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Finding Alternative Niches in Parking Lots and Mobile Home Parks

parking lots and mobile home parks

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Kevin is a Real Estate and Marketing Professional with extensive business development experience who holds a sincere passion for helping investors achieve above average and safe returns. He has a successful track record of identifying and re-positioning multi-family value-add properties.

When it comes to investment analysis and due diligence, Kevin Bupp is the go-to expert in the industry. His exceptional ability to identify potential high-yield investments and manage large rehab projects will help take your portfolio to the next level. Additionally, Kevin’s extensive experience in property management will ensure your holdings operate smoothly and efficiently.

In a market full of challenges, Kevin shares insights gathered from past downturns and how they apply today. His unique ability to identify rare investment opportunities is highly valuable. In this episode, he shares the strategies he uses to identify them, providing actionable tips for investors seeking to make informed decisions.

Kevin discusses lucrative opportunities in mobile home park investments, exploring underserved markets and distinctive parking lot niches. He highlights the immense potential within this asset class, providing detailed insights into how individuals can participate and leverage this business model.

Don’t miss out on Kevin’s episode and the distinct investment opportunities he presents!

In This Episode

  1. Kevin’s background and his experience in this alternative space.
  2. Biggest challenges in today’s market.
  3. Kevin’s intellectual strategies on how to identify unique opportunities.
  4. Investing in parking lot assets and how it works.
  5. Kevin’s piece of advice on how to accelerate your wealth.

Jump to Links and Resources

Welcome to another episode of Wealth Strategy Secrets. Today, we’re joined by Kevin Bupp. Kevin is a real estate and marketing professional with extensive experience in business development and a sincere passion for helping investors achieve above-average and safe returns. Kevin’s core areas of expertise include mobile home parks, multifamily properties, and parking garages, as well as comprehensive investment analysis and due diligence, identifying above-average investment opportunities, large rehab projects, and property management. Kevin, welcome to the show.

Dave, I’m excited to be here. Thanks for having me.

You bet! It’s cool. We just realized we’re right around the corner from each other in Southwest Florida. I’ve been enjoying my sunshine and lifestyle upgrade since I got here.

I wish I got the memo when you did, though. It’s a beautiful place to be, that’s for sure. I’m grateful every morning I wake up here.

Awesome. And it makes such a difference, right? In terms of your outlook. I always tell people it’s interesting how much of this is about mindset. People talk about getting older, right? And I believe ageism is a mindset. If you feel old, if you talk like you’re getting older, then you are getting older. It’s just kind of an excuse. 

And it’s the same with the weather, right? If you surround yourself with an upgraded environment, it makes you more productive. It expands your mindset and thinking. You can gain so much more productivity from that.

Absolutely. It’s funny because before I moved down here, I think it’s the general sentiment. If you live in an area where you’re not too keen on the weather patterns, maybe you love the summer or fall, but you kind of dread that 4-5 months of winter when the sun doesn’t peek out much and the days are short, you might take a vacation to somewhere like here. You get the sunshine, but then you feel that anxiety on the last day, not looking forward to leaving the sunshine. So I think there’s a better way. The better way is to live where you vacation.

My wife and I always joke that when we travel—whether it’s to the Caribbean or other exotic places—we’re equally as excited to come back home. We’re traveling to see beaches, clear water, white sand, and the tropics, but we have that in our backyard every day. So, it’s really hard to beat it.

It is. It creates a phenomenal, positive attitude every day. The sun shines 300+ days a year here, and the weather is amazing.

Absolutely.

I know you’re from Pennsylvania up north. We have a large contingent of investors from the East Coast as well. But for folks who aren’t familiar with your background, can you tell us a little about your experience and how you got into this alternative space of investing in real estate?

Sure thing. I always joke and say that real estate found me, and I didn’t find it. Long story short, I was introduced to real estate investments. I started in the residential single-family space when I was 19 years old, and it was literally by accident. 

I was tending bar in the evenings and going to school at a local community college, not having a true direction of what I wanted to do when I grew up. But I was lucky enough to meet a local gentleman who became my mentor. He was about 25 years older than me and just lived a very different lifestyle than what I knew growing up.

I grew up in a great middle-class family. We took one vacation a year, and both my parents worked full-time jobs, splitting shifts so we didn’t need a babysitter to watch my brother and me. I met David, who became my mentor, and he was a local real estate investor. He lived a very different lifestyle from what I knew. He was an entrepreneur and had been for many years.

