Manage episode 292770131 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 one of his current business partners; Jon Carcone of 4 Brothers Commercial. Jon brings his own flavor and sense of humor to the episode as they talk about Jon’s journey into mobile home parks and real estate as a whole. Jon discusses what his perfect mobile home park looks like, and what he thinks the future of the industry looks like.
Jon Carcone attended Wake Forest University and majored in business. After graduating he worked for Corporate Executive Board (CEB), a management consulting company based in Arlington, VA. He rose in ranks at CEB before eventually discovering real estate in 2009 after purchasing property in Arlington. He eventually left CEB after learning as much as he could about the real estate flipping business, he then proceeded to buy and sell more than 200 properties since 2010. Andrew and Jon partnered up on their first deal in 2020, after realizing they each were pursuing two mobile home parks in the same town outside of Grand Forks, North Dakota. The two have partnered up on seven mobile home park acquisitions since then to date.
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.
Would you like to see mobile home park projects in progress? If so, follow us on Instagram: @passivemhpinvesting for photos and awesome videos from our recent mobile home park acquisitions.
Links & Mentions from This Episode:
“I like parks because they are pretty recession resistant generally, and they have been in the past, at least.” - Jon Carcone
“[My first mobile home park and self-storage] probably took longer to get to the performance we wanted than I would have thought. We thought a couple months, but it was more like four to six months.” - Jon Carcone
“The hardest part [of the mobile home park business] is getting the first deal as an operator. It’s a chicken or egg deal where you don’t have the experience to properly evaluate and buy a deal but you can’t get the experience until you buy your first deal.” - Jon Carcone
“That means you own an asset now that is going to be worth a lot more.” - Jon Carcone, on inflation