Passive Mobile Home Park Investing

In this episode of the Passive Mobile Home Park Investing Podcast, Andrew Keel sits down with Jeff Anzalone, founder of Perdido Capital and creator of The Debt Free Doctor, to discuss his journey from practicing dentistry to building a portfolio of approximately 18 mobile home parks with around 1,200 lots.

Jeff shares the moment that made him realize being debt-free wasn't the same as being financially free, and how a ski accident ultimately pushed him to rethink his approach to work, investing, and building passive income. He also opens up about some of his early—and costly—lessons as a passive investor, including losing $50,000 on an apartment investment and learning the importance of thoroughly vetting the operator behind a deal.

Jeff explains why mobile home parks have become his preferred asset class, including the potential for significant year-one depreciation, the lower management burden associated with tenant-owned homes, and the ability to operate his portfolio remotely. He and Andrew also discuss building passive income, finding the right business partner, the impact of Louisiana's growing data-center industry on local housing demand, and the key things passive investors should look for before investing in a mobile home park deal.

Andrew’s Bio: 

Andrew Keel is the owner of Keel Team, LLC, a Top 100 Owner of Manufactured Housing Communities with over 2,500 lots under management. His team currently manages over 40 manufactured housing communities across more than 10 states. His expertise is in turning around under-managed manufactured housing communities by utilizing proven systems to maximize 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. Check out KeelTeam.com to learn more.  

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. 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. We're aiming for over 500 total 5-star reviews, and it would mean the world to us if you could help us get there. Thanks in advance for making our day with your five-star review of the show. 

Would you like to see mobile home park projects in progress? If so, follow us on Instagram: @passivemhpinvesting for photos and awesome videos from our recent mobile home park acquisitions. 

Talking Points: 

1:18 - The ski accident that changed Jeff's financial perspective 

2:22 - Debt-free doesn't necessarily mean financially free 

3:00 - Unlearning what he was taught in dental school 

4:32 - Jeff's $50,000 investing mistake 

7:16 - The lesson that changed how Jeff invests 

9:16 - Why mobile home parks stand out for passive investors 

10:24 - The “passive income snowball” 

12:16 - Are mobile home parks risky or sketchy?  

13:34 - Don't believe everything you see on social media 

15:41 - How to evaluate an operator's track record 

16:53 - What to do with $100,000 before investing 

20:08 - How Jeff met his mobile home park partner 

20:50 - From five parks to roughly 20 

21:55 - The tenant-owned-home strategy 

24:13 - The unexpected benefit of Louisiana's data-center boom 

26:35 - Jeff's lightning-round takeaways 

28:30 - Jeff's top criteria for a passive investment 

SUBSCRIBE TO PASSIVE MOBILE HOME PARK INVESTING PODCAST YOUTUBE CHANNEL https://www.youtube.com/channel/UCy9uI3KGQmFgABsr9lUtRTQ 

Links & Mentions from This Episode:  

Jeff Anzalone LinkedIn: linkedin.com/in/debtfreedr  

Perdido Capital: https://perdidocapital.com/  

Dept Free Doctor: https://www.debtfreedr.com/  

Keel Team’s official website: https://www.keelteam.com/    

Andrew Keel’s official website: https://www.andrewkeel.com/    

Andrew Keel LinkedIn: https://www.linkedin.com/in/andrewkeel   

Andrew Keel Facebook page: https://www.facebook.com/PassiveMHPinvestingPodcast  

Andrew Keel Instagram page: https://www.instagram.com/passivemhpinvesting/  

Twitter: @MHPinvestors 

Quotes:  

“I realized quickly, even though I was debt-free, I wasn't financially free.” 

“If somebody is pressuring you, like, ‘Hey, you have to do this now,’ that's kind of a red flag.” 

“The tenants are the customers.” 

In this episode, Andrew Keel welcomes Nathan Jameson, a real estate investor-operator focused on durable-demand assets through Arx Capital. Nathan Jameson shares his disciplined, stewardship-driven approach to building a mobile home park portfolio of nearly 2,000 sites across the Northeast and Mid-Atlantic. The conversation explores why self-management is critical for mobile home park operational success and how a performance-driven leadership style—rooted in Nathan Jameson's background as a Division I athlete—creates long-term value for both residents and investors.

We zero in on why self-management matters, the hidden costs that trip up new trailer park operators, and how a stewardship-driven approach creates long-term value for residents and investors alike. We also chat about acquisitions, operations, team building, utility management, affordable housing, and the challenges facing the industry over the next several years. 

Nathan Jameson is a real estate investor-operator focused on necessity-based, durable demand assets. Through Arx Capital, he invests with a long-term, stewardship-driven mindset across resilient strategies, with a strong focus on mobile home parks and affordable housing. 

Before investing, Nathan was a Division I athlete and coach, an experience that shaped his disciplined, performance-driven approach to leadership and execution.

About the Host:

Andrew Keel is the owner of Keel Team, LLC, a Top 50 Owner of Manufactured Housing Communities with over 3,250 lots under management across more than 50 communities in 15+ states.

Andrew Keel specializes in turning around under-managed manufactured housing communities by implementing proven systems to maximize occupancy while reducing operating costs. His expertise includes:

These strategies significantly boost both asset value and net operating income.

Support the Show

If you are getting value out of this podcast, please head over to iTunes and leave a quick five-star review to help us hit our goal of over 500 total 5-star reviews.

