your GP” by Aleksey Chernobelskiy : https://www.lplessons.co/p/26-questions-to-ask-your-gp Aleksey Chernobelskiy’s LinkedIn: https://www.linkedin.com/in/chernobelskiy Aleksey Chernobelskiy’s Twitter/ X: https://twitter.com/chernobelskiy Aleksey Chernobelskiy’s Substack: https://www.lplessons.co/ 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/ X/ Twitter: @MHPinvestors    Quotes: “I had a team of 20 [underwriters], as you said, who were specializing in specific industries. And their job would be to sort of understand the information on the given property, the alignment of incentives between the different people, the risk levels, how the business is performing, etc, etc, and then ultimately make your recommendation.” - Aleksey Chernobelskiy “Generally, if you see a split that is less favorable than 65 % to LP, you should stop and think. Not that you should pass. You should just understand why this deal is different.” - Aleksey Chernobelskiy “Distress doesn't happen in a vacuum. Distress typically happens because there's a capital partner that needs to be paid. That can be an equity partner. It can be a private equity partner. It can be a lender. Because of that, you can't ignore the capital structure because your investment is predicated based on returns.” - Aleksey Chernobelskiy “In distress situations, LP interests, and GP interests tend to diverge.” - Aleksey Chernobelskiy

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 Tracy Renna, the Founder and CEO of MH Title Brokers. One of the most frustrating things in the mobile home park investing realm is trying to get lost mobile home titles. Getting these mobile home titles fixed and in the correct name of the new owner is where Tracy Renna and MH Title brokers can assist. Tracy Renna founded MH Title Brokers over 4 years ago to specialize in the organization and investigative work required to identify and retrieve mobile home titles. Tracy and her team engage with local DMV offices, legal institutions, and title companies, saving mobile home park owners and investors time and frustration. In this episode, Andrew and Tracy dive into the topic of sourcing abandoned Mobile Home Titles, not the most glamorous topic, but one that can be an expensive one. They discuss Tracy’s journey and how she founded MH Title Brokers, what you need to know about sourcing abandoned mobile home titles, risks of owning a mobile home, what to do when you can’t find a title or the previous owner of a manufactured home, selling a mobile home without a title, and which states are the most difficult to deal with when it comes to issuing new Mobile Home Titles. Join us as Tracy Renna shares her wisdom and experience on the in’s and out’s of sourcing abandoned Mobile Home titles in this episode. ***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! Click Here: https://intro.co/AndrewKeel Are you getting value out of this show? If so, please head over to iTunes and leave the show a quick review. I have a goal of hitting over 500 total 5-star reviews, and it would mean the absolute world to me if you could help contribute to that. Thanks ahead of time for making my day with your review of the show. Would you like to see value-add mobile home park projects in progress? If so, follow us on Instagram: @passivemhpinvesting for photos and awesome videos from our recent mobile home park acquisitions.   Talking Points: 00:21 - Welcome to the Passive Mobile Home Park Investing Podcast 01:50 - How Andrew Keel met Rod Renna (Tracy’s husband) 03:00 - The start of Tracy Renna’s journey to founding MH Title Brokers 06:40 - What you need to know about Mobile Home Titles to stay out of trouble 11:11 - The risks of owning a Mobile Home 13:30 - Selling a mobile home without the title 17:31 - Hold back between $3-5k when you can’t find a mobile home title or the previous owner 20:45 - Reaching out to Tracy Renna 21:30 - Ask about the POH titles- manufactured home title and bill of sale 22:11 - Top states to avoid because the mobile home titling process is so difficult 24:35 - Conclusion   SUBSCRIBE TO PASSIVE MOBILE HOME PARK INVESTING PODCAST YOUTUBE CHANNEL https://www.youtube.com/channel/UCy9uI3KGQmFgABsr9lUtRTQ   Links & Mentions from This Episode: Email Tracy at info@mh.org Call Tracy Renna on her direct number at 813-705-7044 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: “The other piece that's so important is the issue date on that (Mobile Home) title is if that was current in the state system.” - Tracy Renna “There are other factors to keep in mind (when considering different criteria about mobile home titles and abandoned titles).” - Tracy Renna “There is so much that can stem from (mobile home) titles.” - Tracy Renna “It’s not a glamorous topic but it can be a very expensive one.” - Tracy Renna and Andrew Keel

