Ep. 130: Deals on Wheels with Andrew Keel

Inspired by “Deals on Wheels” by Lonnie Scruggs, Andrew Keel started with a single mobile home unit, before being able to acquire his first mobile home park. He started with little money and built his portfolio over time. He now manages 16 communities across six states. Today, he shared how he acquired his first commercial deal and why he likes investing in the Midwest.

 

Partner: Download a Free Sample Apartment Deal Package

 

 

Key Insights

• Started buying mobile home units inside of a park – known as “Lonnie deals”
• Sold them on contract to the end buyer – lease to own model for mobile homes
• Evolved to buying mobile home parks
• Recessions impact middle management most
• Mobile homes saw flat to positive growth each quarter during the last recession
• Built a relationship with seller to acquire the property
• Spoke to 20 banks and only 2 were serious about financing the loan
• Tips for your first commercial loan: Be professional, share your plan and find lenders who have an interest in the asset type
• Raised $2MM for syndication
• In the Midwest, mobile home parks don’t have the same stigma as in other regions
• Strong, steady growth in the Midwest without wild swings
• Criteria: Metros with 50,000 people, 50 lots or more, city water/sewer
• Launched a coaching program to partner with others and improve deal flow

 

 

Bull’s Eye Tips:

 

Most Recommended Book:

5: Where Will You Be Five Years From Now by Kobi Yamadi

 

 

Most Recommended Digital/Mobile Resource:

Mobile Home Park Mastery Podcast

 

 

Daily Habit

Working Out Daily

 

Wish I Knew Starting Out

Easier to Raise Private Money for Bigger Deals

 

Wish I Knew Last Year

HUD Approval Time for Concrete on New Homes

 

Current Curiosity

Article on Burning Man

 

Best Place to Grab a Bite

Olde Tyme BBQ in Mountain Home, AR

 

Prato – Orlando

 

Resources:

Deal on Wheels by Lonnie Scruggs 

 

 

Connect with Andrew:

Website: KeelTeam.com

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