00:21 - Welcome to the Passive Mobile Home Park Investing Podcast

01:39 - Nathan Jameson traces his interest in real estate back to witnessing the boom-and-bust cycle of Oklahoma housing during the 1980s.

03:05 - How a career in land acquisition for a homebuilder shaped his investment philosophy and focus on highest-and-best-use analysis.

03:54 - Why Nathan Jameson transitioned from homebuilding to cash-flow-focused investments and ultimately chose mobile home parks.

06:00 - The powerful supply-and-demand dynamics behind manufactured housing and why declining supply continues to support the asset class.

07:00 - An overview of ARX Capital's mobile home park portfolio, which includes approximately 2,000 sites across multiple funds.

07:30 - Lessons learned from early property management experiences and why ARX now self-manages all of its mobile home park communities.

10:20 - The tax advantages of mobile home park investing and Nathan Jameson's surprise when his first K-1 showed losses despite positive cash flow.

12:10 - Why are people simultaneously the hardest and most important part of the business?

15:09 - How ARX uses the Entrepreneurial Operating System (EOS) to build accountability, leadership, and organizational clarity.

16:00 - Nathan Jameson's coaching background and how athletic competition influences his leadership philosophy today.

18:12 - The true cost of filling mobile home park vacant lots and why many operators underestimate home setup expenses.

20:00 - How ARX evaluates communities, from older mobile home parks to higher-end manufactured housing communities.

22:30 - Common areas where operators unknowingly lose money, including water leaks, utility inefficiencies, and weak operational oversight.

25:00 - Why active management—not passive ownership—is essential for success in the mobile home park business.

27:15 - Challenges Nathan Jameson expects operators to face as rising rates, rent regulations, and operational realities expose weak business models.

31:25 - ARX's evolving acquisition strategy, including selective investments in RV parks and self-storage facilities.

35:00 - How Nathan Jameson sources deals through broker relationships, direct outreach, referrals, and rapid response times.

37:00 - Red flags during due diligence, including rent-roll stuffing, weak collections, and lack of resident pride of ownership.

40:40 - Lessons learned from a disappointing investment and why tax benefits should never drive acquisition decisions.

42:25 - The number one factor Nathan Jameson looks for when passively investing with another operator: meaningful personal capital invested alongside LPs.

44:00 - Nathan Jameson's rapid-fire opinions on states, operations, resident management, rent control, and the future of the industry.

48:30 - Conclusion

SUBSCRIBE TO PASSIVE MOBILE HOME PARK INVESTING PODCAST YOUTUBE CHANNEL https://www.youtube.com/channel/UCy9uI3KGQmFgABsr9lUtRTQ

Nathan’s Email: [email protected]

Arx Capital: https://www.arxventures.com/ 

Keel Team’s official website: https://www.keelteam.com/   

Andrew Keel’s official website: https://www.andrewkeel.com/   

Andrew Keel LinkedIn: https://www.linkedin.com/in/andrewkeel  

Andrew Keel Facebook page: https://www.facebook.com/PassiveMHPinvestingPodcast 

Andrew Keel Instagram page: https://www.instagram.com/passivemhpinvesting/ 

Twitter: @MHPinvestors

“In manufactured housing and mobile home parks, we actually have declining supply while demand continues to increase.” - Nathan Jameson

“For this to be passive, somebody has to be really active.” - Nathan Jameson

“You can work your way out of a bad buy if you're a good manager, but a good buy can be ruined by a bad manager.” - Nathan Jameson

“Better off sending your investors' money back than buying the wrong deal.” - Nathan Jameson

GUEST: Matthias Gruenwald, Co-Founder and Managing Partner of WCG Investments

HOST: Andrew Keel

Learn more from Andrew Keel’s Mobile Home Park Investing Guide here:  https://keelteam.com/mobile-home-park-investing/mobile-home-park-investing-guide/

Episode Summary

Andrew Keel sits down with Matthias Gruenwald, a real estate investor and operator who successfully transitioned from 18 years in global automotive manufacturing to full-time real estate investing in the manufactured housing community space. Originally from Germany, Matthias now oversees approximately $45 million in real estate assets across 25 mobile home parks.

This episode is a masterclass in modern mobile home park investing and operations, diving into how Matthias broke into the industry, scaled his portfolio, and built efficient management systems. Listeners will gain actionable insights on:

About the Host:

Andrew Keel is the owner of Keel Team, LLC, a Top 50 Owner of Manufactured Housing Communities with over 3,250 lots under management across more than 50 communities in 15+ states.

Andrew specializes in turning around under-managed manufactured housing communities by implementing proven systems to maximize occupancy while reducing operating costs. His expertise includes:

These strategies significantly boost both asset value and net operating income.

Support the Show

If you are getting value out of this podcast, please head over to iTunes and leave a quick five-star review to help us hit our goal of over 500 total 5-star reviews.

