As a property manager, have you considered investing in mobile home parks? Not interested? Not your thing? Some people won't touch it with a 10-foot pole.
Today’s guest is Andrew Keel of the Keel Team. Andrew’s here to convince you otherwise. He talks all about mobile home park investing as an attractive and appealing asset class.
You’ll Learn... [02:00] Sticker Shock Stigma: Why investing in mobile home parks is a good idea.
[02:48] Longing to be a Landlord: Leverage other people’s money to buy properties.
[03:30] Yellow Letter: Knew nothing about mobile homes, but knew it was a great deal.
[04:00] Shoutout to Lonnie Scruggs: Learned how to make money with mobile homes.
[05:10] Temp to Forever Cashflow: Use capital to buy and manage mobile home parks.
[07:07] Three reasons why to invest in mobile home parks:
Highest returns out of any form of real estate. Demand for affordable housing is off the charts. Supply is limited. [12:40] Bottleneck in Business: Finding good quality deals big enough to move on.
[14:54] Boots on the Ground: Third-party property management for mobile home parks.
[18:58] Utility Infrastructure: Most important aspect and most expensive to replace.
[20:12] Tax Shelter: Mobile home park business of depreciation and improvements.
[20:57] Models: Community owners own homes vs. every home is park-owned rental.
Tweetables “Some people won't even touch it with a 10-foot pole. That artificially creates a moat to this investment class.” Andrew Keel
“I knew I wanted to be into real estate. I knew I wanted to be a landlord, but I didn't have a lot of money.” Andrew Keel
“The demand for affordable housing for this country is off the charts.” Andrew Keel
“The stigma of living in a mobile home is not as strong in the midwest as it is in other parts of the country.” Andrew Keel
“We are looking at a more scalable model to have the tenants own their homes. Then, we just have lot rent.” Andrew Keel
Resources Keel Team
Deals on Wheels: How to buy, sell, and finance used mobile homes for big profits and cash flow by Lonnie Scruggs
Mobile Home University (MHU) Boot Camp
DoorGrow on Instagram
DoorGrow on YouTube
Transcript Jason: Welcome, DoorGrow Hackers, to the DoorGrow Show. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others, impact lives, and you are interested in growing your business and life, and you are open to doing things a bit differently, then you are a DoorGrow Hacker.
DoorGrow Hackers love the opportunities, daily variety, unique challenges, and freedom that property management brings. Many in real estate think you’re crazy for doing it, you think they’re crazy for not because you realize that property management is the ultimate high-trust gateway to real estate deals, relationships, and residual income.
At DoorGrow, we are on a mission to transform property management businesses and their owners. We want to transform the industry, eliminate the BS, build awareness, change the perception, expand the market, and help the best property management entrepreneurs win. I’m your host, property management growth expert, Jason Hull, the founder and CEO of DoorGrow. Now, let’s get into the show.
Today's show is going to be all about Mobile Home Park Investing. My expert guest is Andrew Keel of the Keel Team. Andrew, welcome.
Andrew: Thank you.
Jason: Andrew, before we get into this idea of Mobile Home Park Investing which, I'm guessing a lot of property managers right now are like not my thing, I'm not even going to listen to this one. I'm going to skip this episode.
Before you do that, Andrew's going to convince you that it might be a good idea.
Andrew: I'll give them my best shot. I think one of the reasons why I like the asset class so much is