No matter how much you underwrite, budget, plan, and strategize, nothing ever goes exactly to plan. On our biggest mobile home park investment yet (700+ lots), we thought we had accounted for every obstacle that could have been thrown our way—boy, were we wrong. But with the right team, tactics, and pivots, we turned what many would have given up on into a property with close to $3M in annual NOI—and even more room to grow.
Welcome back to another case study episode, where I’m sharing real deals we’ve taken down at Sunrise Capital Investors, giving you an under-the-hood look at what went wrong, what went right, the real returns, and the money we spent.
This time, we’re in Fort Wayne, Indiana, taking a look at Ridgebrook Hills mobile home park, a community of over 700 lots, hundreds of residents, and huge infrastructure. What was supposed to be a homerun from the start turned into a steady stream of challenges for multiple years, but ended up being a rock-solid property we’re proud to own with huge upside.
I’m sharing all the challenges, budgets, and real return numbers in this episode so you can dodge some of the headwinds we hit along the journey.
Insights from today’s episode:
- How we landed a massive mobile home park by being disciplined when others were on buying sprees
- The real NOI numbers from this hugely improved mobile home park investment
- The upside and value-add potential you can unlock with mismanaged mobile home parks
- The staffing disaster that almost brought this deal to a halt (on day three!)
- An expense many investors overlook (we did!) that can cost you six-figures per year
- The one thing that saved this deal (every investor or investment team needs this)
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Want to know more about how we operate? Download our Mobile Home Park Guide Here
Full Ridgebrook Hills MHP Case Study
Real Deals: A $10M Win by Taking on This “Complex” Parking Garage Deal | Ep. 985
Recommended Resources:
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- If you’re a high-net-worth investor with capital to deploy in the next 12 months and you want to build passive income and wealth with a trusted partner, go to InvestWithKB.com for opportunities to invest in real estate projects alongside Kevin and his team.
- Looking for the ultimate guide to passive investing? Grab a copy of my latest book, The Cash Flow Investor at KevinBupp.com.
Tap into a wealth of free information on Commercial Real Estate Investing by listening to past podcast episodes at KevinBupp.com/Podcast.
Chapters:
00:00 Ridgebrook Hills Case Study
01:10 Things DON’T Go as Planned
02:24 Buying When Others Can’t
05:20 A Rare Buying Opportunity
08:03 Huge Renovation Plan ($5M Budget)
11:51 Challenge 1. Staffing Disaster
17:03 Challenge 2. Resident Turnover Shocks
19:19 Challenge 3. Delayed Infill
22:15 Challenge 4. Failed Utility Bill-Back
24:04 Challenge 5. Abandoned Homes
25:49 Why Didn’t We Sell?
28:16 Real Returns and Takeaways