Episode Timestamps & Key Takeaways

Matthias’s Journey and Scaling the Business

00:00 – Introduction to Matthias Gruenwald and background

01:00 – Matthias’s journey: moving to the U.S. and discovering real estate

03:40 – Key lessons from his first apartment deal that didn’t go as planned

04:40 – First mobile home park syndication and early growth

05:30 – Meeting his partner and building the business together

Property Management & Operational Excellence

07:00 – Building a property management company from scratch

09:00 – Team structure, virtual assistants, and AI in operations

11:30 – The hardest part of the business: park-owned homes (POHs)

24:00 – Key operational levers that drive net operating income (NOI)

25:30 – Common areas where operators lose money without realizing it

26:30 – What makes a great community manager

28:00 – Why KPIs and data tracking are essential

Education, Mentorship, and Networking

14:30 – How to get educated and find mentors in mobile home parks

17:00 – Lessons learned from experienced operators

19:00 – Best conferences and networking strategies

Acquisitions, Challenges, and Key Learnings

21:00 – Early deal challenges and dealing with negative press

35:30 – WCG Investments’ buy box and acquisition criteria

38:00 – Deal sourcing and offer structuring strategies

40:00 – Red flags when acquiring mobile home parks

42:00 – First steps after closing on a property

45:00 – A deal that significantly increased NOI

46:00 – A deal that didn’t go as planned and key lessons learned

47:00 – Lightning round: quick insights and opinions

Conclusion

31:00 – Advice for new investors getting started

32:30 – Book recommendation and key takeaway

53:00 – Where to connect with Matthias

55:05 – Conclusion

Key Quotes from Matthias Gruenwald

Links & Resources from This Episode

Guest: Matthias Gruenwald

LinkedIn: https://www.linkedin.com/in/matthias-gruenwald-72896b95/

Instagram: https://www.instagram.com/matthias_gruenwald89/

YouTube: https://www.youtube.com/@WCGInvestments

Facebook: https://www.facebook.com/matthias.grunwald.54

Host: Andrew Keel / Passive Mobile Home Park Investing

Keel Team: https://www.keelteam.com/

Andrew Keel: https://www.andrewkeel.com/

Andrew Keel LinkedIn: https://www.linkedin.com/in/andrewkeel

Facebook Podcast Page: https://www.facebook.com/PassiveMHPinvestingPodcast

Instagram: https://www.instagram.com/passivemhpinvesting/

Twitter: @MHPinvestors

Welcome back to The Passive Mobile Home Park Investing Podcast, hosted by Andrew Keel.

Learn more from Andrew Keel’s Mobile Home Park Investing Guide here:  https://keelteam.com/mobile-home-park-investing/mobile-home-park-investing-guide/

In this episode, Andrew Keel sits down with Leo Young, co-founder of Cornell Communities, to discuss his journey from working at Tesla to building a successful career in mobile home park investing.

Leo shares what drew him to the mobile home park investment thesis, how he built an efficient operations team to scale his trailer park portfolio, and the key lessons he has learned from both wins and mistakes. Listeners will hear real-world insights on raising capital, managing park-owned mobile homes, navigating rent control and regulatory changes, and what it really takes to create passive income through mobile home park investments.

With experience on a $4.5 billion private equity acquisition team and over $50 million in real estate transactions, Leo brings a unique perspective combining operational expertise, strategic investing, and hands-on management to the mobile home park investing asset class.

Topics covered in this episode:

About Leo Young

Leo Young is the co-founder of Cornell Communities and has been involved in over $50 million worth of real estate transactions. He previously served on the acquisition team of a $4.5 billion private equity fund. Before real estate, Leo was the #1 Regional Salesperson at Tesla, an experience that shaped his approach to operations, leadership, and scaling investments in mobile home parks.

About Andrew Keel
Andrew Keel is the owner of Keel Team, LLC, a Top 50 Owner of Manufactured Housing Communities with over 3,250 lots under management. His team currently manages more than 50 manufactured housing communities across 15+ states.

Andrew specializes in turning around under-managed manufactured housing communities by implementing proven systems to maximize occupancy while reducing operating costs. His expertise includes:

These strategies can significantly boost both asset value and net operating income. Learn more at keelteam.com

Check out Andrew’s FREE e-book: “The Top 20 Things You Need to Know Before You Start Investing in MHPs” — available on our website here: https://keelteam.com/top-20-things-learned-from-mobile-home-park-investing/

Andrew has been featured on some of the top podcasts in the manufactured housing space. Listen to his most recent interviews here: keelteam.com/podcast-links.

To successfully implement his management strategy, Andrew’s team often relocates on-site during the first several months of ownership. Find out more about Andrew’s story at andrewkeel.com

Support the Show
Are you getting value out of this podcast? If so, please head over to iTunes and leave a quick five-star review. Our goal is to hit over 500 total 5-star reviews, and it would mean the world to us if you could help us get there. Thank you for making our day with your support!

Apple Podcasts (iPhone, iPad, or Mac users)                                                                           Leave a Review on Apple Podcasts                                                                                     (Open the link, scroll down to “Ratings & Reviews,” then tap “Write a Review.”)

Want to see mobile home park projects in progress? Follow us on Instagram: @passivemhpinvesting for photos and videos from our latest acquisitions.

