Fortune in Mobile Hoooooooooomes!!!
Syndication Made Easy with Vinney (Smile) Chopra
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Show Notes
0:00 - Introduction
1:35 - Andrew's background - started flipping houses, then got into mobile homes
3:42 - Transition from wholesaling to mobile home investing - needed some cash flow first
4:12 - Pitfalls and learning experiences in mobile home investing
5:07 - Importance of having expenses covered before going all in
5:44 - Financing and loan-to-value for mobile home parks
7:05 - Typical LTV is around 75%
7:28 - Insurance considerations for mobile home parks
7:49 - Don't insure the homes, focus on liability and income insurance
8:44 - Targeting Midwest markets that cash flow well
9:09 - Finding deals through cold calling mobile home park owners
9:58 - Over 250,000 cold calls last year to find deals
11:04 - Increasing NOI through adding vacant home/lot inventory
12:23 - Manufactured housing quality and amenities have improved
13:05 - Getting educated through Mobile Home University bootcamp
14:28 - Mindset shift needed on manufactured housing stigma
15:13 - Big private equity groups investing in the space
17:02 - Recommended books - Rich Dad Poor Dad and Founders podcast
17:14 - Contact Andrew at keelteam.com
18:04 - Closing thoughts
In this episode, Vinney Chopra 👔 interviews Andrew Keel 💼, a successful real estate entrepreneur who specializes in mobile home parks. Andrew shares 🗣️ his journey from wholesaling houses to buying individual mobile homes and eventually acquiring full parks.
Some key insights Andrew provides:
- The importance of having some cash flow before quitting your job to pursue real estate full time 💵
- How financing works and loan-to-value percentages for mobile home parks 🏠
- Tips for finding "mom and pop" park owners ready to sell through cold calling and direct mailing 📞✉️
- The upside of investing in the Midwest vs other regions 📈
- Attending the Mobile Home University bootcamp to learn the infrastructure before buying 👷♂️
If you want to learn more about getting started in the rapidly growing mobile home park niche, this is a must-listen episode! 🚀
#mobilehomeparks #affordablehousing #passiveincome #multifamily #coldcallingtips #realestateinvesting