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In this episode of The Mailbox Money Show, host Bronson Hill and co-host Nate Hambrick dive into one of the most unique—and overlooked—real estate asset classes in the U.S.: marinas. With over 10,000 marinas nationwide and less than 5% consolidated by major operators, this niche offers remarkable opportunities for passive investors seeking strong cash flow, high occupancy, and compelling returns.

Joining the show is Josh Conley, COO of New Haven Marinas. Coming from a successful background in oil and gas, Josh now leads operations in a rapidly expanding marina portfolio backed by private equity partners. He grew up around marinas, understands the culture, and now helps investors access an asset class that behaves like “multifamily on the water”—with year-round demand, surprisingly low turnover, and impressive IRRs.

Josh shares what makes marina investing so attractive, how it compares to more traditional real estate categories, what risks operators must navigate, and why this sector is poised for significant consolidation and growth.

If you're curious about alternative real estate opportunities, want to understand the economics of marinas, or are looking for ways to diversify beyond multifamily and self-storage, this conversation opens the door to a whole new world of mailbox money.

TIMESTAMPS

00:42 – Season 4 kickoff of the Mailbox Money Show

01:16 – Buying insurance contracts as an investment

02:38 – Guest Intro: Josh Conley

03:36 – Leaving corporate after repeated layoffs

04:41 – How Josh entered the oil & gas world

05:54 – Transition from oil & gas to buying marinas

07:18 – Marinas as “multifamily on the water”

08:31 – U.S. marina fragmentation: only 5% consolidated

09:28 – Typical slip sizes, occupancy, and pricing

10:21 – Evictions and turnover dynamics in marinas

12:40 – Why marinas maintain near-100% occupancy

13:37 – Underpriced, mom-and-pop marina opportunities

16:59 – Typical marina deal structure and leverage

17:40 – Cap rates: marinas vs multifamily

18:44 – Target returns: 30%+ IRR

18:56 – Major risks: weather, flooding, drought

22:41 – Marina revenue mix: slips + ancillaries

24:36 – Private equity entering the marina space

27:39 – Comparing marinas to other niche asset classes

33:38 – How to connect with Josh and New Haven Marinas

35:03 – Why investors should learn the marina space now

36:50 – Final takeaways on high-cash-flow marinas

Connect with the Guest:

Website: newhavenmarinas.com

#MarinaInvesting

#AlternativeAssets

#CommercialRealEstate

#RealEstateInvesting

#CashFlowStrategies

#PassiveIncome

#MarinaOperations