Interview with MHP Loan Broker Judah Aderet of Princeton Capital Group

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 Judah Aderet of Princeton Capital Group. Judah’s background is in finance and his experience with mobile home community lending gives him keen insights and a unique perspective. Andrew and Judah talk about tips for Limited Partner passive investors, Judah’s perfect mobile home park, and mistakes that new manufactured housing community operators make. Judah also shares his knowledge about financing mobile home parks for operators and investors. Andrew and Judah also talk about some tips and buzzwords that new passive investors might not be familiar with yet.

Judah is the Principal and Founder of Princeton Capital Group, a commercial real estate loan broker with a specialty in manufactured housing communities. Judah has closed 40 manufactured housing community loans over the last 12 months and 150 over the last five years!

***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.

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

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Would you like to see 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:

Links & Mentions from This Episode:

Quotes: 

“I would say an LP has to look out for something very similar to what they look out for when they're looking into a multifamily deal. Whether it's the operator’s experience, the returns, making sure that the sponsor, the GP is being conservative in his expectations of expense growths, rent growth, and all of that.” - Judah Aderet

“The cream of the crop is obviously the agency loans. Those are non-recourse, no personal guarantee loans with the long-term fixed stat, whether it's 10 years, 12 years, 15 years.” - Judah Aderet, on lending options

“With banks and national banks or regional banks—there are plenty of national banks that can count park-owned home income. Some of them need to take the homes as collateral because they're counting that income, and some don't, which are like diamonds in the rough.” - Judah Aderet

“I don't want to be spending any money on the bones of the park, water lines and sewer lines are fixing up—real structural issues.” - Judah Aderet