Interview with Derek Vickers from Vicktory Real Estate Group

Episode 95 January 10, 2023 00:34:55
Interview with Derek Vickers from Vicktory Real Estate Group
Passive Mobile Home Park Investing
Interview with Derek Vickers from Vicktory Real Estate Group

Jan 10 2023 | 00:34:55

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Show Notes

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 Derek Vickers from Vicktory Real Estate Group. Derek and Andrew discuss the most important aspects that limited partners and passive investors need to look out for when investing into mobile home parks passively. They also discuss how interest rates are changing investing strategies and how park owned homes are likely a higher risk than tenant owned homes during a tougher economy.

Derek started his mobile home park investing journey with his first mobile home park purchase in September 2020 after 10 years in the insurance business as a sales manager. He currently owns and operates 2,000 lots across 38 different mobile home parks throughout the southeast, 23 of those being in Florida. Victory Real Estate Group specializes in turning around neglected mobile home parks by increasing occupancy, converting park owned homes to tenant owned mobile homes and reducing operating expenses. With a busy schedule Derek enjoys spending time with his wife and daughter and has another baby on 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 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.

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 200 total 5-star reviews by the end of 2023, 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

02:10- Derek's journey into manufactured housing communities

08:00- Balancing mobile home park management and sales when you're going through a lot of growth

10:40- Derek's first mobile home park deal

11:40- How Derek self-educated before cold calling mobile home parks

13:40- The toughest hurdle to overcome in mobile home park investing

18:04- Derek's current mobile home park investing strategy

21:10- How Derek converts parks from park-owned homes to tenant-owned homes

23:50- Smaller parks versus bigger parks: management and expense ratios

25:30- Mistakes that Derek made

28:30- The most important things that limited partners and passive investors need to look out for when investing into mobile home parks

29:49- Derek's perfect mobile home park

31:00- What the future of mobile home park investing looks like

33:24- Getting a hold of Derek

34:03- Conclusion

 

Links & Mentions from This Episode:

Derek Vickers' email:[email protected]

Derek Vickers' instagram:https://www.instagram.com/derekvickers885/

Derek Vickers' twitter:https://twitter.com/derekvickers885?lang=en

Derek Vickers' tiktok:https://www.tiktok.com/discover/derekvickers885

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:

“That first park was probably like I learned on level 10 at level 1, so there was no gradient. It was just all in.” - Derek Vickers

“I think people just underestimate the work involved and the things that are actually involved in this because the operations can be tough and I understand that.” - Derek Vickers

“You need to get reliable and trustworthy people on your team.” - Derek Vickers

“Make sure you're going through all of your due diligence checklist.” - Derek Vickers

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