Talking Points:

00:21 - Welcome to the Passive Mobile Home Park Investing Podcast
01:10 - Leo Young’s journey from Tesla to mobile home park investing
04:45 - What drew Leo Young to the mobile home park investment thesis
08:19 - Building Leo Young’s operations team and scaling the business
11:17 - Raising capital for mobile home park acquisitions
13:00 - Mobile home park deals that looked great on paper but failed in reality
15:50 - Managing park-owned mobile homes and reliable on-site managers
18:16 - The importance of good people on-site and hands-on mobile home park management
22:27 - Navigating rent control and regulatory changes
24:35 - Doing whatever it takes to succeed in the mobile home park industry
28:00 - Spicy lightning round questions
30:45 - How to reach out to Leo Young
31:04 - Conclusion

SUBSCRIBE on YouTube: Passive Mobile Home Park Investing Podcast

Links & Mentions from This Episode:

Cornell Communities: https://www.cornell-communities.com/

Leo Young: https://leoyoungrealestate.com/

Leo on LinkedIn: linkedin.com/in/leo-young

Keel Team’s official website: https://www.keelteam.com/ 

Andrew Keel’s official website: https://www.andrewkeel.com/  

Andrew Keel LinkedIn: https://www.linkedin.com/in/andrewkeel 

Andrew Keel Facebook page: https://www.facebook.com/PassiveMHPinvestingPodcast

Andrew Keel Instagram page: https://www.instagram.com/passivemhpinvesting/

Twitter: @MHPinvestors

Quotes:

“A good on-site manager is worth their weight in gold.” — Leo Young

“If people keep moving out and you don’t know why, it’s likely that your manager is doing something weird and causing problems.” — Andrew Keel

“Nothing can replace going on-site.” — Leo Young

Welcome back to The Passive Mobile Home Park Investing Podcast, hosted by Andrew Keel.

Learn more from Andrew Keel’s Mobile Home Park Investing Guide here:  https://keelteam.com/mobile-home-park-investing/mobile-home-park-investing-guide/

In this episode, Andrew Keel sits down with Andrew Cramer, Founder of Bridgeview Asset Management, to discuss what it really takes to succeed in mobile home park investing.

Since 2011, Andrew Cramer has acquired and managed over 3,000 mobile home park units, building a portfolio valued at more than $300 million. He shares his unique journey from chemistry and hedge funds to mobile home park investor, offering insights into both the operational and investor sides of the business.

Andrew Keel and Andrew Cramer dive into the lessons learned from building a high-performing mobile home park team, executing a game-changing mobile home park deal that reshaped his strategy, and navigating the brokerage community. They also cover the importance of understanding the towns and people behind each mobile home park, breaking common industry stigmas, and strategies for scaling a mobile home park investment portfolio successfully.

Topics covered in this episode:

Andrew Cramer shares key lessons from scaling thousands of mobile home park units, building a strong team, and evaluating communities—insights every investor and operator can use.

About Andrew Keel
Andrew Keel is the owner of Keel Team, LLC, a Top 50 Owner of Manufactured Housing Communities with over 3,250 lots under management. His team currently manages more than 50 manufactured housing communities across 15+ states.

Andrew specializes in turning around under-managed manufactured housing communities by implementing proven systems to maximize occupancy while reducing operating costs. His expertise includes:

These strategies can significantly boost both asset value and net operating income. Learn more at keelteam.com

Check out Andrew’s FREE e-book: “The Top 20 Things You Need to Know Before You Start Investing in MHPs” — available on our website: https://keelteam.com/top-20-things-learned-from-mobile-home-park-investing/

Andrew has been featured on some of the top podcasts in the manufactured housing space. Listen to his most recent interviews here: keelteam.com/podcast-links.

To successfully implement his management strategy, Andrew’s team often relocates on-site during the first several months of ownership. Find out more about Andrew’s story at andrewkeel.com

Support the Show
Are you getting value out of this podcast? If so, please head over to iTunes and leave a quick five-star review. Our goal is to hit over 500 total 5-star reviews, and it would mean the world to us if you could help us get there. Thank you for making our day with your support!

Apple Podcasts (iPhone, iPad, or Mac users)                                                                           Leave a Review on Apple Podcasts                                                                                     (Open the link, scroll down to “Ratings & Reviews,” then tap “Write a Review.”)

Want to see mobile home park projects in progress? Follow us on Instagram: @passivemhpinvesting for photos and videos from our latest acquisitions.

Talking Points:

00:21 - Welcome to The Passive Mobile Home Park Investing Podcast
01:20 - From chemistry to real estate: Andrew Cramer’s journey to mobile home parks
08:35 - Education by trial and error
11:45 - Lessons learned from working in hedge funds
17:35 - Andrew Cramer’s current mobile home park team and investment processes
25:20 - The mobile home park brokerage community
30:15 - Andrew Cramer’s game-changing mobile home park deal
43:49 - Lightning round: Montana, New York, myths, and rent control
49:00 - Why understanding the town and people behind each park matters
52:40 - How to connect with Andrew Cramer
53:45 - Conclusion

SUBSCRIBE TO PASSIVE MOBILE HOME PARK INVESTING PODCAST YOUTUBE CHANNEL https://www.youtube.com/channel/UCy9uI3KGQmFgABsr9lUtRTQ

Links & Mentions from This Episode:

Bridgeview Asset Management: https://www.bridgeviewassetmanagement.com/

Andrew Cramer on LinkedIn: https://www.linkedin.com/in/andrew-cramer-43b5b513a/

Keel Team’s official website: https://www.keelteam.com/ 

Andrew Keel’s official website: https://www.andrewkeel.com/  

Andrew Keel LinkedIn: https://www.linkedin.com/in/andrewkeel 

Andrew Keel Facebook page: https://www.facebook.com/PassiveMHPinvestingPodcast

Andrew Keel Instagram page: https://www.instagram.com/passivemhpinvesting/

Twitter: @MHPinvestors

Quotes:

“It’s interesting how the way you start is often how you keep doing things.” - Andrew Cramer

“That, to me, is tremendously rewarding when you’re able to provide something. You can start to build out a community just by doing these things that no one wants to do.” - Andrew Cramer

“Sometimes being right isn’t as important as understanding that you’re going to have to figure out how to get along with someone.” - Andrew Cramer

Welcome back to The Passive Mobile Home Park Investing Podcast, hosted by Andrew Keel.

