In today's market, cash flow isn't created by hoping rents go up or waiting for cap rates to compress.

It's created by operators who know how to force value, even when the market isn't doing them any favors.

I'm Kevin Buff, and this is the Real Estate Investing for Cashflow podcast, where we break down how

cash flow and commercial real estate actually works, from underwriting to execution and everything in between.

Today's guest is Andrew Keel, a repeat guest on the show and a hands-on mobile home park operator who's built his business

around three things that many investors overlook. Disciplined operations, infill inside supply

constrained assets, and buying in secondary markets where fundamentals matter more than height. Andrew isn't chasing appreciation.

He's manufacturing NOI.

His approach offers lessons that apply far beyond mobile home parks.

If you care about real cash flow, not just pro forma's, this episode is about where value is actually created in today's environment.

So let's get into it.

Andrew, my friend, welcome back to

the Real Estate Investing for Cashflow podcast. It's always great to catch up. It's always great to

see and excited to have a fun conversation here today. Same here, Kevin. Looking forward to catching

up and yeah, talking shop about mobile home parks. Yeah, yeah. So Andrew and I were just joking a little

bit before we start recording here is that, so we were talking about golf, right? And I was joking how I'm still a crappy golfer and even though I've been playing it for 20 years on and off. But, you know, I grew up in Pennsylvania and I grew up in a tower. There wasn't much to do. And so I picked up golf and got pretty decent played quite a bit, moved down the floor at the age of 22, which was 20 plus years ago.

Florida is really the golf mecca of the U.S.

And I don't really play all that much anymore while I'm getting back into it.

And whereas Andrew, the flip side, grew up in Orlando, the golf mecca of the country and didn't pick up golfing until he moved to North Carolina a year or two ago.

So it's weird how that worked out. I know, I know. But anyway, buddy, well, outside of golf conversation, excited to have you here, excited to talk about, you know, the world of mobile home parks. And I know you've been at this now for, are you a decade plus at this point in time? I'm a decade plus guy now. So I've joined the club. No, it's exciting.

And I remember many, many years back, and maybe we can dive into this later on this show.

But I remember one of the things that really stuck out to me the first time I met you at probably, I don't know, one of the MHA or SICO events, you know, one of the industry events is that you and your wife, I believe, in the very beginning, you guys literally used to buy communities and then go,

...