Interview with LP Investor Advisor Aleksey Chernobelskiy of Centrio Capital Partners

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.

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• Mistakes to avoid, and more!

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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

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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