Interview with Mobile Home Park Operator Ryan Narus

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 Ryan Narus, a double graduate of Wake Forest University with an undergrad in Psychology & Statistics and an MBA. He is a self made real estate entrepreneur who owns and operates 14 Mobile Home Parks spanning ~1,408 units.

But here's the thing: He started with nothing. No money. No experience. No network. He was a 20 something with way more student loan debt than actual capital to invest in deals. He’s just a normal dude. The only thing that makes him different is that he refused to quit. And he was willing to sacrifice, and take bold action. He found creative ways to make money while he scaled his business up. He was stuck in Corporate America. He escaped. And now he wants to help others.

Today we’re talking about how Ryan got started in mobile home parks, his views on investing in mobile home parks, what he does to improve trailer parks, his perfect communities, wins, pitfalls, and everything in between.

***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 Ryan

01:23 - Ryan’s background

03:06 - What hooked Ryan into Mobile Home Park Investing

05:35 - How long Ryan’s been in the business

07:38 - The parks Ryan has taken full-cycle and the length of the cycle

11:43 - The hardest part about the business

13:35 - Ryan’s perfect park

15:33 - Partnerships with passive investors

17:56 - What it looks like for Ryan, when he partners with passive investors

20:00 - Tips for passive investors

24:50 - Mistakes Ryan has made as an operator

27:00 - Ryan’s biggest win in the business so far

28:40 - Ryan’s view on park-owned homes

32:11 - Recourse on debt

32:34 - Plans for refinancing

34:17 - When a due diligence deal falls through

35:53 - Ryan’s vision for the next 10 years

38:32 - How to get a hold of Ryan

00:00 - Thanks and see you next week

Links & Mentions from This Episode:

Ryan’s LinkedIn: https://www.linkedin.com/in/ryan-narus-87293417/

Mobile Home Park Mastermind Facebook Group: https://www.facebook.com/groups/225028118382839/

The Archimedes Group: http://www.archimedesgrp.com/

The MHP IRL Podcast: http://www.archimedesgrp.com/podcast

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:

“Operating is really really really hard. The big reason why I started my podcast is I wanted people to understand that you buy it and its not a coupon clipper. It takes a lot of skills and a lot of time to develop.” - Ryan Narus

“I’m looking to grind it out for a long long long time to build relationships and go from there. It’s going to take a long time to scale and I’m totally alright with that.” - Ryan Narus

“Educate yourself and I don’t just mean the space, I mean, with who you are partnering with.” - Ryan Narus

“In ten years, I’ll be a mobile home park person. I absolutely love what I do. I have found what I want to be when I grow up.” - Ryan Narus

Show Notes

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