Learn more from Andrew Keel’s Mobile Home Park Investing Guide here:  https://keelteam.com/mobile-home-park-investing/mobile-home-park-investing-guide/

In this episode, Andrew Keel sits down with Brad Johnson, Managing Partner at Vintage Capital, to discuss what it really takes to build lasting success in mobile home park investing.

With over 20 years of experience and $3.3 billion in real estate acquisitions, Brad Johnson has seen the mobile home park investing business from both sides — first as a mobile home park owner-operator, and now as a trailer park investment capital allocator. He also co-hosts The Alternative Investor Podcast, where he shares insights on tax-efficient and alternative real estate investing.

Andrew Keel sits down with Brad Johnson to discuss mobile home park investing from both the operator and investor perspective. They cover Brad’s journey from mobile home park operator to mobile home park capital allocator, key lessons learned, how to identify strong deals, which regions and infrastructure types are performing best, and common mobile home park investing myths.

Topics covered in this episode:

If you want to understand mobile home park investing from both the operational and investment perspectives, this conversation is full of valuable takeaways.

About Andrew Keel
Andrew Keel is the owner of Keel Team, LLC, a Top 50 Owner of Manufactured Housing Communities with over 3,250 lots under management. His team currently manages more than 50 manufactured housing communities across 15+ states.

Andrew specializes in turning around under-managed manufactured housing communities by implementing proven systems to maximize occupancy while reducing operating costs. His expertise includes:

These strategies significantly boost both asset value and net operating income. Learn more at keelteam.com

Check out Andrew’s FREE e-book: “The Top 20 Things You Need to Know Before You Start Investing in MHPs” — available on our website: https://keelteam.com/top-20-things-learned-from-mobile-home-park-investing/

Andrew has been featured on some of the top podcasts in the manufactured housing space. Listen to his most recent interviews here: keelteam.com/podcast-links.

To successfully implement his management strategy, Andrew’s team often relocates on-site during the first several months of ownership. Find out more about Andrew’s story at andrewkeel.com

Support the Show
Are you getting value out of this podcast? If so, please head over to iTunes and leave a quick five-star review. Our goal is to hit over 500 total 5-star reviews, and it would mean the world to us if you could help us get there. Thank you for making our day with your support!

Apple Podcasts (iPhone, iPad, or Mac users)                                                                           Leave a Review on Apple Podcasts                                                                                        (Open the link, scroll down to “Ratings & Reviews,” then tap “Write a Review.”)

Want to see mobile home park projects in progress? Follow us on Instagram: @passivemhpinvesting for photos and videos from our latest acquisitions.

Talking Points:

00:21 - Welcome to The Passive Mobile Home Park Investing Podcast

01:16 - Brad Johnson’s journey from mobile home park operator to capital allocator

04:11 - Why paying up for talent early makes sense

07:26 - The mobile home park deal that got away

13:24 - The different types of mobile home park operators and investors

17:15 - Brad Johnson’s best and worst mobile home park investments

27:15 - Partnering with mobile home park operators with proven track records

29:00 - Regions with the best success rates

31:30 - Comparing septic, wastewater treatment plants, and lagoon systems in mobile home parks

34:30 - Lightning Round: Markets, myths, and profit pitfalls

40:53 - How to connect with Brad Johnson of Vintage Capital

41:32 - Conclusion

SUBSCRIBE TO PASSIVE MOBILE HOME PARK INVESTING PODCAST YOUTUBE CHANNEL https://www.youtube.com/channel/UCy9uI3KGQmFgABsr9lUtRTQ

Links & Mentions from This Episode:

Vintage Capital: https://vintage-funds.com/

Keel Team’s official website: https://www.keelteam.com/ 

Andrew Keel’s official website: https://www.andrewkeel.com/  

Andrew Keel LinkedIn: https://www.linkedin.com/in/andrewkeel 

Andrew Keel Facebook page: https://www.facebook.com/PassiveMHPinvestingPodcast

Andrew Keel Instagram page: https://www.instagram.com/passivemhpinvesting/

Twitter: @MHPinvestors

Quotes:

“I think it’s easy to fall in love with the (mobile home park) model.” – Brad Johnson

“The management is one of the toughest parts of owning mobile home parks.” – Andrew Keel

“If you invest in mobile home parks in a diversified way, it’s really hard to lose money.” – Brad Johnson

Welcome back to The Passive Mobile Home Park Investing Podcast, hosted by Andrew Keel!

Learn more from Andrew Keel’s Mobile Home Park Investing Guide here:  https://keelteam.com/mobile-home-park-investing/mobile-home-park-investing-guide/

In today’s episode, Andrew sits down with industry leader Kevin Bupp, Founder & CEO of Sunrise Capital Investors.

If you’ve been tuning in for a while, you might remember Kevin’s appearance back in Episode 18 (2021). Now, he’s back to share fresh lessons and new perspectives gained from four more years of growing a nationwide mobile home park portfolio.

With more than 16 years in mobile home park investing, Kevin Bupp has become a recognized voice in the industry. His firm, Sunrise Capital Investors, manages communities across the U.S. while also expanding into parking facility investments. Beyond operations, Kevin is the bestselling author of The Cashflow Investor and the host of the top-rated Real Estate Investing for Cash Flow Podcast.

