Why Management Makes or Breaks a Mobile Home Park from a 5,000 - Lot Portfolio

Welcome back to the Passive Mobile Home Park Investing Podcast, hosted by Andrew Keel. On this episode, Andrew talks with a third-generation mobile home park owner who has overseen a wide range of turnaround, stabilized, and value-add communities. He holds mobile home retailer, broker, and installer licenses in multiple states and has grown his portfolio to nearly 5,000 mobile home lots.

Today, they discuss the challenges of finding a strong park management team, risk assessments, why he avoids buying used mobile homes, his preferred ratio of park-owned to tenant-owned homes, his management company and investment fund, and what passive investors should look for when investing in mobile home parks.

***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 1,400 lots under management. His team currently manages over 20 manufactured housing communities across ten states - AR, GA, IA, IL, IN, MN, NE, OH, PA and TN. 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

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:

00:18 - Welcome to the Passive Mobile Home Park Investing Podcast

00:28 - Introduction

01:47 - How the team got into manufactured housing

02:42 - What the '08-'09 recession was like

03:42 - The hardest part about this asset class

04:35 - The management company

05:26 - Ideal community & mismanaged communities

09:18 - What passive investors should look out for and the cost of a used home

14:38 - The terms of the fund

17:15 - Park-owned homes versus tenant-owned homes and converting

23:53 - Putting money into the fund and signing recourse

25:28 - 10-year plan: goals and exit

26:15 - GP and LP splits and fees

28:00 - The team

29:40 - First deals and great deals

35:43 - Getting a hold of the owner

36:10 - Conclusion

Links & Mentions from This Episode:

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