Interview with Patrick Hagens from MHP Communities

Episode 105 August 29, 2023 00:35:25
Interview with Patrick Hagens from MHP Communities
Passive Mobile Home Park Investing
Interview with Patrick Hagens from MHP Communities

Aug 29 2023 | 00:35:25

/

Show Notes

Welcome back to the Passive Mobile Home Park Investing Podcast, hosted by Andrew Keel. On this episode, Andrew talks with mobile home park owner and operator, Patrick Hagens from MHP Communities. Patrick has a wealth of knowledge as he began his journey into the manufactured housing space several years ago. Patrick is a big advocate of learning about the manufactured housing space through mobile home park events and the MHU bootcamps with mentors such as Frank Rolfe. Patrick imparts his invaluable knowledge and also emphasizes the importance of vetting your limited partners. Patrick also shares his thoughts on the future of the manufactured housing community space.

Patrick Hagens, founder of MHP Communities LLC, is the sole owner and operator of a 6 mobile home park portfolio worth around $25M. Patrick and his fiance built a 25 state database of mobile home park owners, mailed out brochures and cold called to find deals. With their dedication, they have bought a mobile home park every year since 2018. Patrick's properties are 100% owned by him. These investments have enabled them to move to Alaska and hunt and fish all over the world, fulfilling a lifelong dream.

 

***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 2,500 lots under management. His team currently manages 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

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:

Click Here: https://intro.co/AndrewKeel



Are you getting value out of this show? If so, please head over to iTunes and leave the show a quick five-star review. I have a goal of hitting over 500 total 5-star reviews, and it would mean the absolute world to me if you could help contribute to that. Thanks ahead of time for making my day with your five-star review of the show.

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:
00:21 - Welcome to The Passive Mobile Home Park Investing Podcast
01:34 - Patrick's background and journey into manufactured housing space
05:00 - Patrick's perfect mobile home park looks like this!
09:45 - Vacancy rate of mobile home parks in different states
11:03 - Operations and the importance of choosing the right market
12:30 - The Frank and Dave Mobile Home Park MHU Bootcamp
13:53 - Patrick's investing strategy in mobile home parks
17:05 - The dangers of being too thrifty
18:28 - Finding the right mentors and limited partners
20:00 - What does the future in mobile home park investing look like?
24:23 - Regulations could be a threat to mobile home park investing
29:00 - Park owned homes or Tenant owned homes?
30:19 - Getting a hold of Patrick Hagens
30:53 - Patrick's final piece of advice for passive mobile home park investors
34:29 - Conclusion


Links & Mentions from This Episode:

Patrick's LinkedIn Profile: https://www.linkedin.com/in/patrick-hagens-aa519778

Keel Team's official website: https://www.keelteam.com/

Andrew Keel's official website: https://www.andrewkeel.com/

Andrew Keel's LinkedIn: https://www.linkedin.com/in/andrewkeel

Andrew Keel's Facebook page: https://www.facebook.com/PassiveMHPinvestingPodcast

Andrew Keel's Instagram page: https://www.instagram.com/passivemhpinvesting/

Twitter: @MHPinvestors

Quotes:

"I would say, you know, jump in on your own and buy, you know, a smaller park and learn. I mean, you can do both, you can own a park and invest in other funds." - Patrick Hagens

"Don't invest blindly. That never works no matter what you're talking about." - Patrick Hagens

"So what could be possible is there… It's just like making that more mainstream and getting the manufacturers on board." - Andrew Keel

"People don't realize, which I'm surprised about, manufactured homes are not built with the same building materials that single family homes are built from." - Andrew Keel

Other Episodes

Episode 38

February 09, 2021 00:32:58
Episode Cover

Interview with Byron Sellers of Mobile Home Elite Investors

Welcome back to the Passive Mobile Home Park Investing Podcast, hosted by Andrew Keel. On this episode of the Passive Mobile Home Park Investing...

Listen

Episode

September 04, 2024 00:33:04
Episode Cover

Interview with Yonah Weiss on Mobile Home Park Investment Tax Benefits in 2024

Welcome back to the Passive Mobile Home Park Investing Podcast, hosted by Andrew Keel. In this episode of the Passive Mobile Home Park Investing...

Listen

Episode 128

February 20, 2024 00:52:33
Episode Cover

Interview with Nick Chapman of South-East Family Housing

Welcome back to the Passive Mobile Home Park Investing Podcast, hosted by Andrew Keel. On this episode of the Passive Mobile Home Park Investing...

Listen