Interview with Mobile Home Park Operator Daniel Weisfield

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 mobile home park operator and syndicator: Daniel Weisfield. Today they talk about investing in mobile home parks and what passive investors should look for. They also discuss Daniel’s success in the business and the hardest parts about the mobile home park business. Daniel also discusses his top pieces of advice for new investors getting into the trailer park 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 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.

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Talking Points:

00:19 - Welcome, Introduction to Daniel Weisfield

01:31 - Daniel’s background

04:56 - The hardest part about the business

06:38 - How Daniel is changing the stigma/psychology of “trailer parks”

09:30 - What passive investors should look for when investing into this asset class

13:11 - Daniel’s greatest mistake as an operator

16:04 - Daniel’s biggest win so far

21:12 - Successful value add strategies

23:30 - Selling homes in new lots

25:52 - Daniel’s true value proposition as an operator

29:04 - Having skin in the game

35:20 - Daniel’s vision into the future

37:50 - Daniel’s terms for passive investors

39:35 - Property management team set-up

42:30 - Getting a hold of Daniel

42:55 - Thanks and see you next week

Links & Mentions from This Episode:

Three Pillar Communities website: https://www.threepillarcommunities.com/

Daniel Weisfield’s email: [email protected]

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:

“We love the Seattle market. Great job growth. Mostly driven by tech and lot’s of population growth. Very strong housing market. Lot’s of demand, not a lot of supply” - Daniel Weisfield

“Our strategy is focused on buying great mobile home parks, in great markets, and holding them long term.” - Daniel Weisfield

“A lot of people who invest in mobile home parks forget the number one rule of real estate, which is: location, location, location.” - Daniel Weisfield

“For me, the game plan is mobile home parks until I’m 60, 70, or 80. I don’t know when I’m going to stop. I love it.” - Daniel Weisfield