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 Leave us a review and rating on Apple Podcasts or Spotify. Be sure to check out more info at TargetMarketInsights.com.