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! Click Here: https://intro.co/AndrewKeel Are you getting value out of this show? If so, please head over to iTunes and leave the show a quick review. I have a goal of hitting over 500 total 5-star reviews, and it would mean the absolute world to me if you could help contribute to that. Thanks ahead of time for making my day with your review of the show. Would you like to see value-add mobile home park projects in progress? If so, follow us on Instagram: @passivemhpinvesting for photos and awesome videos from our recent mobile home park acquisitions.   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   SUBSCRIBE TO PASSIVE MOBILE HOME PARK INVESTING PODCAST YOUTUBE CHANNEL https://www.youtube.com/channel/UCy9uI3KGQmFgABsr9lUtRTQ   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

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 Michael O’Conner, the founder and Chief Executive Officer of mPark Partners. Michael O'Connor, an accomplished entrepreneur and investor, brings a wealth of experience garnered from consulting with Fortune 500 companies and large government entities. He holds a Master's degree in Business Administration, specializing in Finance, Strategy, and Operations from Carnegie Mellon University, complemented by an undergraduate degree in Mechanical Engineering from Pennsylvania State University. In his role at mPark Partners, Michael has spearheaded the acquisition of eight manufactured housing communities across the United States. He has orchestrated the establishment of on-site management teams to manage these mobile home park communities and off-site teams to provide essential administrative support. Additionally, Michael oversees an affiliated mobile home dealership operating in Delaware, Indiana, Kentucky, and Ohio. In this episode, Andrew Keel and Michael O’Connor discuss Michael’s Mobile Home Park Investing journey.  Michael shares tips on the best ways to get educated on Mobile Home Park Investing and the asset class as a whole. He also discusses his due diligence checklist and how they do a deep dive into septic tank sewer systems before purchasing private sewer mobile home parks. Join us on this episode as Michael O’Connor shares his valuable knowledge with us from his time in the Mobile Home Park Investing 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 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! Click Here: https://intro.co/AndrewKeel Are you getting value out of this show? If so, please head over to iTunes and leave the show a quick review. I have a goal of hitting over 500 total 5-star reviews, and it would mean the absolute world to me if you could help contribute to that. Thanks ahead of time for making my day with your review of the show. Would you like to see value-add mobile home park projects in progress? If so, follow us on Instagram: @passivemhpinvesting for photos and awesome videos from our recent mobile home park acquisitions.   Talking Points: 00:21 - Welcome to the Passive Mobile Home Park Investing Podcast 01:45 - Michael O’Connor’s early success from passively investing in Mobile Home Parks 04:52 - Getting educated: reading, jumping into podcasts, the Frank and Dave MHU Bootcamp 07:20 - The most important items on Michael O’Connor’s and mPark Partners Mobile Home Park Investing due diligence checklist 11:00 - Mobile Home Park Septic system due diligence specifics 13:05 - Rehabbing and maintaining the park owned mobile homes is the biggest thing 18:16 - Mobile Home park Value-add deals and Michael’s ideal conditions 21:26 - Dealing with troublesome contractors 23:20 - Mobile Home Park Management: remote and overseas workers, and roving on site managers 32:00 - Michael’s definition of a “nice market” 34:53 - One of the great perks about the Mobile Home Park investing market 37:20 - The worst things to do with a Mobile Home Park investment 44:27 - Reaching out to Michael O’Connor and mPark Partners LLC 44:50 - Mobile Home Parks CAN BE a very stable segment to invest in 45:30 - Conclusion   SUBSCRIBE TO PASSIVE MOBILE HOME PARK INVESTING PODCAST YOUTUBE CHANNEL https://www.youtube.com/channel/UCy9uI3KGQmFgABsr9lUtRTQ   Links & Mentions from This Episode: MPark Partners: https://www.mparkpartners.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 you're in a market that's charging $150 a month, I don't know if that's enough money for us to really pay our expenses and do very well.” - Michael O'Connor “The one thing that's nice about this business is I could probably go away for a year and do nothing and come back and the business would be relatively intact.” - Michael O'Connor “If you let the (Mobile Home Park) tenant base [become] such a low quality that people don't have jobs or have a reliable income (source), that could be a problem.” - Michael O'Connor “We like to buy brand new homes (Mobile Homes). It's just so much more reliable. They're so much easier to infill than it is to manage and remodel projects.” - Michael O'Connor

Walter Johnson, founder of Sonos Capital and affordable housing advocate, built his firm around creative strategies for mobile home parks. He recounts his real estate journey, deal sourcing and operational lessons. Topics include value-add playbooks, Section 8 bedroom-by-bedroom models, niche leasing strategies, utility challenges, and navigating regulation while pursuing social impact.

