In this episode of the Passive Mobile Home Park Investing Podcast, Andrew Keel sits down with Jeff Anzalone, founder of Perdido Capital and creator of The Debt Free Doctor, to discuss his journey from practicing dentistry to building a portfolio of approximately 18 mobile home parks with around 1,200 lots.

Jeff shares the moment that made him realize being debt-free wasn't the same as being financially free, and how a ski accident ultimately pushed him to rethink his approach to work, investing, and building passive income. He also opens up about some of his early—and costly—lessons as a passive investor, including losing $50,000 on an apartment investment and learning the importance of thoroughly vetting the operator behind a deal.

Jeff explains why mobile home parks have become his preferred asset class, including the potential for significant year-one depreciation, the lower management burden associated with tenant-owned homes, and the ability to operate his portfolio remotely. He and Andrew also discuss building passive income, finding the right business partner, the impact of Louisiana's growing data-center industry on local housing demand, and the key things passive investors should look for before investing in a mobile home park deal.

Andrew’s Bio:

Andrew Keel is the owner of Keel Team, LLC, a Top 100 Owner of Manufactured Housing Communities with over 2,500 lots under management. His team currently manages over 40 manufactured housing communities across more than 10 states. His expertise is in turning around under-managed manufactured housing communities by utilizing proven systems to maximize 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. Check out KeelTeam.com to learn more.

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. 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.

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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.

Talking Points:

1:18 - The ski accident that changed Jeff's financial perspective

2:22 - Debt-free doesn't necessarily mean financially free

3:00 - Unlearning what he was taught in dental school

4:32 - Jeff's $50,000 investing mistake

7:16 - The lesson that changed how Jeff invests

9:16 - Why mobile home parks stand out for passive investors

10:24 - The “passive income snowball”

12:16 - Are mobile home parks risky or sketchy?

13:34 - Don't believe everything you see on social media

15:41 - How to evaluate an operator's track record

16:53 - What to do with $100,000 before investing

20:08 - How Jeff met his mobile home park partner

20:50 - From five parks to roughly 20

21:55 - The tenant-owned-home strategy

24:13 - The unexpected ben...

In this episode, Andrew Keel welcomes Nathan Jameson, a real estate investor-operator focused on durable-demand assets through Arx Capital. Nathan Jameson shares his disciplined, stewardship-driven approach to building a mobile home park portfolio of nearly 2,000 sites across the Northeast and Mid-Atlantic. The conversation explores why self-management is critical for mobile home park operational success and how a performance-driven leadership style—rooted in Nathan Jameson's background as a Division I athlete—creates long-term value for both residents and investors.

We zero in on why self-management matters, the hidden costs that trip up new trailer park operators, and how a stewardship-driven approach creates long-term value for residents and investors alike. We also chat about acquisitions, operations, team building, utility management, affordable housing, and the challenges facing the industry over the next several years.

Nathan Jameson is a real estate investor-operator focused on necessity-based, durable demand assets. Through Arx Capital, he invests with a long-term, stewardship-driven mindset across resilient strategies, with a strong focus on mobile home parks and affordable housing.

Before investing, Nathan was a Division I athlete and coach, an experience that shaped his disciplined, performance-driven approach to leadership and execution.

About the Host:

Andrew Keel is the owner of Keel Team, LLC, a Top 50 Owner of Manufactured Housing Communities with over 3,250 lots under management across more than 50 communities in 15+ states.

Andrew Keel specializes in turning around under-managed manufactured housing communities by implementing proven systems to maximize occupancy while reducing operating costs. His expertise includes:

• Bringing in mobile homes to fill vacant lots.
• Implementing utility bill-back programs.
• Improving overall management and operating efficiencies in mobile home parks.

These strategies significantly boost both asset value and net operating income.

• Learn more at keelteam.com.
• Find out more about Andrew’s story at andrewkeel.com.
• Learn how to invest in mobile home parks: https://keelteam.com/mobile-home-park-investing/
• Check out Andrew’s FREE e-book: “The Top 20 Things You Need to Know Before You Start Investing in MHPs” available here: https://keelteam.com/top-20-things-learned-from-mobile-home-park-investing/.

Support the Show

If you are getting value out of this podcast, please head over to iTunes and leave a quick five-star review to help us hit our goal of over 500 total 5-star reviews.

• Leave a Review on Apple Podcasts (iPhone, iPad, or Mac users): Leave a Review on Apple Podcasts
• Follow Our Projects: See mobile home park projects in progress on Instagram: @passivemhpinvesting.
• Subscribe to the Passive Mobile Home Park Investing Podcast YouTube Channel:

GUEST: Matthias Gruenwald, Co-Founder and Managing Partner of WCG Investments

HOST: Andrew Keel

Learn more from Andrew Keel’s Mobile Home Park Investing Guide here: https://keelteam.com/mobile-home-park-investing/mobile-home-park-investing-guide/

Episode Summary

Andrew Keel sits down with Matthias Gruenwald, a real estate investor and operator who successfully transitioned from 18 years in global automotive manufacturing to full-time real estate investing in the manufactured housing community space. Originally from Germany, Matthias now oversees approximately $45 million in real estate assets across 25 mobile home parks.

This episode is a masterclass in modern mobile home park investing and operations, diving into how Matthias broke into the industry, scaled his portfolio, and built efficient management systems. Listeners will gain actionable insights on:

• Building a proprietary property management company from the ground up.
• Leveraging Virtual Assistants (VAs) and AI in operations.
• The realities of managing challenging park-owned homes (POHs).
• Identifying the Key Performance Indicators (KPIs) and operational levers that drive Net Operating Income (NOI).
• Effective strategies for sourcing deals and identifying acquisition red flags.

About the Host:

Andrew Keel is the owner of Keel Team, LLC, a Top 50 Owner of Manufactured Housing Communities with over 3,250 lots under management across more than 50 communities in 15+ states.

Andrew specializes in turning around under-managed manufactured housing communities by implementing proven systems to maximize occupancy while reducing operating costs. His expertise includes:

• Bringing in mobile homes to fill vacant lots.
• Implementing utility bill-back programs.
• Improving overall management and operating efficiencies in mobile home parks.

These strategies significantly boost both asset value and net operating income.

• Learn more at keelteam.com.
• Find out more about Andrew’s story at andrewkeel.com.
• Learn how to invest in mobile home parks: https://keelteam.com/mobile-home-park-investing/
• Check out Andrew’s FREE e-book: “The Top 20 Things You Need to Know Before You Start Investing in MHPs” available here: https://keelteam.com/top-20-things-learned-from-mobile-home-park-investing/.

Support the Show

If you are getting value out of this podcast, please head over to iTunes and leave a quick five-star review to help us hit our goal of over 500 total 5-star reviews.

• Leave a Review on Apple Podcasts (iPhone, iPad, or Mac users): Leave a Review on Apple Podcasts
• Follow Our Projects: See mobile home park projects in progress on Instagram: @passivemhpinvesting.
• Subscribe to the Passive Mobile Home Park Investing Podcast YouTube Channel: