In this episode, Andrew Keel welcomes Nathan Jameson, a real estate investor-operator focused on durable-demand assets through Arx Capital. Nathan Jameson shares his disciplined, stewardship-driven approach to building a mobile home park portfolio of nearly 2,000 sites across the Northeast and Mid-Atlantic. The conversation explores why self-management is critical for mobile home park operational success and how a performance-driven leadership style—rooted in Nathan Jameson's background as a Division I athlete—creates long-term value for both residents and investors.
We zero in on why self-management matters, the hidden costs that trip up new trailer park operators, and how a stewardship-driven approach creates long-term value for residents and investors alike. We also chat about acquisitions, operations, team building, utility management, affordable housing, and the challenges facing the industry over the next several years.
Nathan Jameson is a real estate investor-operator focused on necessity-based, durable demand assets. Through Arx Capital, he invests with a long-term, stewardship-driven mindset across resilient strategies, with a strong focus on mobile home parks and affordable housing.
Before investing, Nathan was a Division I athlete and coach, an experience that shaped his disciplined, performance-driven approach to leadership and execution.
About the Host:
Andrew Keel is the owner of Keel Team, LLC, a Top 50 Owner of Manufactured Housing Communities with over 3,250 lots under management across more than 50 communities in 15+ states.
Andrew Keel specializes in turning around under-managed manufactured housing communities by implementing proven systems to maximize occupancy while reducing operating costs. His expertise includes:
These strategies significantly boost both asset value and net operating income.
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00:21 - Welcome to the Passive Mobile Home Park Investing Podcast
01:39 - Nathan Jameson traces his interest in real estate back to witnessing the boom-and-bust cycle of Oklahoma housing during the 1980s.
03:05 - How a career in land acquisition for a homebuilder shaped his investment philosophy and focus on highest-and-best-use analysis.
03:54 - Why Nathan Jameson transitioned from homebuilding to cash-flow-focused investments and ultimately chose mobile home parks.
06:00 - The powerful supply-and-demand dynamics behind manufactured housing and why declining supply continues to support the asset class.
07:00 - An overview of ARX Capital's mobile home park portfolio, which includes approximately 2,000 sites across multiple funds.
07:30 - Lessons learned from early property management experiences and why ARX now self-manages all of its mobile home park communities.
10:20 - The tax advantages of mobile home park investing and Nathan Jameson's surprise when his first K-1 showed losses despite positive cash flow.
12:10 - Why are people simultaneously the hardest and most important part of the business?
15:09 - How ARX uses the Entrepreneurial Operating System (EOS) to build accountability, leadership, and organizational clarity.
16:00 - Nathan Jameson's coaching background and how athletic competition influences his leadership philosophy today.
18:12 - The true cost of filling mobile home park vacant lots and why many operators underestimate home setup expenses.
20:00 - How ARX evaluates communities, from older mobile home parks to higher-end manufactured housing communities.
22:30 - Common areas where operators unknowingly lose money, including water leaks, utility inefficiencies, and weak operational oversight.
25:00 - Why active management—not passive ownership—is essential for success in the mobile home park business.
27:15 - Challenges Nathan Jameson expects operators to face as rising rates, rent regulations, and operational realities expose weak business models.
31:25 - ARX's evolving acquisition strategy, including selective investments in RV parks and self-storage facilities.
35:00 - How Nathan Jameson sources deals through broker relationships, direct outreach, referrals, and rapid response times.
37:00 - Red flags during due diligence, including rent-roll stuffing, weak collections, and lack of resident pride of ownership.
40:40 - Lessons learned from a disappointing investment and why tax benefits should never drive acquisition decisions.
42:25 - The number one factor Nathan Jameson looks for when passively investing with another operator: meaningful personal capital invested alongside LPs.
44:00 - Nathan Jameson's rapid-fire opinions on states, operations, resident management, rent control, and the future of the industry.
48:30 - Conclusion
SUBSCRIBE TO PASSIVE MOBILE HOME PARK INVESTING PODCAST YOUTUBE CHANNEL https://www.youtube.com/channel/UCy9uI3KGQmFgABsr9lUtRTQ
Nathan’s Email: [email protected]
Arx Capital: https://www.arxventures.com/
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
“In manufactured housing and mobile home parks, we actually have declining supply while demand continues to increase.” - Nathan Jameson
“For this to be passive, somebody has to be really active.” - Nathan Jameson
“You can work your way out of a bad buy if you're a good manager, but a good buy can be ruined by a bad manager.” - Nathan Jameson
“Better off sending your investors' money back than buying the wrong deal.” - Nathan Jameson
Welcome back to the Passive Mobile Home Park Investing Podcast, hosted by Andrew Keel. Learn more from Andrew Keel’s Mobile Home Park Investing Guide...
Welcome back to the Passive Mobile Home Park Investing Podcast, hosted by Andrew Keel. Learn more from Andrew Keel’s Mobile Home Park Investing Guide...
Welcome back to the Passive Mobile Home Park Investing Podcast, hosted by Andrew Keel. Learn more from Andrew Keel’s Mobile Home Park Investing Guide...
