Treeside Capital Podcast

Miles Noland
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Treeside Capital invests in RV and mobile home parks across the Midwest and Southeast. We share real stories of buying, improving, and operating parks — from financing and management to investor strategy — helping you learn how to build lasting wealth through outdoor hospitality and affordable housing. At Treeside Capital, we buy, improve, and operate RV and mobile home parks across the Midwest and Southeast. Our mission is to create clean, affordable, and community-focused places for people to live and travel. Each episode explores the business behind outdoor hospitality and affordable housing — from deal structure and financing to operations, management, and investor strategy. Whether you're an investor, park owner, or just curious about the industry, Treeside Capital pulls back the curtain on how to find value, solve problems, and build long-term wealth in the RV and mobile-home park space.

  1. MAR 18

    Underwriting Reality: Bank Statements Don't Lie

    Everyone loves to talk about IRR. Very few people want to talk about bank statements. In this episode, I walk through how we actually underwrite mobile home parks and small commercial deals — not the "broker OM fantasy version," but the real operator version. We'll cover: Reconciling the P&L with actual bank deposits Matching rent rolls to collections (and spotting gaps) Evaluating business licenses and regulatory risk Utility exposure — water, sewer, electric, RUBS, city tie-ins Expense ratios vs. what they should be Market rent reality vs. pro forma wishful thinking Hidden costs: roads, sewer lines, deferred maintenance, tax reassessments Exit cap rate discipline Stress testing the deal if things go wrong This isn't about selling a dream to investors. It's about protecting capital. Underwriting isn't about how good the deal looks in Excel. It's about how it performs when reality hits. If you're raising money, buying parks, or trying to avoid learning expensive lessons the hard way — this episode is for you.

    10 min

  2. MAR 11

    The Hidden Value (and Risk) Beneath the Ground — Evaluating Infrastructure in Mobile Home Parks

    Most investors analyze rent rolls, occupancy, and cap rates… but the real deal-maker (or deal-killer) is often underground. In this episode, we break down how to evaluate infrastructure when buying a mobile home park — especially private wastewater treatment plants and the potential to connect to city sewer. A property that looks like a 10% cap can quietly become a negative-cash-flow nightmare if the sewer system fails… or a massive equity win if you handle it correctly. We'll walk through how experienced operators actually underwrite these systems before closing — not after the surprise bill. You'll learn: The difference between lagoon, package plant, septic field, and grinder pump systems (and why it matters to lenders) Red flags in due diligence reports most buyers miss How regulators, EPA violations, and consent orders affect value What engineers actually need to tell you (and the right questions to ask them) Realistic cost ranges: repair vs replace vs connect When a sewer plant makes financing impossible How connecting to municipal sewer can create millions in value Negotiating purchase price and terms based on infrastructure risk Structuring deals (seller finance, master lease, escrows) around uncertainty A simple underwriting framework to decide: walk away, renegotiate, or lean in If you've ever wondered why some parks trade at 5 caps and others sit unsold — this is often the reason. This episode will help you stop guessing and start pricing infrastructure risk like a professional operator. Because in mobile home parks… the pipes matter more than the price.

    6 min

  3. MAR 2

    Why Mobile Home Park Underwriting Changes by Market

    Everyone talks about underwriting like it's math. It's not. It's geography. The biggest mistake I see investors make in mobile home parks is using the same assumptions everywhere — same expense ratio, same rent growth, same exit cap, same infill timeline. That works great… until it doesn't. Because a park in rural Ohio, a suburb of Atlanta, and a Midwest factory town may all have the same lot rent — but they are completely different businesses. In this episode I break down how market selection changes underwriting: Why collections in blue-collar stable towns outperform "higher income" metros How population growth doesn't always equal rent growth Which markets support infill vs destroy cash flow The hidden risk behind aggressive pro formas Adjusting expense ratios, vacancy, and cap rates based on local realities Why some parks are cash flow plays and others are appreciation plays Underwriting isn't about spreadsheets. It's about understanding people, jobs, and migration patterns — and modeling the property around that reality. If you're evaluating mobile home parks the same way nationwide… your projections are probably lying to you. Visit treesidecapital.com to learn more.