I got to be friends with David. He invited me to a conference down in Philadelphia, and I attended with him. Again, not know anything about real estate and never reading a book on it, but just knew there could be an opportunity. I was looking for something—though I didn’t know exactly what it was—to pour my energy into. I went to that conference, came back, and offered whatever services or value I could to David. He was a solopreneur and a small business owner, and he owned several single-family and small multifamily rentals in and around Central Pennsylvania, where I grew up.

I wanted to find a way to be around him more—not just after hours when we’d get together and chat—but I wanted to learn his business, what he does, and what his day-to-day looks like. So, I ended up working for him. He accepted my offer, and I worked for free in between tending bar in the evenings and going to school during the day. I’d either be at his home office or out in the field delivering leases for him, picking up leases, or doing whatever he needed. 

Simply put, if he needed me to run to the grocery store, I’d run to the grocery store. I did that for about 14 months to immerse myself in the information that had taken him 20-25 years to acquire. I knew this was an opportunity, and I was excited about it. It fired me up every day. I got involved in many aspects of his business and saw how the inner workings operated.

Fourteen months later, when I was 20, I bought my first single-family investment property. That was the start of it. I used $7,000 I had saved up from tending bar and some private money from a relationship David introduced me to. That was the first deal and the first of many. I don’t like reinventing wheels. I don’t like trying to forge my path when others have already walked similar paths and built successful models. So, I decided to emulate what David had been doing, and that’s exactly what I did. I started buying single-family homes in rougher parts of town.

I quickly realized that wasn’t the tenant base I wanted to deal with. One thing I realized early on was that while David was much further ahead of me—he’d been doing this for over 20 years—his strategy was to buy and hold. That’s what he typically did. What is now known as the BRRRR strategy didn’t have an acronym back then, but that’s essentially what he did. He bought, held, did minor rehabs, never anything huge, and turned the properties into rentals. He’d buy at a discount, improve the value, and then pull capital back out and repeat the process.

I realized that I’d used all my money, and it would take me quite some time to save up more to buy my next property from the few hundred dollars of cash flow I was getting from that rental. So, my model shifted quickly. I got good at finding deals, and that became my forte—finding opportunities. I started wholesaling two or three homes, keeping one. I did this until I developed enough private lender relationships and built up a war chest of capital, so I could keep more properties and only wholesale the ones I didn’t want for various reasons.

That was the beginning of it. It morphed into building a fairly large single-family portfolio in my early to mid-20s, with over 120 properties, and I started buying multifamily properties during that time as well—smaller multifamilies.

Before the crash of 2008, I started delving into commercial properties, including self-storage, office, and retail. I wanted to play a bigger game and felt there was a more efficient model out there. I began studying under different mentors in the commercial space and realized there was a better way to spend my time, energy, and resources than buying one house at a time.

Then 2008 happened, and it was a disaster. It was a particularly challenging time, especially here in Southwest Florida, which was essentially ground zero for the housing market crash. It took me a couple of years to get things under control and focus on damage control. But then in 2011, I bought my first property of the second phase of my real estate journey— a mobile home park. It was an asset class I had never considered before, but I bought that back in 2011 and have been buying mobile home parks ever since.

We own them in 13 different states. In addition to mobile home parks, we also own parking assets, like parking garages and parking lots. These are our two main niches now. Over the past 7 or 8 years, we’ve bought over a quarter of a billion dollars in assets, and we’re having a lot of fun doing it. Both of these niches have been incredibly successful for us, and they’ve far surpassed the single-family world. I don’t have an interest in that anymore because there’s just a much more efficient way to allocate capital.

It’s fascinating to think that I got into this early on. Many people take years to have a light bulb moment, maybe reading a great book or meeting a friend who suggests investing in real estate. Unfortunately, many people still think the only option is to max out their 401(k), which can limit them. But it was interesting that I started early and developed this path from the get-go. It’s also fascinating that so many people begin with single-family, fix-and-flip, wholesaling, and the BRRRR strategy, before eventually moving into the commercial space. The bigger assets offer more leverage, better team players, and better deals, which is something a lot of passive investors don’t even realize—they have the opportunity to invest in these assets right from the start.

One of the lessons I learned, and it was just theory until I put it into practice, came when I started getting into commercial real estate. One of my early mentors taught me a crucial concept: obtaining financing was typically much easier with a cash-flowing commercial property than with a single-family property. Back then, there wasn’t as much information out there. Podcasts didn’t exist, and only a few people were teaching commercial investment. Most of the content you could find was about flipping or wholesaling houses.