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 Keel interviews Mobile Home Park appraiser and mobile home park owner/ investor, Erik Hanson. Erik Hanson owns and operates manufactured housing communities in his home state of Wisconsin. His first mobile home park community acquisition was in 2021 and he has been steadily expanding his portfolio since. Alongside mobile home park community ownership, Erik Hanson is a seasoned real estate appraiser, holding the esteemed MAI designation from the Appraisal Institute. Erik Hanson's journey into commercial real estate appraisals began in 2001, encompassing various property types. However, in 2012, he shifted his focus to specialize in mobile home park properties and RV Park/ Campground valuations. He joined Colliers Valuation & Advisory Services in 2023 and is a member of their Manufactured Housing Community (MHC) valuation team. In this episode, Andrew Keel and Erik Hanson dive into strategies for Mobile Home Park operators and investors to enhance the value of their trailer parks and streamline the appraisal process. Drawing from his dual roles as an appraiser and mobile home park owner, Erik offers invaluable insights. Their discussion spans topics ranging from mobile home park industry downsides to educational opportunities within the mobile home park asset class, along with how to best identify mobile home park market lot rents. Tune in for a wealth of knowledge and insights into the mobile home park investing industry!   ***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! Click Here: https://intro.co/AndrewKeel Are you getting value out of this show? If so, please head over to iTunes and leave the show a quick review. I have a goal of hitting over 500 total 5-star reviews, and it would mean the absolute world to me if you could help contribute to that. Thanks ahead of time for making my day with your review of the show. Would you like to see value-add mobile home park projects in progress? If so, follow us on Instagram: @passivemhpinvesting for photos and awesome videos from our recent mobile home park acquisitions.   Talking Points: 00:21 - Welcome to the Passive Mobile Home Park Investing Podcast 01:54 - Why Erik Hanson got into trailer park appraisals and real estate investing 07:45 - Getting educated on mobile home parks 11:00 - What to do when you’re looking for Mobile home park mentors 12:33 - Erik Hanson’s appraisal career history and back story 15:11 - Mobile Home Park market Lot rents 21:49 - Mobile Home Park Cap rate premiums from a valuation standpoint (direct billed utilities?) 26:00 - What we don’t know about the Mobile Home Park appraisal process 33:30 - Mobile Home Park Investing: Park-owned homes vs. tenant owned homes 34:30 - Increasing the value of your Mobile Home Park 37:00 - The most challenging parts of the Mobile Home Park appraisal process 38:20 - What happens when Mobile Home Park owners aren’t transparent with appraisers 40:50 - Erik Hanson’s mobile home park investment portfolio 44:16 - Mobile Home Park Investing Lightning Round Q&A: Your first mobile Home Park Investing Deal Cluster in geographic areas Being too lenient on Mobile Home Park Tenants Mobile Home park Operator qualities Be prepared to explain everything Mobile Home Park Appraisal quirks Erik’s perfect Mobile Home Park looks like this Raising mobile home park lot rents 52:18 - Getting a hold of Erik Hanson 53:00 - Getting comfortable with the Mobile Home Park asset class 53:51 - Conclusion   Links & Mentions from This Episode: Erik Hanson’s LinkedIn: https://www.linkedin.com/in/erik-hanson-a5674b4/ Colliers Valuation and Advisory: https://www.colliers.com/en/services/valuation-advisory MHU Investing Forum: https://forum.mobilehomeuniversity.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: “Overall talking to different owners and operators has been by far the most beneficial (to learning about mobile home parks).” - Erik Hanson “The (Mobile Home) parks look so much better with a brand new road or newer roads that were just seal-coded, just totally changing the perspective of the (Mobile Home) park.” - Erik Hanson “I don't think anybody really wants to be the market (rents) leader, but what's that gap between the market leader and what's historically been charged, and that's definitely a fine line.” - Erik Hanson “The farther we get out in the future, the harder it is to project where the(Mobile Home Park) market is going to be at.” - Erik Hanson

Frank Rolfe, co-founder of Mobile Home University and long-time mobile home park operator, shares his take on portfolio growth and post-COVID sales strategies. He talks financing choices, rent control risks, tech-driven operations, and what breaks parks. Short, direct conversations on market trends, debt risks, and how to vet passive park investments.

