Manage episode 287498286 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 Jonathan Tuttle of Midwest Park Capital. In this episode, Jonathan lends his thoughts and opinions on the following topics: his idea of the perfect mobile home park, private utilities versus public utilities, and what passive investors need to look out for when investing in the mobile home park asset class. Jonathan also shares the story of how he got into manufactured housing and details about Midwest Park Capital. Jonathan also shares insider information about the Mobile Home Wealth Academy that he founded.
Jonathan is the Head of Acquisitions at Midwest Park Capital, a brand new mobile home park investment fund based out of Chicago, Illinois. Jonathan has mobile home park ownership in his blood, he grew up in the business as his father owned communities in Illinois. Previously, he was Vice-President at Miller Chicago Real Estate, a leading commercial real estate brokerage firm based out of Chicago. Before that, Jonathan served as the President of the Midwest Division for Yale Realty & Capital Advisors.
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 Capex projects in progress? If so, follow us on Instagram: @passivemhpinvesting for photos and awesome videos from our recent mobile home park acquisitions.
00:18 - Welcome to the Passive Mobile Home Park Investing Podcast
01:36 - Jonathan's journey into the world of manufactured housing
03:37 - The management of his father's parks
06:03 - Important things passive investors need to look out for when investing
08:49 - State issues with Illinois
09:34 - The perfect mobile home park for Jonathan
10:38 - Private utilities versus public utilities, and the types of deals Jonathan is interested in
11:55 - Mobile Home Wealth Academy
15:47 - The long term plan with Midwest Park Capital
20:12 - Jonathan's current parks
21:26 - M Shapiro and third party property managers
23:41 - The type of parks Jonathan's fund is targeting
25:45 - The long term plan for Jonathan
26:28 - Getting a hold of Jonathan
27:34 - Final tip for passive investors
28:30 - Conclusion
Links & Mentions from This Episode:
"Make sure the zoning will allow you to operate the park, and allows you to change the setbacks.." - Jonathan Tuttle
"[Dad] must know what he's doing. It sounds weird, but after I saw how well he did under the last economic downturns-remember, it's 2007-2009. It sounded like this is where I needed to go." - Jonathan Tuttle
"I always have an opportunity to get some of those bigger parks just from personal one-on-one relationships." - Jonathan Tuttle
"Obviously in our niche, it's nice to acquire everything in a certain area. But a lot of times, I wonder if that owner (of that quality niche park), is he going to sell or is he going to pass it down to his kids? That's the biggest thing." - Jonathan Tuttle