How to Invest in Parking Lots and Mobile Home Parks with Kevin Bupp

How to Invest in Parking Lots and Mobile Home Parks with Kevin Bupp

Kevin Bupp is the CEO of Sunrise Capital Investors, which invests in various real estate assets across the US. After attending a parking conference, Bupp realized the potential of parking lot investments and identified automation and technology integration as key opportunities to increase revenue. Mobile home park investments have become increasingly competitive, making it difficult to find good deals, but Bupp's team is focused on identifying hidden gems in underserved markets. Data analysis is used to evaluate potential deals based on factors such as cash flow, location, and value-add opportunities. Bupp predicts that there will be stress cracks in the mobile home park market in the next 12-18 months.

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Timestamps
(00:29) - Beau introduces Kevin Bupp on the show and talks about his credentials
(00:59) – Kevin discusses about parking lots and contrarian investing
(01:27) - Mobile home park investments and the similarities with parking lots.
(02:48) – The uniqueness of owning parking lots and how it's not a common conversation in the real estate industry.
(05:17) -Value-add strategy in mobile home parks
(07:49) - Previous owners' cash collection methods and missed revenue opportunities
(08:00) - Explanation of outdated payment methods and lack of dynamic pricing
(08:30) - Request for Proposal (RFP) to local parking management companies for technology and data integration
(10:56) - Increase in revenue through dynamic pricing and enforcement
(11:13) - Identifying the value in lots with physical payment methods and parking attendants
(11:49) - The passive nature of the parking lot investment
(12:24) - The parking lot model and its benefits
(13:01) - Trend of cities eliminating parking requirements for developers, leading to increased demand for parking lots
(13:30) - How developers make more money by building more units instead of excess parking
(14:30) - Potential upside of owning parking lots in great markets and how it adds value to the business model.
(15:00) - The internal team that sources deal for the company and how it works, including the Acquisitions team and database creation.
(16:51) - Difficulty of finding parking and mobile home park properties without brokers
(17:30) - Buying below market value and avoiding bidding wars by going direct to owners
(17:49) - Tax benefits of surface parking lots; less tax benefits for parking garages
(19:10) – Major separation of those who own parking lots and those who operate them
(20:01) - Finding new opportunities to buy and leveraging third party operators to manage them
(21:51) - Kevin explains how the city and the developer they bought the parking lot from were not making the most of its potential
(24:05) - Different structures for parking operations
(24:46) - Potential issues with getting quotes for management or revenue share agreements
(25:44) - Importance of doing a manual count of cars in and out of a parking lot to determine its potential revenue.
(26:19) - The existence of shadiness and even mob involvement in the parking industry.
(27:55) - The competition and direction of the company in owning mobile home parks.
(29:03) - How the mobile home park space has become a highly desirable asset class
(31:13) - Comparison of deals available now to deals available last year and making it to final best rounds on more assets
(32:02) - The current state of the market and how it's difficult to find good deals.
(32:58) - The need to work harder to find good deals, but they are still available.
(35:11) – The importance of being prepared for potential opportunities as a strategic investor or buyer.
(38:46) Doing fund structures, SEI growth and income fund
(39:11) Reasons and benefits for using fund structures instead of deal-specific syndications
(40:39) Where to go to find out more about Kevin Bupp
(42:08) – Kevin talks about his book, The Cash Flow Investor, and how to access a free copy

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About Beau: Beau Eckstein is a real estate entrepreneur, TV personality, and commercial mortgage advisor, specializing in construction financing and multi-family lending.

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