What intrigued me at the time—and this was theory until I put it to use—was the fact that financing a commercial property was much easier than financing a single-family investment. Now, the world has changed a bit, and there are more investment-focused banks that will lend to single-family homes and portfolios. But back then, it was about building relationships with local banks, hard money lenders, or private lenders. 

Banks were usually the last option. It was like banging your head against the wall trying to get a loan on an investment property, especially if you already owned a few. Banks just wanted to rely on your W-2 income, which I didn’t have as an entrepreneur. They’d look at your tax returns to determine if you qualified for a loan, and the rates from hard money and private lenders weren’t attractive either.

When I began working in commercial real estate, I quickly learned that obtaining a commercial loan was much easier. And, while commercial deals can be more complex when you compare a 24-unit multifamily property to a single-family home, there aren’t that many differences beyond the size of the deal. The due diligence process is quite similar, just with a bit more involved. You go through the same steps with a 24-unit property that you would with a single-family home. The only real difference is the scale, and the debt terms are typically much more favorable than what you’d receive from a private lender or hard money lender on a single-family home.

That realization shifted my mindset. I quickly understood that it didn’t take me much longer to buy a 24-unit property than it did to buy a single-family home. The most attractive factor for me was how efficient it was. I wanted to be as efficient as possible with my time, energy, and resources. When I first built my single-family portfolio in my early to mid-twenties, I wasn’t married and didn’t have kids. But after the challenges of 2008, I realized that when it was time to rebuild, my life was very different. I wanted more free time.

I enjoy the hustle, but I also value the actual work-life balance. I want to enjoy my time, and my money, and do the things I love. For example, living here in Florida, going boating, spending time at the beach, and enjoying moments with family—there needs to be balance. I’ve found that it’s much easier to achieve that with larger commercial properties, whether it’s a multifamily, retail, office, or whatever the asset type maybe than it is with building a large single-family portfolio. What would you say was the biggest learning lesson you had from the ’08 downturn?

That’s a great question. The world is a little different now, and Florida’s economy is a very different landscape compared to back then. But some of the big things that hurt us during that time were inefficiencies, despite having a relatively low leverage point across the portfolio.

For starters, we had been hit by two major hurricanes in Florida, Charlie and Ivan. As a result, insurance rates were through the roof. What I realized quickly after those hurricanes was that our cash flow, which was still somewhat minimal, started to get squeezed pretty significantly. On top of that, there were major inefficiencies in the property management side of the business, from leasing to repairs and maintenance.

At our peak, we had 122 single-family properties spread across five counties. Today, things are a bit different—there’s more technology and advanced property management methodologies. But back then, our cost of managing these assets was incredibly high, and turning these assets was expensive. 

It became clear that when you’re dealing with a spread-out single-family portfolio if you have a turnover in a property once every 12 or 18 months, there’s a good chance that turnover could wipe out your cash flow. If you need to repaint, replace the carpet, and have two months of downtime, it just doesn’t make sense to me. Compare that with multifamily properties—if you have a turnover in one unit in the building, you’re still going to have positive cash flow if you’re doing it right. That was a big lesson.

Another key takeaway from that time was the relationships we’ve built with lenders in the commercial space. It’s almost like a team sport. In the deals we do now with our commercial lenders, there’s a lot more flexibility and collaboration when times are tough. We work through challenges together. I didn’t always feel that with the lenders we worked with when we were building the single-family portfolio.

I feel there’s more alignment of interest with the banks we partner with on larger deals. It’s more of a mutual goal—we’re both in it to make money. And if there are hiccups along the way, like during COVID, we work through it as a team. COVID caused a lot of hiccups across the board. I had many personal conversations with lenders, all of us uncertain about what was going to happen. 

But I felt there was empathy on the other side, and that ultimately, we would work through this together and that we were in it for the long haul. I never felt that way with the lenders we worked with on the single-family portfolio. There are many reasons for this, but for me, the biggest factor was the inefficiencies.

It’s just much more efficient to manage larger properties where you can implement professional management. You can hire a professional asset manager, whether in-house or third-party. You have more resources to bring professionals into the organization compared to managing a single-family home portfolio. With a larger portfolio, if you’re just getting started with 4, 5, 10, or 15 homes, it’s very difficult to get yourself out of the day-to-day business.

Until you reach a certain scale, it’s hard to step back. But with commercial properties, you can scale much faster. One commercial property of the right size can provide the scale necessary to step out of the business and bring in professionals to help manage it.

