The Mobile Home Park Exchange

Billions in institutional capital are flowing into mobile home parks. Can you raise the standard of a community without pricing out the people who live there?In this solo episode, Frank Rizzo tackles the affordability question head on: why lot rents have climbed, why so many parks were failing before big money arrived, why the private equity fear is grounded in reality, and what separates operators who improve communities from those who just extract from them.Book a free discovery call with Frank: https://bookings.cloud.microsoft/book/[email protected]/?ismsaljsauthenabledApply to be a guest on the show: https://bookings.cloud.microsoft/book/[email protected]/?ismsaljsauthenabledHave a question about a park you're thinking about buying? Send it in and Frank may answer it on a future episode.If you find value in this episode, rate and share it. Send us a screenshot and we'll send you our internal after-site-visit report template.

Mobile home parks get sold as passive investments. After nearly two decades in the space, Frank Rizzo says there's probably nothing further from the truth. In this solo episode of The Mobile Home Park Exchange, Frank explains why the onsite managers and team on the ground are the unsung heroes behind every community that seems to run itself, why delegation isn't a system, and how a Stone Capital Investors system that hit a ceiling was changed by insight from the people closest to the residents.Book a free discovery call with Frank: https://bookings.cloud.microsoft/book/[email protected]/?ismsaljsauthenabledLearn more: https://www.stonecapinv.com/Rate this episode and tag The Mobile Home Park Exchange, then let us know to receive our After Site Visit Report.

Frank Rizzo just got back from Walnut Creek, Stone Capital's first hybrid mobile home and RV community in Troy, Alabama. He talks through the infrastructure failure that forced a two-year RV shutdown, the setbacks that slowed the rebuild, and the moment they realized they'd built the park for the wrong kind of resident. What changed the trajectory, and what it means when a turnaround finally stops needing you, is the heart of this one.

Book a free discovery call with Frank: https://bookings.cloud.microsoft/book/[email protected]/?ismsaljsauthenabled

If you find value in this episode, rate and share it — send us a screenshot and we'll send you our internal after-site-visit report template.

Frank Rizzo shares how his team grew lease-up velocity 32.5% over the past eight months, marking the best sales summer in company history. No superstar salesperson, no lucky streak. Frank breaks down the controllable variables his team focused on: lead qualification, showing cancellations, and a simple shift in the questions asked on-site, plus where AI does and doesn't belong in a lease-up sales process.

Book a free discovery call with Frank here.

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Frank just got back from a site visit on a community his team bought not even two years ago — and it completely changed how he sees his own underwriting. On this solo episode of The Mobile Home Park Exchange, Frank breaks down what a nearby comp sale revealed about how fast this market has moved, why the historical basis play in manufactured housing has shifted, and how the affordability crisis and shrinking park supply are driving pad prices higher than most operators are underwriting for.

Book a free discovery call with Frank: https://outlook.office.com/book/[email protected]/?ismsaljsauthenabled
Want to be a guest on the show? Apply here: https://outlook.office.com/book/[email protected]/?ismsaljsauthenabled

If you find value in this episode, rate and share it — send us a screenshot and we'll send you our internal after-site-visit report template.

Chris Gavre buys raw land, orders a brand-new manufactured home, and detitles it so buyers can finance it like a stick-built house. Frank Rizzo talks with him about scaling that model to nearly 200 deals since 2023, how he underwrites a site, and why land-home packages might be one of the clearest answers to the affordability crisis right now.

Book a free discovery call with Frank: https://outlook.office.com/book/[email protected]/?ismsaljsauthenabled
Connect with Chris Gavre: https://www.linkedin.com/in/chris-gavre/
Want to be a guest on the show? Apply here: https://outlook.office.com/book/[email protected]/?ismsaljsauthenabled

Most mobile home park deals today are underwritten at negative leverage — and lenders keep funding them. Frank Rizzo talks with 25-year MHC lending veteran Art Tuverson (GE Capital → Berkadia) about why cap rates confuse multifamily lenders, how after-tax and depreciation plays are driving buyers, and why "passive investment" is a myth in this space.

Book a free discovery call with Frank: https://outlook.office.com/book/[email protected]/?ismsaljsauthenabledConnect with Art Tuverson: https://www.berkadia.com/

Most operators run infill like a merchandising problem: better price, better terms, cheaper home. Frank Rizzo explains why that's the wrong lever, and walks through a real park turnaround where the fix wasn't the price of the home, it was everything around it.

Curious how culture and curb appeal shape who walks through your door, and what it does to your pricing power over time? This episode breaks it down.

Have a deal or infill project you want to talk through? Book a discovery call with Frank:

https://outlook.office.com/book/[email protected]/?ismsaljsauthenabled

Frank Rizzo talks with Michelle Oppelt, CEO of Open Management, which manages roughly 6,000 mobile home park lots across 14 states. Michelle shares the underwriting lessons that reshaped her approach to CapEx and lost inventory, and why she sees property management as a people business first, not a spreadsheet exercise.

Connect with Michelle Oppelt: linkedin.com/in/michelleoppelt | OpenMGMT.com

Book a discovery call with Frank Rizzo: https://outlook.office.com/book/[email protected]/?ismsaljsauthenabled

The old MHP playbook is dead. Institutional capital has flooded into mobile home parks, pad prices have moved, and the easy version of this business is gone.

In this solo episode, host Frank Rizzo unpacks how the industry has shifted, why the classic 8-10% value-add deal is harder to find, and two divergent strategies operators are using to adapt: aggregation arbitrage and operational alpha. Frank also walks through a real acquisition in Troy, Alabama, where his team bought at a 5-cap and got ahead of schedule within 60 days by leaning on their operational read of the market.

If you're an investor trying to figure out where the edge still exists in mobile home parks, this one's for you.

Connect with us: stonecapitalinvestors.com
Book a discovery call here

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