Interview with Lee Meekcoms of Parkbridge Capital Group

Welcome back to the Passive Mobile Home Park Investing Podcast, hosted by Andrew Keel. On this episode of the Passive Mobile Home Park Investing Podcast, Andrew talks with Lee Meekcoms, from Parkbridge Capital Group. Lee and Andrew discuss many mobile home park related topics including: the future of interest rates, the demand for affordable housing, expense ratios associated with owning Mobile Home Parks, and passive investing tips for Mobile Home Park investors. Andrew and Lee also awards us advice for recessions and the current mobile home park investing climate.

Lee initially entered the real estate investing arena in the apartment and self-storage sectors with a private equity firm based in the northwest. He later formed Parkbridge as an affiliate company in the mobile home parks and RV resort investment business. Lee's company was instrumental in the affiliate growing to over 60 communities across 13 states and 28,000 mobile home sites. Lee participated in the first CMBS (conduit) financing in the United States, in the early 1990's resulting in $106 million in financing for his affiliate company.

***Andrew Keel and Keel Team Real Estate Investments (Keel Team, LLC) do not endorse any interviewee. This interview 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 100 Owner of Manufactured Housing Communities with over 2,000 lots under management. His team currently manages over 30 manufactured housing communities across more than ten 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.

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.

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Talking Points:

00:21 - Welcome to the Passive Mobile Home Park Investing Podcast 01:40 - Lee's start into the manufactured housing business 05:20 - The future of interest rates 07:50 - Advice for recessions 13:00 - The MHP assets Lee wishes he kept 15:20 - The biggest hurdle in the MHP business 18:35 - The expenses on a case by case basis 21:12 - CapEx reserves 28:00 - Realistic timelines for raising rents in a mobile home park 33:16 - Secondary and tertiary markets and mobile home park investing 35:00 - The most important thing passive investors need to look out for when investing in mobile home parks 38:00 - Finding the demand for affordable housing 41:31 - Lee's perfect mobile home park 43:48 - Park-owned homes versus tenant-owned homes 45:40