    26 min

  4. FEB 23

    Mobile Home Parks & The Tax Alpha

    Mobile home parks aren't sexy. They are efficient. This podcast is for investors who care less about hype and more about after-tax returns, downside protection, and boring assets that quietly compound wealth. We break down how manufactured housing communities actually work—from operations and deal structure to depreciation, cost segregation, and why MHPs often punch far above their weight in tax efficiency compared to other real estate asset classes. You'll hear: How depreciation can offset a large portion of cash flow Why mobile home parks behave differently than apartments in tax treatment Real operator insights (what actually holds up under IRS scrutiny) Common myths LPs believe about "passive" real estate investing When depreciation helps—and when it doesn't No guru fluff. No mailbox-money nonsense. Just real conversations about risk, returns, and the quiet power of depreciation when paired with durable cash flow. If you're an investor who wants to understand why mobile home parks keep showing up in sophisticated portfolios—this show is for you. Visit treesidecapital.com to learn more.

    8 min

  5. FEB 9

    Smiling and Dialing - Guide to Creating Direct-To-Owner Deals

    Cold calling isn't dead — it's just misunderstood. Smiling & Dialing is a no-nonsense podcast about building real direct-to-owner deals the right way: with patience, consistency, education, and trust. This show is for operators and investors who understand that the best deals take time. We dive into: How to talk to property owners like humans — not leads Why direct-to-seller deals have longer deal cycles (and why that's a good thing) Following up without being annoying Educating sellers on options like seller financing, master leases, and creative structures The psychology of trust in off-market deals Pros and cons of direct-to-owner vs brokered deals Why better pricing usually comes to those willing to play the long game You'll hear real stories from the trenches — calls that went nowhere, deals that took months or years, and the quiet follow-ups that eventually turned into great pricing and flexible terms. No scripts designed to pressure sellers. No fake urgency. No overnight success stories. Just disciplined outreach, honest conversations, and a repeatable system for building deal flow — one call at a time. If you believe the best deals are built, not hunted… Welcome to Smiling & Dialing.

    9 min

  6. FEB 2

    Building a Linkedin Brand to Attract Investors and Deals

    Most people underestimate how powerful consistent online presence can be — especially when it's built on honesty, experience, and patience. Years ago, posting just one thoughtful LinkedIn post per week led to investor relationships, deal flow, partnerships, and opportunities I couldn't have predicted at the time. I stepped away from that habit — and now in 2026, I'm intentionally rebuilding it. This podcast is a mix of: Education from the trenches Promotion done the right way Open discussion about wins, losses, and lessons learned No gurus. No hacks. Just real conversations about building a brand online that creates opportunity over time.

    7 min

  7. JAN 27

    How to Spot Real Operators (and Avoid the Rest)

    In a crowded market, marketing skill often gets confused with operating skill. In this episode, we talk about how to identify real operators—the ones who've survived tough deals, missed projections, managed downturns, and still show up accountable to investors. Topics include: Social media signals that matter—and those that don't Underwriting assumptions that separate pros from amateurs Why "no deal" decisions say more than closed deals  How real operators talk about downside risk What to ask before investing—and what answers should worry you This is a candid conversation for investors who value capital preservation, and operators who believe credibility is built through consistency, not captions.

    10 min

  8. JAN 19

    The First 90 Days After Buying a Mobile Home Park

    What actually happens in the first 90 days after you take over a mobile home park—and what should happen if you want the property to stabilize and improve? In this episode, we break down the most critical actions new owners need to take immediately after closing: Fixing collections and establishing payment discipline Evaluating, replacing, or retraining the on-site manager Setting clear expectations and training tenants on new processe Sending the right notices—legally, clearly, and consistently Identifying quick operational efficiencies that protect cash flow This is a practical, no-fluff discussion based on real ownership experience—not theory. If you're buying, have recently closed, or are struggling with underperforming parks, this episode will give you a clear 90-day roadmap.

    8 min
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About

Treeside Capital invests in RV and mobile home parks across the Midwest and Southeast. We share real stories of buying, improving, and operating parks — from financing and management to investor strategy — helping you learn how to build lasting wealth through outdoor hospitality and affordable housing. At Treeside Capital, we buy, improve, and operate RV and mobile home parks across the Midwest and Southeast. Our mission is to create clean, affordable, and community-focused places for people to live and travel. Each episode explores the business behind outdoor hospitality and affordable housing — from deal structure and financing to operations, management, and investor strategy. Whether you're an investor, park owner, or just curious about the industry, Treeside Capital pulls back the curtain on how to find value, solve problems, and build long-term wealth in the RV and mobile-home park space.

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