In this week’s episode of The Mobile Home Park Lawyer Podcast, we are joined by a panel of experts on Infills. We have Steven Blank, an experienced Multi-Family Home Community Owner, and Operator who has been involved with the acquisition, infill, value add and sale of more than 200 Manufactured Home Communities; Andrew Keel, CEO of Keel Team, has specialized 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; and Kolman Bubis, one of the founders of the largest independent advisory firms focused exclusively on the manufactured housing and recreational vehicle asset class. He focuses on the brokerage of Mobile Home properties and assists clients with fine-tuning their property disposition/acquisition and investment strategies.
Our guests share the processes and challenges they’ve experienced in bringing a home into a community such as getting the right residents in the right home, transport issues, and how they deal with the inventory. Learn how to bring mobile homes into a community, and the factors of the market associated with infilling successfully while understanding the long term value addition to increase occupancy within your community.
If you’re planning or are in the process of infilling your mobile home park, you don’t want to miss out on this episode!
Highlights of the episode:
00:36 – Episode Introduction
01:18 – Introduction and Background of the guests
03:20 – Bringing home into a community
03:55 – The hardest thing in bringing in the mobile home into a community
05:34 – Getting the right residents in the right home
07:00 – Hardest Part in Inventory
12:15 – Brokerage side in Mobile Home Park
14:29 – Solving Transport Issues
18:20 – Spending more time in vacant lots
19:08 – Taking value addition through occupancy
20:57 – Vacant Lots as Liability
25:00 – How much infill is possible
28:41 – Understanding Your Utilities
30:09 – Factors of the Market Perfect for Infill
32:32 – Good Market vs Bad Market
36:19 – Understanding the community
39:10 – Getting the right price
43:08 – Small operator getting some big operator pricing
44:09 – Selecting and Working with Manufacturers
50:26 – Factors in Selling or Renting a Home
56:00 – Hybrid Mode vs tenant owned homes only
58:00 – Raising equity at the forefront
61:00 – Infill Execution Strategy
“The infill is not for the faint of heart but that’s where the values added and where the values added is where the money will follow”
“Occupancy is what occupancy is with some caveats that I’m sure we’ll touch on”.
Connecting with the Guest
Connecting with MHP Law: