Manage episode 290928326 series 2735199
Welcome back to the Passive Mobile Home Park Investing Podcast, hosted by Andrew Keel. On this episode of the Passive Mobile Home Park Investing Podcast, Andrew talks with Brad Rymer about mobile home park investing, tips for getting into the manufactured housing industry, and stories from his point-of-view as the president of Cloverleaf Capital Group and formerly as the CFO of one of the top five manufactured home community portfolio owners in the United States (RV Horizons).
Currently based out of Denver Colorado, Brad Rymer has been president of Cloverleaf Capital Group. Cloverleaf Capital is a mobile home park loan broker which specializes on loans under $1 million dollars. Prior to co-founding and becoming President of Cloverleaf, Mr. Rymer served as the CFO of RV Horizons. At RV Horizons, he had many responsibilities including serving as the company's Business Intelligence Officer in 2018. Brad received an MBA from Regis University and a BA in Fine Arts from Wabash College and began his real estate career with Marcus & Millichap in 2000 as a specialist in sales and marketing.
Andrew Keel is the owner of Keel Team, LLC, a Top 100 Owner of Manufactured Housing Communities with over 1,500 lots under management. His team currently manages over 20 manufactured housing communities across ten states - AR, GA, IA, IL, IN, MN, NE, OH, PA and TN. His expertise is in turning around under-managed manufactured housing communities by utilizing proven systems to maximize the occupancy while reducing operating costs. He specializes 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.
Andrew has been featured on some of the Top Podcasts in the manufactured housing space, click here to listen to his most recent interviews: https://www.keelteam.com/podcast-links. In order to successfully implement his management strategy Andrew's team usually moves on location during the first several months of ownership. Find out more about Andrew's story at AndrewKeel.com.
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Links & Mentions from This Episode:
“I think that the major thing that is important is knowing that the person who's driving the ship, the captain who's driving the ship knows the route.” - Brad Rymer
“In the current market's status, we’re in the cap rate compression area.” - Brad Rymer
“I would shrink that by 100–150 basis points today, and I'd say, buying it at a 7% cap and hoping to underwrite today at a 9%, or maybe selling it three, five years down the road at a 7% cap, maybe even lower.” - Brad Rymer
“There is some new development, but I would still say that developing new communities is going to be difficult.” - Brad Rymer