#20: How To Own Your First Mobile Home Park With No Money Down with Andrew Keel
Sep 11, 2019
Andrew Keel and I discuss how he fell into purchasing two mobile homes and now owns a mobile home park, his own property management company and his own mobile home transport and installment business. If you're thinking about investing in mobile homes, this is the episode for you!
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Andrew had been a wholesaler and house flipper when he had the opportunity to purchase two mobile homes for $2200. Not knowing too much about mobile home parks, Andrew started to do his research on the niche and quickly learned how profitable it can be.
Andrew loves mobile home parks because you are renting the lot. You don't own the home so that means you aren't responsible for the maintenance on a mobile home. It doesn't hurt that mobile homeowners have a low turnover rate of around 4.5% annually because it costs between $3,000-$5,000 to move a mobile home.
Beyond owning mobile home parks, Andrew learned how much money it can be to outsource your property management to a company. This is when he decided to start his own property management company. This is something that I tell all my students that if you can have your own property management company it will save you tens of thousands.
The next pain point Andrew ran into is when he would have mobile homes brought in to fill vacant lots. In doing so, the companies transporting mobile homes could be unreliable and take a lot more time than necessary. Deciding to fix this problem, Andrew started his own mobile home transport and installation business.
In this episode you'll also learn:
- The difference between abandonment and foreclosure
- Why the money is in owning the park and not the home
- Andrew's target demographic
- How he finds motivated sellers
- How much money you need to put down
- Why your mobile home park shouldn't have private utilities
Connect with Andrew:
Links mentioned in the show:
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