Welcome back to the Passive Mobile Home Park Investing Podcast, hosted by Andrew Keel. In this episode we're revisiting a gem from our podcast archives: the 2021 interview Andrew did with the mobile home park investing legend Frank Rolfe of Mobile Home University (MHU). We have another interview with Frank Rolfe coming up soon in 2024 so this is a good episode to re-listen to so we can measure what has changed in the mobile home park investing world since the “peak” as some call it back in 2021! In this highly recommended and popular episode, Frank Rolfe generously shared his wealth of experience in the mobile home park investing world. We discussed Frank’s background, his future projections for the asset class and the market dynamics shaping the mobile home park investing landscape at the time in 2021. Frank's foresight, even back in 2021, is remarkable, particularly considering the subsequent surge in interest rates we’ve had from the Fed since then. His discussion on interest rates, inflation and their impact on Mobile Home Parks were mostly accurate. One of the key takeaways from this show was Frank Rolfe’s invaluable insight into the historical challenges faced by those in the Mobile Home Park asset class, notably during the tumultuous 1990’s Chattel loan crisis. Through his narrative, listeners gain a deeper appreciation for the resilience of Mobile Home Park investments and the lessons learned from past adversities. Join us for this replay episode as we uncover Frank Rolfe's strategies for successful Mobile Home Park investing, and tap into the wealth of knowledge he graciously shared with us back in February 2021. This episode is a must-listen for anyone looking to navigate the complexities of 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! Click Here: https://intro.co/AndrewKeel Are you getting value out of this show? If so, please head over to iTunes and leave the show a quick five-star review. I have a goal of hitting over 500 total 5-star reviews, and it would mean the absolute world to me if you could help contribute to that. Thanks ahead of time for making my day with your five-star review of the show.   Talking Points: 00:21 - Welcome to the Passive Mobile Home Park Investing Podcast 03:06 - Frank Rolfe’s background and how he got into manufactured housing community investing 05:01 - Glenhaven in Dallas, TX (his first mobile home park) 06:09 - Important things passive investors need to know about investing in mobile home parks 07:21 - Value Add versus Stabilized Play 12:04 - Secondary markets and tertiary markets during downturns 15:16 - COVID and his mobile home park investing portfolio 18:26 - Current state in the market cycle 22:01 - Difference in the market from the 1990’s 24:31 - Most difficult time in the business within the last 20 years 29:42 - More about 2006 30:16 - Mobile home park performance during inflationary periods 35:36 - Current events, the US dollar and the reserve currency 40:41 - How a $15 minimum wage will affect mobile home park investments 44:31 - Getting a hold of Frank Rolfe 45:36 - Conclusion    Links & Mentions from This Episode: MHU website: https://www.mobilehomeuniversity.com/ Frank Rolfe LInkedIn: https://www.linkedin.com/in/frank-rolfe-0b6a7024/ 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: “The cable bill was $2,000 something a month and so I just turned it off. That's how I solved the $2,000 and then I got a humongous break on the revenue because I had half of the lots to fill. They shut another mobile home park down in Dallas downtown. I went to the owner of the park and we cut a deal because he had to get the trailers moved out as part of his agreement with Dallas to resell it to build a home depot.” - Frank Rolfe “The key drivers of mobile home parks are pretty simple. They’re a very simple business model. Into some of the parts, I put in the acronym of IDEAL.” - Frank Rolfe “We're all at the mercy of interest rates and right now, people are buying a lot of low cap rates because interest rates are insanely low. I think they will remain insanely low.” - Frank Rolfe “We saw really no impact from COVID at all. Our business model is deemed essential. Our businesses were not shut down. We had to adapt to office requirements. We have to be more socially distant. In some states, we have to close the office. We could be open but we cannot allow anyone in- which is awkward, but it really wasn't that big of a deal..” - Frank Rolfe

