Top Risks: Buying Mobile Home Parks with Small Lots and Older Mobile Homes

Welcome back to another episode of The Passive Mobile Home Park Investing Podcast, hosted by Andrew Keel!

In this episode, Andrew Keel dives deeper into his mini-series on some of the key risks in mobile home park investing, highlighting a critical yet often overlooked topic: investing in mobile home parks with small lot sizes and older mobile homes.

Andrew Keel discusses essential factors to consider, including:

• Challenges in Sourcing and Selling Smaller Mobile Homes: Discover why smaller mobile home park lot sizes can limit options and impact profitability.
• Zoning Hurdles: Learn about potential zoning and setback restrictions and how they can affect mobile home park operations.
• What is a Mobile Home’s Life Expectancy?: Understand the typical lifespan of older mobile homes and the maintenance costs that come with them.

Tune in for valuable insights and practical strategies to help you navigate these unique challenges and make smarter, more informed decisions in mobile home park investing.

***Andrew Keel and Keel Team Real Estate Investments (Keel Team, LLC) do not endorse any interviewee. This episode 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 50 Owner of Manufactured Housing Communities with over 3,000 lots under management. His team currently manages over 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. Check out KeelTeam.com to learn more.

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 mobile home park deal review (get live feedback on your own MHP deal!)
• Mobile home park due diligence questions
• How to raise capital from investors for mobile home parks
• Mistakes to avoid in mobile home park investing, and more!

Click Here to book the 1 on 1 consultation: https://intro.co/AndrewKeel

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Talking Points:

00:21 - Introduction: Welcome to The Passive Mobile Home Park Investing Podcast!

01:24 - Key Challenges: Exploring the complexities of investing in mobile home parks with smaller lots and older mobile homes.

01:47 - Market Desirability: Understanding why older mobile homes can be more challenging to sell and how this impacts market value.

03:04 - Sourcing Suitable Mobile Homes: Strategies for finding mobile homes that fit smaller lot sizes.

04:05 - Life Expectancy of Mobile Homes: Insights into the typical lifespan and maintenance needs of older mobile homes.

05:54 - Navigating Zoning Restrictions: Important zoning considerations and how they affect mobile home park investments.

08:11 - Key Takeaways for Investors: A recap of essential insights for passive mobile home park investors.

09:35 - Closing Remarks: Wrapping up the episode with final thoughts and next steps.

SUBSCRIBE TO THE PASSIVE MOBILE HOME PARK INVESTING PODCAST YOUTUBE CHANNEL HERE: https://www.youtube.com/channel/UCy9uI3KGQmFgABsr9lUtRTQ

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

Quotes:

“We want that reliable cash flow, with sticky tenants that stay a long time in these (older mobile homes) park models or smaller, 12-foot-wide older mobile homes, is where we are seeing higher turnover.” - Andrew Keel

“If the vacant (mobile home park) lot stays vacant for six months or longer, they might not allow you to bring in a (mobile) home to fill that vacant lot due to this non-conforming zoning use.” - Andrew Keel

“The only people who win in litigation are typically the attorneys via paying them a ton of money” - Andrew Keel

“It's going to be harder to sell [older, smaller mobile] homes when they do go vacant.” - Andrew Keel