“Live where you vacation—it’s the ultimate lifestyle upgrade.”

There are a lot of similarities between that and what Rod Khleif talks about. Rod’s a good friend of mine—he lives down the street. So, if we bring this forward to today’s market, what do you see as the biggest challenge?

As we sit here today, I think the most immediate challenge is the volatility of the debt markets. Capital markets are all over the place. If you’ve got good, long-term, fixed-rate debt in place and your business model is solid, you’re probably in a good position.

However, the biggest risk right now depends on the type of investor you are. We’re a value-added investor, but we run fund models that give us some flexibility in what we include. What I mean by that is, that while we have certain target metrics for our investors, we can blend a mix of value-add properties with some more stabilized properties.

The biggest challenge today is buying value-added properties in this climate. It’s very difficult to make the numbers work, and no one has a crystal ball. Rates keep rising, and no one knows when that will stop or what the market will look like in 2 to 3 years when your value-added plan is completed. What will the terminal cap rate be on that property? If your goal was to refinance and pull cash out, maybe even put Fannie or Freddie’s debt on it—no one knows what that will look like then. It makes it incredibly difficult to make intelligent business decisions.

That’s a challenge we’re all facing in our space. There are still people buying, and we’re buying too. We’ve got several deals under contract. But it’s day by day. I had a term sheet change this morning—it shifted by 64 basis points, which is a significant swing on a $20 million transaction. That could potentially kill the deal, and we’ve been working on it for over a month. So, it’s a tough time to buy.

That being said, I will say that now is the time to sharpen your pencil and hone your skills—whether you’re a syndicator or even just a small-time investor looking to buy some opportunities. If you’re out there raising capital, whether on a small or large scale, now is the time to focus on improving your skills, getting your business tight, and getting your house in order. I’m not going to say there will be a flood of opportunities, but when times get tough, it often pushes many people out of the marketplace.

For the past 7 years, capital was very easy to come by. You and I both saw how everyone could just make a post on Facebook and probably raise a million dollars. That is changing, and it’s changing very quickly.

I think being able to raise capital for opportunities, when they do arise, is going to become a big challenge. So, now is the time to hone your skills, get your business in shape, and be ready to take advantage of any opportunities that might come your way.

I can’t say for sure whether we’re going to see a flood of foreclosures or distressed debt deals. In the office space, yes, but as for multifamily and other commercial asset classes, it’s still unclear. What we do know is that a lot of debt is coming due over the next couple of years, which will put stress cracks in the market. Time will tell how all that plays out.

Kevin, you also mentioned that one of your unique abilities is identifying opportunities with above-average returns. Do you have any intellectual property, secret sauce, or strategies for how you identify those opportunities?

That’s a great question. For example, with mobile home parks, when we first came across that asset class, it was under the radar. It wasn’t very popular among the majority of investors. Institutional capital wasn’t in the space yet, which is a very different landscape today. But what I saw was that there were significant barriers to entry—not only to get into the space but also to bring new products to the market. And I saw that as an opportunity.

One barrier to entry was that banks didn’t understand the asset class, so it was very challenging to get financing. The landscape has changed quite a bit now, with Fannie, Freddie, and several CMBS lenders in the space, plus tons of local and regional banks understanding the asset class. But that wasn’t the case a decade ago, and I saw that as an opportunity.

Another barrier was that municipalities didn’t like mobile home parks, so it was very difficult for new supplies to come into the marketplace. In fact, at that time—and I think it’s still true today—the supply was essentially shrinking year by year. More mobile home parks were being shut down or redeveloped than new parks were coming onto the market. So, if I bought a mobile home park in a great market, I wouldn’t have to worry about the market becoming saturated with that particular type of asset.

That was huge for me. And parking became a similar opportunity. We’re always keeping our eyes open for other opportunities that might have similar barriers to entry—more contrarian investments where the herd isn’t heading in that direction yet, which also means less competition.

Ten years ago, mobile home parks were like that. Today, it’s a very different landscape with lots of competition. But parking caught my attention about 5 years ago. I do a podcast, just like you, and I interview a lot of interesting people. I’m always looking for unique niches I might not know much about.

One of the people I brought on the show was a parking lot broker and investor from Texas. I knew nothing about that space, but after that one-hour conversation, my interest was piqued enough that I dove deeper. I realized that parking had a lot of similarities to mobile home parks—fragmented ownership, lots of mom-and-pop owners, and a massive barrier to entry because municipalities and CBDs (central business districts) don’t want new parking lots being built. They’re very resistant to that.