In this episode, Andrew Keel and Kevin Bupp dive into Kevin’s mobile home park investing journey and the lessons learned in the field, including:

Whether you’re exploring passive investing in mobile home parks, looking for insider insights into mobile home park syndication, or simply curious about what it takes to scale in this niche asset class, this candid conversation between Andrew Keel and Kevin Bupp is a must-listen.

About Andrew Keel
Andrew Keel is the owner of Keel Team, LLC, a Top 50 Owner of Manufactured Housing Communities with over 3,250 lots under management. His team currently manages more than 50 manufactured housing communities across 15+ states.

Andrew specializes in turning around under-managed manufactured housing communities by implementing proven systems to maximize occupancy while reducing operating costs. His expertise includes:

These strategies significantly boost both asset value and net operating income. Learn more at keelteam.com

Check out Andrew’s FREE e-book: “The Top 20 Things You Need to Know Before You Start Investing in MHPs” — available on our website: https://keelteam.com/top-20-things-learned-from-mobile-home-park-investing/

Andrew has been featured on some of the top podcasts in the manufactured housing space. Listen to his most recent interviews here: keelteam.com/podcast-links.

To successfully implement his management strategy, Andrew’s team often relocates on-site during the first several months of ownership. Find out more about Andrew’s story at andrewkeel.com

Support the Show
Are you getting value out of this podcast? If so, please head over to iTunes and leave a quick five-star review. Our goal is to hit over 500 total 5-star reviews, and it would mean the world to us if you could help us get there. Thank you for making our day with your support!

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Want to see mobile home park projects in progress?                                                                Follow us on Instagram: @passivemhpinvesting for photos and videos from our latest acquisitions.

Talking Points:
00:21 - Welcome to The Passive Mobile Home Park Investing Podcast
02:25 - Kevin Bupp’s mobile home park deal that got away
07:25 - 16 years of mobile home park investing — expensive lessons Kevin has learned
10:00 - Private utilities and how Kevin got comfortable working with them
12:21 - How “back-of-the-napkin” math has changed over the years
15:10 - Gut versus spreadsheet
17:35 - Kevin’s first park in Lovejoy, GA
23:58 - Making a dent in the housing crisis and changing the stigma around mobile home parks
30:55 - Investing in parking garages and parking lots
31:45 - Florida vs. New York, busting mobile home park myths, clean mobile home communities, and mobile home park investing underwriting
33:46 - SCI Growth and Income Fund 4
35:35 - Conclusion

SUBSCRIBE TO PASSIVE MOBILE HOME PARK INVESTING PODCAST YOUTUBE CHANNEL https://www.youtube.com/channel/UCy9uI3KGQmFgABsr9lUtRTQ

Links & Mentions from This Episode:

Kevin Bupp’s Official Website: https://www.kevinbupp.com/

Kevin Bupp on LinkedIn: https://www.linkedin.com/in/kevinbupp/

Sunrise Capital Investors: https://sunrisecapitalinvestors.com/

Keel Team’s official website: https://www.keelteam.com/ 

Andrew Keel’s official website: https://www.andrewkeel.com/  

Andrew Keel LinkedIn: https://www.linkedin.com/in/andrewkeel 

Andrew Keel Facebook page: https://www.facebook.com/PassiveMHPinvestingPodcast

Andrew Keel Instagram page: https://www.instagram.com/passivemhpinvesting/

Twitter: @MHPinvestors

Quotes:

“But I don't think I've ever seen anything in our (mobile home park) portfolio that's operated less than the 35 % expense ratio. If you're doing everything right and you're putting money back in, you're setting aside necessary operational reserves and repairing things when they break.” - Kevin Bupp

“With a new market (if it’s new to you) just dive deeper into the analysis and don’t make offers on the back of napkins.” - Kevin Bupp

“One of our big audacious goals internally is to make a dent in the affordable housing crisis and basically do that by serving 15,000 families with homeownership.” - Kevin Bupp

Welcome back to The Passive Mobile Home Park Investing Podcast, hosted by Andrew Keel!

Learn more from Andrew Keel’s Mobile Home Park Investing Guide here:  https://keelteam.com/mobile-home-park-investing/mobile-home-park-investing-guide/

In this episode, Andrew Keel sits down with Kyle Grimm, a full-time real estate investor based in Quincy, Illinois.

Kyle Grimm’s journey began in high school when he made his first investment—a house he purchased for just $5,000! Fast forward to today, and Kyle Grimm has built an impressive portfolio spanning single-family homes, small multifamily properties, self-storage facilities, mobile home parks, and even an RV campground. Currently, Kyle Grimm owns 330 mobile home park lots, with 95 more units under contract.

Kyle Grimm shares hard-earned lessons from his investing career, including his first mobile home park deal, the importance of vertical integration within mobile home park investing, and how to build a successful trailer park investment strategy.

Kyle Grimm and Andrew Keel also tackle mobile home park industry challenges like rent control regulations, cash flow management, and the stigma surrounding mobile home parks.

Listen in for real-world insights, actionable investing tips, and lessons from Kyle Grimm’s journey!

Andrew Keel is the owner of Keel Team, LLC, a Top 44 Owner of Manufactured Housing Communities with over 3,250 lots under management. His team currently manages over 40 manufactured housing communities across more than 15 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. Check out keelteam.com to learn more.

