What does a dry cleaning business have in common with mobile home parks and private debt funds? According to Ian Noble, everything. In this candid conversation, Ian shares his journey from running a family dry cleaning business in Austin to becoming a thoughtful and selective real estate investor. He talks about selling his company in 2023, the mindset shift it took to move into passive investing, and how he now vets operators not just on returns, but on character. Ian opens up about the psychology of trust-building with investors, why he values stability over flashy returns, and what makes mobile home parks an overlooked but compelling asset class. Whether you’re looking to raise capital, allocate capital, or simply understand what separates a good deal from a great partner, this episode is packed with timeless lessons.

Guest Bio

Ian Noble is a Texas-based investor and founder of RunSteady. After selling his family’s dry cleaning business in 2023, Ian transitioned into real estate full-time, focusing on mobile home parks and private lending. His investing philosophy centers around capital preservation, character-driven partnerships, and accessible passive income strategies.

Episode Highlights and Chapters

01:00 – Why capital preservation trumps high returns in Ian’s investment philosophy

02:00 – From dry cleaning to real estate: Ian’s journey into passive investing

04:20 – The challenge of trusting others with your capital

05:45 – How Ian vets character in potential partners

07:45 – Switching roles: From investor to capital raiser

09:00 – Why trust takes time and urgency kills relationships

10:10 – Referrals and long-term relationships as the core of Ian’s investor network

12:30 – Real estate is a full-time job: The appeal of passive investing

13:30 – Marketing and capital raising: Why last-minute outreach doesn’t work

15:30 – Ian’s two key focus areas: private lending funds and mobile home parks

17:30 – How Ian’s debt fund works and what makes it low risk

21:30 – Managing defaults and borrower relationships in a volatile market

23:50 – Why Ian emphasizes risk over upside in private lending

27:30 – Investor psychology: logic brings them in, emotion seals the deal

30:00 – Tips for analyzing underwriting assumptions and red flags

31:30 – What mobile home parks are (and what they’re not)

33:20 – Manufactured homes, zoning, and why foundations matter for taxes

36:00 – Touring a factory: the surprising quality of manufactured homes

38:00 – Why Ian chose mobile home parks over apartments

40:30 – Value creation by infilling lots in mobile home parks

42:00 – Why cities resist approving new parks and how that creates opportunity

43:30 – ADUs, zoning laws, and development trends in Seattle

45:00 – Gentrification, real estate change, and why Ian says “Play the game”

Contact Information

You can learn more about Ian Noble and his investment firm at https://runsteadycapital.com
Free Passive Investing in Real Estate Cheat Sheet: https://go.runsteadyinvestments.com/land-to-legacy-podcast
Join Ian's Passive Investor Mailing List: runsteadyinvestments.com/investor-club
LinkedIn: www.linkedin.com/in/iannoble1/
Instagram: @ian_invests  

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