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 to the co-founder and managing principal of Pioneer Communities, Luke DeGrossi. Luke offers his knowledge about the mobile home park industry for potential, new, and seasoned investors. Andrew and Luke chat about "The Broken Window Theory," value-add infill projects, cap-ex projects, and the business model of Pioneer Communities. Luke also shares some stories about his ideal mobile home park, his worst experience within a trailer park, and his advice for passive investors who want to invest in mobile home parks. Andrew also asks Luke about his endgame goals and his opinions on the hardest parts about the industry.Luke DeGrossi is Co-Founder Chief Acquisitions Officer at Pioneer Communities where he is responsible for monitoring, maintaining, and reviewing Pioneer's pipeline, as well as underwriting and modeling cash flows for potential acquisitions. Prior to co-founding Pioneer Communities, Luke worked at HKS Capital Partners, New York City's premiere commercial finance brokerage with over $16 billion in transactions. As an associate in their capital markets group, Luke was responsible for structuring debt and equity capital across nationwide commercial transactions spanning permanent financing, ground-up construction, bridge, mezzanine, and acquisition finance. Prior to HKS, Luke worked as an Analyst at RPM Development Group, New Jersey's leading affordable housing developer, where he managed the daily operations, finance, and accounting for a portfolio of properties in excess of $950,000,00 in value.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 Podcast01:00 - Luke's background and how he got into the industry03:28 - Luke's first property04:50 - The hardest part about the business09:35 - Cap-ex projects12:07 - Luke's business model and their ideal mobile home parks14:17 - The most important things passive investors should look for15:51 - Value-add advice for new investors interested in mobile home parks18:40 - The Broken Window Theory20:55 - Pioneer Communities offices21:51 - Park-owned homes23