In fact, a lot of cities across the country have completely removed minimum parking requirements for new developments. They just don’t want it. Parking, whether it’s a garage or a surface lot, is often seen as unsightly. As a result, many cities across the country have implemented moratoriums that prevent new parking from being built.

Again, this creates a lot of similarities and various levels of barriers to entry, which we saw as an opportunity. It took us a couple of years of research and deep dives into this space before we finally pulled the trigger and bought our first asset. Fast forward to today, and we have about $50 million worth of parking in our portfolio, with another $25 million in contracts. We’ve found that this space has a lot less competition compared to pretty much any other asset class. There’s a clear opportunity to consolidate the market due to the fragmented nature of ownership.

Ninety percent of parking assets across the country, aside from those owned by municipalities, are owned by mom-and-pop operators who may own just one or two lots or garages. This creates very fractional ownership, which presents an opportunity for a more professional or institutional group to come in and begin consolidating the space.

Kevin, can you walk us through an example of the business model and how it works in parking? I’m sure many of our listeners aren’t familiar with this asset class.

It’s very similar to a value-add multifamily property. Some of the things you look for are management inefficiencies, deferred maintenance, or properties that haven’t been updated or renovated in decades. These properties may not be achieving full market rents, or the owner who’s had it for 10–15 years hasn’t raised rents to meet current market rates. Often, they’ve only raised rents once every five years and haven’t kept up with market trends, creating a significant gap between where the property is now and where the market is.

A lot of those same opportunities exist in the parking sector, especially with mom-and-pop owners who have had their properties for a long time. Many of these assets are owned free and clear. So, raising parking rates by just a couple of dollars an hour might not significantly impact the owner’s lifestyle. But that opportunity to raise rates exists in a big way within the parking space.

Let me give you an example of a garage we recently purchased. It’s located in Clearwater Beach, right in our backyard. This is a large parking deck with 700 spaces spread over seven stories. It was built just seven years ago by a local developer. The developer owned a few floors, and the city of Clearwater owned the rest of the real estate, essentially splitting ownership between the two parties.

Municipalities often like to keep parking inexpensive for residents and businesses, but in this case, the city kept the parking rates so low that they were half of what the remainder of Clearwater Beach charged, whether for regular hourly rates or special events. As a result, the city was losing money year after year on their investment because they weren’t charging enough for parking. They also didn’t have any dynamic pricing in place that adjusted based on supply and demand, which could fluctuate during busy holidays or special events. For example, when the city-owned this lot, they were charging just $2 per hour, which was far below market value.

But if you look at it on any busy holiday weekend, you’ll typically find parking lots, surface lots, or garages charging a flat fee of $30 to $35. They might turn those spaces 2 or 3 times in a single day. So, we went in and raised the rates to market price, which is $6 an hour for normal hourly parking. When we bought the garage, it was only charging $3 an hour. They had raised it by $1, but that was it.

We essentially doubled the parking rate from $3 to $6 an hour, bringing it in line with the other lots and street parking in the area. During busy seasons, like holiday weekends, spring break, or other major events in the area, the garage fills up quickly. For those times, we implemented a dynamic pricing model, where we either charge a flat rate or increase the hourly charge based on supply and demand. This allowed us to nearly double the revenue in just three months.

Other than that, the asset was stabilized—it was only 7 years old. The main issue was that it was run inefficiently, which is common with municipalities. The developer who owned the other half of the property was eager to sell. They had a very low basis in it since they were the ones who built it, and the city needed the funds for a different project they were working on down in the waterfront area of downtown Clearwater.

Both parties were happy to exit, and we were happy to enter because we saw the existing economics in place. We knew we could make improvements, much like we do in the multifamily space, to increase top-line revenues. That was a straightforward business model—lots of similarities to how we approach any value-added property. We focus on improving management, increasing revenue, reducing expenses, and driving profit.

That makes perfect sense. How about on the back end? Do you look to bundle up these properties and sell to a larger buyer, like a private equity fund, or is there an exit strategy in the business plan?

We always consider ourselves long-term holders of assets. Typically, we underwrite with a 7 to 10-year horizon, or even longer. But there are cases where you may get into an asset and, for various reasons, even though you initially plan to hold it long-term, you might decide to dispose of it a few years in.

For example, it could be a market where you wanted to expand but just couldn’t gain traction. Every asset has its challenges. Maybe you realize the asset isn’t a good fit for your model for one reason or another. In those cases, we may choose to sell and move on.