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 interviews Cory Harelson, a dedicated mobile home park operator and visionary founder of Freedom Investing Group (FIG). Cory left behind an 18-year career as a structural engineer to leap into mobile home park investing. He now has a portfolio worth over $18M+ across 12 communities and he has already been through 5 mobile home park deal exits! The reach of his mobile home park portfolio extends from Idaho all the way down to Ohio with a focus now on the “bourbon triangle,” as he puts it, in the markets of Cincinnati, Lexington, and Louisville. He is also currently under contract on a new hopeful mobile home park acquisition in Kentucky. In this episode, Andrew Keel and Cory Harelson delve into Cory's swift success in Mobile Home Park (MHP) investing, tracing his journey all the way back to his first Mobile Home Park deal in Garden City, Idaho. They discuss Cory’s current dedication to growing his Mobile Home Park and RV syndication business and platform through his Linkedin and other marketing channels. Cory candidly shares the mistakes he's made and his refined investment strategy, highlighting three key considerations for aspiring Mobile Home Park investors. He also recommends valuable resources for mastering the asset class and explains why Mobile Home Parks offer unparalleled opportunities for financial freedom. Since July 2023, Cory Harelson has been fervently expanding his mobile home park syndication business, driven by his passion for empowering others in the realm of Passive Mobile Home Park investing. He offers listeners valuable insights (golden nuggets) from lessons he has learned along the way.   ***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! Click Here: https://intro.co/AndrewKeel Are you getting value out of this show? If so, please head over to iTunes and leave the show a quick five-star review. I have a goal of hitting over 500 total 5-star reviews, and it would mean the absolute world to me if you could help contribute to that. Thanks ahead of time for making my day with your five-star review of the show. Would you like to see value-add mobile home park projects in progress? If so, follow us on Instagram: @passivemhpinvesting for photos and awesome videos from our recent mobile home park acquisitions.   Talking Points: 00:21 - Welcome to the Passive Mobile Home Park Investing Podcast 01:00 - Cory Harelson’s mobile home park portfolio and background 06:00 - Cory Harelson’s first Mobile Home Park deal in Garden City, Idaho 08:00 - Mistakes Cory made on Mobile Home Park acquisitions and getting real replacement cost numbers for insurance policies instead of using the values on appraisals for Mobile Home Park insurance 15:00 - Finding good Mobile Home Park deals and operators 18:15 - Cory Harelson’s current Mobile Home Park portfolio 20:55 - Cory Harelson’s current Mobile Home Park investing strategy 26:25 - Lot rent increases and bringing in capital for improvements to your Mobile Home Park investment 28:37 - Three things to look at if you want to invest in Mobile Home Parks 31:39 - Finding a great Mobile Home Park location with value that needs to be added 33:00 - The magic sauce in Mobile Home Park investing 35:00 - Don’t ignore the Mobile Home Park infrastructure and capital required to add value 36:39 - Popularity in the world of Mobile Home Park investing 37:45 - Reaching out to Cory Harelson, contact Cory 38:20 - Passive investing into mobile home parks is a double-win 38:56 - Conclusion   Links & Mentions from This Episode: Freedom Financial: https://freedominvestinggroup.com/ Email Cory at cory@freedomcm.net Cory Harelson’s LinkedIn page: https://www.linkedin.com/in/cory-harelson-81141414/ MHP IDEAL Analysis Tool Link: https://freedominvestinggroup.com/mobile-home-park-deal-analyzer/ 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: “Everybody knows it's hard to find good deals. I mean, it certainly is. There's a lot of work there