Treeside Capital Podcast

Miles Noland
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  • Updated Semiweekly

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. 2d ago

    The Allocation Game — How to Avoid Getting Wrecked on Taxes in a MHP or RV Park Deal

    You've negotiated the price. You've signed the PSA. You think the hard part is over — and that's exactly when the tax bomb goes off. In this episode, Miles breaks down one of the most overlooked and highest-stakes conversations in any mobile home park or RV park acquisition: the purchase price allocation. Whether you're the buyer building a depreciation strategy or the seller trying to protect what you've earned, how that purchase price gets carved up between land, infrastructure, personal property, and goodwill will determine what you actually net — and what you owe the IRS. Miles walks through the core asset categories in a MHP or RV park deal — land (non-depreciable), site improvements, personal property (15-year, 5-year), and the rarely-discussed §1250 recapture trap — and explains why buyers and sellers almost always want the numbers allocated in opposite directions. You'll learn why a seller who casually agrees to the buyer's allocation schedule on page 14 of a PSA can quietly hand away tens of thousands of dollars in ordinary income treatment, and how a buyer who doesn't fight for the right allocation leaves real depreciation on the table for years. This episode also makes the case for having both a qualified CPA and a real estate attorney review your PSA before you sign — not after. Miles shares what he's seen go sideways when those two professionals aren't in the room early, and why the PSA language on allocation isn't just boilerplate — it's a negotiating lever with real money attached to every line. You'll walk away knowing: What gets allocated where — and why it matters for depreciation and recapture Why buyers want more in personal property and improvements, not land Why sellers want less in personal property to avoid ordinary income on recapture The §1245 vs §1250 distinction and how it affects both sides of the table How to use a cost segregation study to support your allocation position What to look for in PSA allocation language — and what to push back on Why your CPA and attorney need to see the PSA before the ink dries Whether you're three deals in or just starting to look at your first park, this is the episode that could save you — or cost you — six figures at the closing table. Visit treesidecapital.com to learn more.

    7 min

  2. Jun 23

    Signed PSA to the Closing-Communication

    The number one deal killer in MHP acquisitions isn't valuation — it's a seller who feels like they've been left in the dark. In this episode, Miles walks through the framework he uses to set expectations with sellers before and after signing: what DD requests are coming, why the timeline looks the way it does, and how to deliver difficult news without losing the deal. Consistent, honest communication is the difference between a closed deal and a blown one. Visit treesidecapital.com for more details

    6 min

  3. Jun 15

    How Deals Go to Die in DD

    Discover all the pitfalls that can occur AFTER signing a purchase contract, and how to mitigate them to close deal.. Visit treesidecapital.com for more info.

    8 min

  4. Jun 8

    Follow-Up Is the Deal: Pipeline Organization for MHP Investors

    In the mobile home park space, the best deals rarely come from the first conversation. They come from the third, the sixth — sometimes the tenth touchpoint with a seller who wasn't ready yet. In this episode, we share the exact follow-up strategy and pipeline structure we use to stay in front of motivated sellers without letting anything slip. From how we categorize leads by motivation and timeline, to the tools and sequences that keep our outreach personal at scale — this is the operational side of off-market deal-finding most investors never talk about. Visit treesidecapital.com for more details

    9 min

  5. Jun 8

    AI & Mobile Home Parks — The Learning Curve, The Use Cases, and Whether It's Worth Your Time

    AI is everywhere right now, and if you've been curious whether it actually applies to mobile home park investing — or if it's just another shiny object — this episode is for you. Miles walks through how Treeside Capital has integrated AI tools into the day-to-day of acquiring and operating MHPs, including real examples of where it saves hours and where it still falls short. He covers the honest learning curve: what takes time to figure out, what clicks fast, and what you can start doing this week without any technical background. Topics covered: What AI is actually good at in the MHP space (underwriting templates, LOI drafts, seller scripts, market research, investor updates) Where it still needs your judgment and local knowledge How to think about prompting — the skill that separates good output from garbage output The time investment to get useful with it vs. the return you get back Whether a small operator or solo acquisitions person should bother learning it now If you've been on the fence about AI, this episode cuts through the noise and gives you a practical, operator-level take — no hype, no tech jargon. Visit treesidecapital.com for more info.

    7 min

  6. Jun 3

    How to Sell Your Mobile Home Park for the Highest Price — What Buyers Actually Look At

    Most operators don't think about selling until they're ready to sell — and by then, they've already left money on the table. In this episode, we break down exactly what sophisticated buyers, their lenders, and their due diligence teams are scrutinizing when they underwrite your park, and what you can do in the 6–12 months before going to market to maximize your number. We walk through the full financial package — your P&L, trailing NOI, rent roll, and expense detail — and explain why the way you present these documents is just as important as the numbers themselves. We get into utility bills, how master-metered vs. sub-metered electric changes your valuation, and why implementing RUBS before a sale is one of the highest-ROI moves an operator can make. Then we go on-site. Roads, trees, signage, abandoned homes, common areas — buyers are doing a visual risk assessment the second they pull in. We tell you exactly what to fix and what to skip, and explain why a $8K road patch can be worth $50K+ in perceived value at closing. We also cover the one document that kills more MHP deals than any other: home titles. If your park-owned homes have missing, incorrect, or wrong-entity titles, you could be looking at a delayed or dead closing. We explain how to run a title audit and how long it actually takes to get clean. Finally, we cover the legal and compliance layer — permits, zoning, open violations, active evictions, and when you need a Phase I — and we close with the six highest-ROI moves to make before you list. If you own a park and you're thinking about selling in the next 1–5 years, this episode is your playbook. Visit treesidecapital.com for more details

    7 min

  7. Jun 1

    The Real Math Behind Deal-Finding

    What does it actually cost to find a mobile home park deal — and is it worth it? In this episode, we break down the real numbers behind deal sourcing: the time you'll spend, the marketing dollars you'll burn, and the success rates most operators never talk about. Spoiler: the hit rate is low. But when you land the right deal, the math changes everything. One good MHP acquisition can 10x your invested capital. A single wholesale fee can match what some people earn in an entire year at their W-2. So how do you structure a system that makes the math work in your favor — whether you're looking to wholesale a deal, bring it to a capital partner, or buy it yourself? We're getting into the specifics: direct mail costs, skip trace lists, follow-up sequences, conversion rates, and what a real acquisition pipeline looks like from first touch to closed deal. If you've ever wondered whether the grind of deal finding is worth it, this episode answers that question with real numbers. Visit treesidecapital.com for more details

    13 min

  8. May 27

    Honest Conversations Are The Best? Hurting People's Feelings

    Transparency sounds simple until money is on the line. In this episode, Miles breaks down the long game of building trust with sellers, partners, buyers, and brokers — and why cutting corners on honesty always costs more than it saves. From retrade conversations to partner alignment to telling a broker a deal won't work, this episode is a practical guide to having the conversations most investors avoid. If your reputation is your currency in this business, honesty isn't optional.  Visit treesidecapital.com for more details

    5 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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