That’s typically our approach. Once we’ve had an opportunity to manage a property for some time, we assess whether it’s a “winner” or “loser” based on how it fits into our long-term strategy. For example, with this property—being only 7 years old, with new infrastructure, and a moratorium on any additional parking being built on Clearwater Beach—it’s likely one we’ll try to keep long-term. Right now, there are about six cranes in the air in that area, and parking demand is high.

Surface lots are being developed right now, which means the existing parking supply is shrinking. They’re losing about 500 spaces as we speak. This tells me that demand will continue to increase. So, this asset will most likely be one that we hold long-term. On the other hand, some assets in our fund may be exited to return capital to investors, and we’ll focus on keeping 1, 2, or 3 assets for the long term.

The strategy is to return all of our capital to investors, place long-term debt on the assets we intend to hold, and then hopefully “ride off into the sunset” — whether that’s 10, 15, or 20 years down the road. The key is that we know you can’t build more parking on Clearwater Beach. It’s the same thing with mobile home parks: when we have an asset we truly love, and I know there’s a slim chance another mobile home park will be built nearby, we know that if we sell it, it’s going to be extremely difficult to replace with something of equal quality or returns.

So that’s how we approach both spaces. No new mobile home parks are being built, and not much new parking is being developed nationwide. When we have a great asset, we know it will only get harder to replace it with something comparable. That’s why we prefer to hold these assets long-term. And from a tax perspective, are you still able to leverage bonus depreciation on parking lots, or how does that work?

Yes, we can leverage bonus depreciation. With parking garages, it’s not as attractive as it is with mobile home parks, which are incredibly tax-efficient. We do cost segregation studies, and for mobile home parks, we can often depreciate 70% to 80% of the purchase price in the first year. That benefit has started to decrease a bit, but it’s still significant.

For parking garages, it’s less tax-efficient. We recently completed a cost segregation study on one and ended up being able to depreciate about 35% of the purchase price. So, while it’s much less than with a mobile home park, you still get a tax benefit. The same applies to surface parking lots—there’s still infrastructure like asphalt, curbs, and lighting that can be accelerated for depreciation. For surface parking lots, we’re typically looking at around 50% to 55% of the purchase price for the tax benefit.

“Barriers to entry often hide the best opportunities—mobile home parks and parking lots are proof that contrarian thinking can lead to untapped markets.”

Got it. And finally, Kevin, if you had just one piece of advice for the audience on how they can accelerate their own wealth trajectory, what would it be?

Everyone is in a different place in their journey, so it depends. But, I would say, especially for passive investors, it’s all about picking the right sponsor. There’s a lot of noise out there with opportunities, flashy marketing, and OMs (offering memorandums), but it’s never just about the deal itself. The deal is important, but the real key is betting on the right sponsor—investing in the right jockey, so to speak. If you’re a passive investor, focus on making wise investment decisions and ensure you’re trusting the right people to manage your capital.

Spend your time focusing on learning how to vet different sponsors and find the ones that align with your goals. Whether it’s one, two, or three sponsors—however many you need to diversify your portfolio—make sure you believe in them. Forget about how pretty their marketing is; what matters is that you believe in their business plan and investment philosophy. More importantly, their business plan and overall objectives should align with yours, whatever those may be.

Whether your goals are short-term or you have 20, 25, or 30 years to build your fortune, ensure there’s a direct alignment between you and the sponsor. But again, going back to the original point—spend as much time as necessary to do your research. Don’t rush to deploy your capital just to do it quickly or to get a tax advantage. 

I’d rather pay some taxes than rush into an investment. Take your time, research the players in the marketplace, and connect with someone who has a solid track record, communicates well, and is transparent. Spend time with them and ensure there’s absolute alignment of interests. That’s the best advice I can give.

Spend as much time necessary, don’t just look at employer capital as fast as possible… I would say that I’d rather pay some tax dollars than rush into an investment.

Solid insights, Kevin. I appreciate you taking the time today, especially with everything going on and the uncertainty in the air. It’s been great learning about some new asset classes. If people want to reach out to you and learn more about what you’re doing, what’s the best place to connect?

Sure thing. The best place to learn more about what we’re doing and connect with me is to visit InvestwithSunrise.com. There, you can explore our offerings and learn more about the spaces we focus on, such as mobile home parks and parking lots. You can also visit the contact page, and that message will find its way to me if you want to reach out.

Awesome. Thanks again, Kevin. 

Dave, it’s been a lot of fun being here. Thanks for having me.

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