that goes into finding good deals. But I think the (mobile home park) operations is probably the biggest (toughest hurdle) one.” - Cory Harelson “We are looking at bigger (Mobile Home Parks) parks, definitely. So for our current metric, we're targeting 50 lots and bigger, unless it's right next door to one that we already own, then we'll go down below that a little bit.” - Cory Harelson “I like value add as long as it's priced so that we can afford to bring in the capital to do the value add.” - Cory Harelson “I like that because it's affordable housing, and it's actually affordable, it doesn't need section eight subsidies for people to afford it. People can actually afford it on minimum wage salaries.” - Cory Harelson “I don't feel like we're as impacted (mobile home park market) by the ups and the downs of the (residential) housing market.” - Cory Harelson

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 interviews Nick Chapman, Principal and CEO of South-East Family Housing. Nick Chapman, a former US Marine and State Trooper, ventured into mobile home park brokerage at Marcus and Millichap and then quickly became a commercial real estate investor himself. He started investing in 2021 by acquiring a 26-unit apartment complex, converting all units into "mid-term rentals" for traveling nurses and corporate clients. Nick actively manages the complex and discusses his hurdles as the sole “sweat equity” partner and General Partner, while pursuing mobile home parks for future acquisitions. In today's conversation, Andrew Keel and Nick Chapman cover various topics including why studio apartments are less desirable, contrarian thinking, the significance of Self-managing commercial Real Estate Assets, the importance of your Website and SEO, Nick's preferred resources for Real Estate Self Education and passive Mobile Home Park Investing tips. Nick is eager to share his knowledge on mobile home parks with interested limited partners (LP’s) and anyone interested in the mobile home park asset class. While he may lack the experience of some other guests, Nick compensates with the valuable lessons, mistakes and golden investment information he has learned over the past few years as a GP, all of 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 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! Click Here: https://intro.co/AndrewKeel Are you getting value out of this show? If so, please head over to iTunes and leave the show a quick five-star review. I have a goal of hitting over 500 total 5-star reviews, and it would mean the absolute world to me if you could help contribute to that. Thanks ahead of time for making my day with your five-star review of the show. Would you like to see value-add mobile home park projects in progress? If so, follow us on Instagram: @passivemhpinvesting for photos and awesome videos from our recent mobile home park acquisitions.   Talking Points: 00:21 - Welcome to the Passive Mobile Home Park Investing Podcast 01:00 - Nick Chapman’s background and journey into the Mobile Home Park investing world 17:23 - Resources, references, and books 20:31 - Nick Chapman’s first Commercial Real Estate deal 26:00 - The 80-20 rule 26:41 - Self-managing Real Estate assets 31:41 - Studio apartments and Nick’s case study 38:13 - GP’s that communicate quickly and efficiently 41:15 - SEO tips and optimizing keywords 46:00 - Nick’s perfect mobile home park 48:45 - Reaching out to Nick Chapman 49:38 - Underwrite a Mobile Home Park deal like the bank does     Links & Mentions from This Episode: Nick Chapman’s LinkedIn: https://www.linkedin.com/in/businesswithnick/ Nick Chapman website: https://ibuyhouseswilmington.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: “Warren Buffett talks a lot about intrinsic value. What’s the highest and best use for that property.” - Nick Chapman “For those of you getting started or LPs, you always wanna make sure that the deal is big enough to support management.” - Nick Chapman   “The whole name of the game is (sticky tenants) longevity in real estate, and that's why (mobile home) parks are so great, is to keep the tenant as long as possible.” - Nick Chapman   “Studios are not good for longevity.” - Nick Chapman