Interview with Brady Hanna and Jeff Boor of Legacy Investments Group

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By Andrew Keel. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

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 Brady Hanna and Jeff Boor of Legacy Investments Group. In today’s lively conversation, Andrew, Brady, and Jeff talk about their journey into manufactured housing community management. The guys discuss everything from attending Frank and Dave’s MHU (Mobile Home University) Bootcamp, to how Brady and Jeff operate the day to day operations in their business. Brady and Jeff bring their unique experiences and interesting case studies to share with listeners. They also share their advice on how best to get into the mobile home park business, along with their secrets to success.

Just a few months ago, Brady retired from the corporate world, where he worked as Executive Vice President for a Financial Services company for over 15 years. He helped build that company from 4 employees to over 120 employees with an annual revenue of $60M. While working to build that company, Brady was also building-up a portfolio of rental properties. He started a successful flipping and wholesaling business, built new construction homes and acquired 5 mobile home parks with his partner Jeff Boor. Jeff has a background in corporate consulting where he consulted Fortune 500 companies on implementing projects for over 20 years, before escaping from the rat race & retiring. During his consulting days, Jeff built up a portfolio of single family rental houses and now runs the operations for the mobile home parks. He has been in real estate for over 13 years, owns 10+ SFR’s, and finally retired form the rat race to manage the portfolio. Over the last year Jeff & Brady have filled over 50 lots in their mobile home park’s as they specialize in turning around neglected parks through value add initiatives.

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.

Are you getting value out of this show? If so, please head over to iTunes and leave the show a quick five-star review. I have a goal of hitting over 100 total 5-star reviews by the end of 2021, and it would mean the absolute world to me if you could help contribute to that. Thanks ahead of time for making my day with your five-star review of the show!

Talking Points:

00:21 - Welcome to the Passive Mobile Home Park Investing Podcast
00:50 - Brady and Jeff’s professional history into manufactured housing
06:21 - The most important things to look out for when investing in mobile home parks
10:00 - More about the Frank and Dave MHU Boot Camp
13:39 - Their Kansas City, Kansas Operation and case studies
19:19 - Finding deals, investors, and funding
21:07 - The perfect mobile home park
23:58 - Learning experiences
27:11 - The toughest part of the business
30:22 - Their buying criteria
32:00 - Secrets to success
38:17 - Getting a hold of Brady and Jeff
39:15 - Conclusion

Links & Mentions from This Episode:

Quotes:

“I would say a couple of those things that we look for with every park we go into is really what are those big-ticket items that we're going to run into that could be deal-breakers or just business-enders down the road.” - Brady Hanna

“If you're a passive investor, I would say the most important thing would be really vetting the operator—the person you're going to invest your money with.” - Brady Hanna

“I'm a big fan of if someone's done it before, why reinvent the wheel? The playbook from [Frank and Dave’s boot camp] is fantastic, especially for an initial investor.” - Jeff Boor

“We're not afraid of the infill projects. We've got good rehab crews. We enjoyed doing that here. Getting the value-add from that is probably what we're looking for is kind of the tougher projects.” - Jeff Boor

55 episodes