Check out Andrew Keel’s FREE e-book, “The Top 20 Things You Need to Know Before You Start Investing in MHPs” which you can also find on our website,  https://keelteam.com/

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. 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. We have a goal of hitting over 500 total 5-star reviews, and it would mean the absolute world to us if you could help contribute to that. Thanks ahead of time for making our day with your five-star review of the show.

Would you like to see mobile home park projects in progress? If so, follow us on Instagram: @passivemhpinvesting for photos and awesome videos from our recent mobile home park acquisitions.

Talking Points:

00:21 - Welcome to the Passive Mobile Home Park Investing Podcast

02:51 - How Kevin Bupp’s influence shaped Kyle Grimm’s approach to Mobile Home Park investing

05:50 - The Top 20 Things You Need to Know Before You Start Investing in Mobile Home Parks

06:30 - Lessons from Kyle’s first mobile home park deal and the due diligence process

14:00 - Why real estate investing isn’t for everyone and common misconceptions

15:00 - Overcoming the stigma of manufactured housing community investing

19:37 - Vertical integration within mobile home park investing: learning to trust and delegate property management

26:19 - The danger of relying too much on cash flow for capex and infill

35:39 - Why having a great mobile home park operator makes all the difference

39:30 - What are Direct Billed trailer parks and how do they fit into Kyle Grimm's strategy?

45:00 - Rent control regulations and how they impact mobile home park owners

51:20 - Reaching out to Kyle Grimm

00:00 - Closing thoughts and final takeaways

SUBSCRIBE TO PASSIVE MOBILE HOME PARK INVESTING PODCAST YOUTUBE CHANNEL: https://www.youtube.com/channel/UCy9uI3KGQmFgABsr9lUtRTQ

Links & Mentions from This Episode:

Kyle Grimm’s LinkedIn: https://www.linkedin.com/in/kyle-grimm-1aa207132/

Kyle Grimm’s website: https://thekylegrimm.com/

Keel Team’s official website: https://www.keelteam.com/ 

Andrew Keel’s official website: https://www.andrewkeel.com/  

Andrew Keel LinkedIn: https://www.linkedin.com/in/andrewkeel 

Andrew Keel Facebook page: https://www.facebook.com/PassiveMHPinvestingPodcast

Andrew Keel Instagram page: https://www.instagram.com/passivemhpinvesting/

Twitter: @MHPinvestors

Quotes:

“At some point, you have to swing the bat.” - Kyle Grimm

“It’s not for everyone, I will say that. Especially something like mobile home parks.” - Kyle Grimm

“Once the (mobile home park) deal flow hits a certain threshold, then it was like, okay. I’m gonna have to turn away good deals if I don’t have the money to take ‘em down.” - Andrew Keel

“Park-owned (Mobile) homes are always more expensive than you think.” - Andrew Keel

Welcome back to The Passive Mobile Home Park Investing Podcast, hosted by Andrew Keel!

Learn more from Andrew Keel’s Mobile Home Park Investing Guide here:  https://keelteam.com/mobile-home-park-investing/mobile-home-park-investing-guide/

In today’s episode, Andrew sits down with Patrick McDonald and Nick Cebula, co-founders of CMG Parks to discuss their journey in building a 30 property mobile home park and RV park portfolio across six states, providing affordable housing for nearly 2,000 residents.

Patrick McDonald and Nick Cebula, both alumni of Washington State University come from backgrounds in medical sales management and financial planning. Together, they leveraged their expertise to launch a specialized real estate investment firm focused on value-add mobile home park opportunities in the Pacific Northwest.

In this episode, you'll learn:
- How Patrick McDonald and Nick Cebula transitioned from traditional careers into Mobile Home Park investing
- The unique challenges and opportunities in the Pacific Northwest Mobile Home Park market
- Why legislation, rent control, and park-owned homes can make or break a mobile home park investment
- The one big factor that allowed all three—Patrick McDonald, Nick Cebula, and Andrew Keel—to break into the mobile home park investing industry (and how you might have it too!)

If you’re looking for insider strategies to scale your mobile home park portfolio, this episode is a must-listen!

Andrew Keel is the owner of Keel Team, LLC, a Top 50 Owner of Manufactured Housing Communities with over 3,000 lots under management. His team currently manages over 40 manufactured housing communities across more than 10 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. Check out KeelTeam.com to learn more.

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 review. I have a goal of hitting over 500 total 5-star reviews, 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 review of the show.

Would you like to see value-add mobile home park projects in progress? If so, follow us on Instagram: @passivemhpinvesting for photos and awesome videos from our recent mobile home park acquisitions.

Talking Points:

00:21 – Welcome to The Passive Mobile Home Park Investing Podcast with Andrew Keel

03:04 – Why success in mobile home park investing takes time—and how having a supportive spouse can make a difference

07:20 – The importance of real estate education before diving into mobile home park investing

08:22 – Challenges with sub-metering utilities and dealing with below-market rents in Mobile Home Park investments

10:00 – Why park-owned mobile homes require skilled contractors and strong market fundamentals for success

15:17 – Finding and acquiring mobile home parks in the Pacific Northwest—opportunities and challenges

24:30 – Understanding timing and realistic investment timelines for scaling your Mobile Home Park portfolio via infill

32:00 – The key qualities of successful Mobile Home Park operators: business acumen, experience, and sufficient capital

38:19 – Navigating rent control laws and legislation affecting mobile home parks in certain blue states

40:36 – How to connect with Patrick McDonald and Nick Cebula for insights and investment opportunities

41:22 – The best advice for aspiring investors: "Just jump in!"

