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 Jeff Cook, the CEO and CFO of Cook Properties NY. Today Andrew and Jeff talk about what it's like to own real estate in the state of New York and what it's like to own affordable housing in the state given the current landlord-tenant laws. Jeff talks about how COVID-19 has impacted his business and he also discusses the up's and down's he has faced in the manufactured housing community business. Jeff gives his advice to passive mobile home park investors and talks about mobile home park financing options as well as his opinion on the current state of the mobile home park asset class.Cook Properties NY is a top 50 owner of Mobile Home Parks in the United States. Cook Properties recently launched a $20 million dollar mobile home park and self storage investment fund focused on acquiring mobile homes communities and self storage facilities in Massachusetts, New York, Ohio, and Pennsylvania. Cook Properties NY was formed in 1997 and they currently own and operate 26 mobile home communities with over 2,000 lots, primarily across the state of New York.

 

***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 1,400 lots under management. His team currently manages over 20 manufactured housing communities across ten states - AR, GA, IA, IL, IN, MN, NE, OH, PA and TN. 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.Are you getting value out of this show? If so, please head over to iTunes and leave the show a quick five-star review. I have a goal of hitting over 100 5-star reviews by the end of 2021, and it would mean the absolute world to me if you could help contribute to that. Thanks ahead of time for making my day with your five-star review of the show.

 

Talking Points:00:21 - Welcome to the Passive Mobile Home Park Investing Podcast01:44 - Jeff's background and history in manufactured housing03:18 - The recessionary environment in 200804:38 - Important things passive investors should look out for when investing in mobile home parks05:29 - Rent control and landlord-tenant laws in New York07:02 - Purchasing properties and park owned homes09:00 - Trends in the competition10:43 - Toughest hurdle in the mobile home park business11:59 - The current state of the manufactured housing industry13:01 - Retailing homes, buying trends14:00 - Jeff's perfect mobile home park14:50 - Jeff's community's performance during COVID17:03 - Financing in order to secure communities19:08 - Cook Properties: value proposition, and what makes them different20