41:45 – Closing thoughts and final takeaways

SUBSCRIBE TO PASSIVE MOBILE HOME PARK INVESTING PODCAST YOUTUBE CHANNEL https://www.youtube.com/channel/UCy9uI3KGQmFgABsr9lUtRTQ

Links & Mentions from This Episode:

CMG Parks: https://cmgparks.com/

Nick Cebula: [email protected]

Patrick McDonald: [email protected]

Keel Team’s official website: https://www.keelteam.com/ 

Andrew Keel’s official website: https://www.andrewkeel.com/  

Andrew Keel LinkedIn: https://www.linkedin.com/in/andrewkeel 

Andrew Keel Facebook page: https://www.facebook.com/PassiveMHPinvestingPodcast

Andrew Keel Instagram page: https://www.instagram.com/passivemhpinvesting/

Twitter: @MHPinvestors

Quotes:

“Do it sooner and have faith in the process and just take the lead.” - Patrick McDonald

“The biggest thing in having a large (mobile home park) portfolio of park-owned homes is having a good contractor. Somebody that can actually flip these homes and get them ready.” - Patrick McDonald

“Always create two offers when you’re making an offer on a (mobile home park) property; one cash out with a loan, and the other doing a seller financing.” - Patrick McDonald

“You won’t know until you get that first one (mobile home park), but you can only listen to so many podcasts and read so much in this scene. Once you get that first one yourself, then you’ll figure things out. It’s not too difficult.” - Nick Cebula

Join host Andrew Keel in this episode of The Passive Mobile Home Park Investing Podcast as he interviews special guest Dustin Wiskes, a full-time engineer and accomplished mobile home park investor in the state of Wisconsin.

Learn more from Andrew Keel’s Mobile Home Park Investing Guide here:  https://keelteam.com/mobile-home-park-investing/mobile-home-park-investing-guide/

Dustin Wiskes began his real estate journey in 2021 with a value-add, 28-space mobile home park in western Wisconsin. Just four years later, he now owns 9 mobile home communities with a total of approximately 275 pads, all located in Wisconsin.

Dustin Wiskes shares his inspiring mobile home park investing story of starting small and scaling up while balancing the demands of a full-time career. From navigating his first mobile home park deal to overcoming challenges like mobile home park utility infrastructure issues and market evaluation, Dustin Wiskes offers invaluable insights for investors at every stage of their journey.

Key Topics Covered in This Episode:

Whether you’re a seasoned mobile home park investor or just beginning to explore passive real estate investing, this episode is filled with actionable strategies and valuable lessons to help you grow your portfolio and achieve financial freedom.

Andrew Keel is the owner of Keel Team, LLC, a Top 50 Owner of Manufactured Housing Communities with over 3,000 lots under management. His team currently manages over 40 manufactured housing communities across more than 10 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. Check out KeelTeam.com to learn more.

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 review. I have a goal of hitting over 500 total 5-star reviews, 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 review of the show.

Would you like to see value-add mobile home park projects in progress? If so, follow us on Instagram: @passivemhpinvesting for photos and awesome videos from our recent mobile home park acquisitions.

Talking Points:

00:21 - Welcome to the Passive Mobile Home Park Investing Podcast

04:00 - Dustin’s first mobile home park: lessons learned and key takeaways

08:00 - The importance of thorough mobile home park due diligence

10:45 - Advantages and challenges of submetered water and sewer in mobile home parks

13:30 - Managing nine mobile home parks while working full-time (feat. RentButter insights)

18:20 - Public utilities vs. septic tanks: what to know

20:00 - Acquiring used homes for mobile home parks

24:00 - Market research and evaluating bad infrastructure in mobile home parks

33:00 - Trusting and partnering with GP’s

37:00 - Managing the ups and downs of owning multiple mobile home parks

45:22 - Out-of-touch mobile home park owners: handling common challenges

47:00 -  Researching MSAs and their importance

50:00 - Scaling your mobile home park portfolio while maintaining work-life balance

56:07 - How to connect with Dustin Wiskes

57:00 - Closing thoughts

SUBSCRIBE TO PASSIVE MOBILE HOME PARK INVESTING PODCAST YOUTUBE CHANNEL https://www.youtube.com/channel/UCy9uI3KGQmFgABsr9lUtRTQ

Links & Mentions from This Episode:

Dustin Wiskes’ Instagram: https://www.instagram.com/dustinwiskes/

RentButter: https://www.rentbutter.com/

Keel Team’s official website: https://www.keelteam.com/ 

Andrew Keel’s official website: https://www.andrewkeel.com/  

Andrew Keel LinkedIn: https://www.linkedin.com/in/andrewkeel 

Andrew Keel Facebook page: https://www.facebook.com/PassiveMHPinvestingPodcast

Andrew Keel Instagram page: https://www.instagram.com/passivemhpinvesting/

Twitter: @MHPinvestors

Quotes:

“I didn’t go through the due diligence handbook probably as well as I should have. I mean, I tried to do the main ones…And hindsight, I probably should have got a more proper survey done.” - Dustin Wiskes

“Clearly markets matter.” - Dustin Wiskes

“Other than the market, I would be wary of really bad (mobile home park) infrastructure.” - Dustin Wiskes

“That’d be fun if you want to go down a dirty (mobile home park) sewer line. Who doesn’t want to do that?” - Andrew Keel