The Mobile Home Park Exchange

Hosted by The Mobile Home Park Exchange Podcast

Business Investing

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Episodes

128

Latest episode

Aug 2026

Language

EN-US

About the show

Most investors chase trends. Serious investors build an edge. The Mobile Home Park Exchange is where disciplined operators and high-agency investors learn how real wealth is built in overlooked, cash-flowing real assets — starting with mobile home parks. Hosted by Frank Rizzo and Eric Busuttil of Stone Capital Investors, the show breaks down infill strategy, underwriting discipline, operational leverage, structural risk, and capital alignment for investors focused on clarity, control, and long-term cash flow — not noise.

Listen to episodes

60 recent

August 19, 202650 min

What's Coming Next for Mobile Home Park Lending, Featuring Art Tuverson

Most mobile home park deals today are underwritten at negative leverage — and lenders keep funding them. Frank Rizzo talks with 25-year MHC lending veteran Art Tuverson (GE Capital → Berkadia) about why cap rates confuse multifamily lenders, how after-tax and depreciation plays are driving buyers, and why "passive investment" is a myth in this space. Book a free discovery call with Frank: https://outlook.office.com/book/DiscoveryCallwithFrankRizzo@stonecapitalinv.com/?ismsaljsauthenabled Connect with Art Tuverson: https://www.berkadia.com/

August 12, 202612 min

The Mistake Killing Your Infill Numbers

Most operators run infill like a merchandising problem: better price, better terms, cheaper home. Frank Rizzo explains why that's the wrong lever, and walks through a real park turnaround where the fix wasn't the price of the home, it was everything around it. Curious how culture and curb appeal shape who walks through your door, and what it does to your pricing power over time? This episode breaks it down. Have a deal or infill project you want to talk through? Book a discovery call with Frank: https://outlook.office.com/book/DiscoveryCallwithFrankRizzo@stonecapitalinv.com/?ismsaljsauthenabled

August 5, 202644 min

Does Third-Party Management Actually Work in Mobile Home Parks?

Frank Rizzo talks with Michelle Oppelt, CEO of Open Management, which manages roughly 6,000 mobile home park lots across 14 states. Michelle shares the underwriting lessons that reshaped her approach to CapEx and lost inventory, and why she sees property management as a people business first, not a spreadsheet exercise. Connect with Michelle Oppelt: linkedin.com/in/michelleoppelt | OpenMGMT.com Book a discovery call with Frank Rizzo: https://outlook.office.com/book/DiscoveryCallwithFrankRizzo@stonecapitalinv.com/?ismsaljsauthenabled

July 29, 202614 min

The Old MHP Playbook Is Dead

The old MHP playbook is dead. Institutional capital has flooded into mobile home parks, pad prices have moved, and the easy version of this business is gone. In this solo episode, host Frank Rizzo unpacks how the industry has shifted, why the classic 8-10% value-add deal is harder to find, and two divergent strategies operators are using to adapt: aggregation arbitrage and operational alpha. Frank also walks through a real acquisition in Troy, Alabama, where his team bought at a 5-cap and got ahead of schedule within 60 days by leaning on their operational read of the market. If you're an investor trying to figure out where the edge still exists in mobile home parks, this one's for you. Connect with us: stonecapitalinvestors.com Book a discovery call here Rate this episode and tag us @MobileHomeParkExchange to receive our free After Site Visit Report.

July 22, 202632 min

Is Creative Financing the Answer? Brian Rice on Buying and Running RV Parks

Is creative financing really the answer for investors trying to get into RV parks? In this episode, Frank Rizzo talks with Brian Rice, founder of Wise Choice Fund LP, about how he's built a four park portfolio using subject-to deals and seller financing instead of conventional bank loans. But getting into a deal is only half the story. Brian also shares what it actually takes to keep guests staying, from Wi-Fi and on-site management to the amenities that matter most. Book a free discovery call with Frank: https://outlook.office.com/book/DiscoveryCallwithFrankRizzo@stonecapitalinv.com/?ismsaljsauthenabled Connect with Brian Rice: thebrianrice.com | https://thebrianrice.substack.com/

July 15, 202634 min

From Lp to Gp - How Marco Ali Made 90 Offers For His 1st Deal

In this episode of The Mobile Home Park Exchange, host Frank Rizzo talks with Marco Ali, founder of MNA Capital Group, about his transition from passive limited partner to active general partner in multifamily real estate. Marco breaks down why he built his entire investment thesis around North Carolina's I-85 corridor, what it took to close his first deal after reviewing well over a hundred opportunities, and the moment early in ownership that changed how he underwrites every deal since. Frank and Marco also dig into competing against institutional capital, the value of mentorship at every stage of a career, and why real estate is ultimately a people business. Whether you're weighing your first move from LP to GP or looking to sharpen your underwriting discipline, this conversation is packed with insight. Book a call with Frank: https://outlook.office.com/book/DiscoveryCallwithFrankRizzo@stonecapitalinv.com/?ismsaljsauthenabled

July 1, 202642 min

260 Units in 12 Months, No Excuses

Karl Kulpak went on a podcast and said out loud where his portfolio would be in twelve months. No hedge, no wiggle room, just a number. Frank sits down with the former state trooper turned mobile home park operator to find out exactly what happened when that deadline hit, and the specific process he used to reverse-engineer his growth target from his own lifestyle needs. A conversation about precision, accountability, and refusing to let anything become an excuse. Want to talk strategy with Frank directly? Book a discovery call: https://outlook.office.com/book/DiscoveryCallwithFrankRizzo@stonecapitalinv.com/?ismsaljsauthenabled

June 24, 202612 min

Built to Hit a Number

Frank Rizzo challenges the way mobile home park investments are pitched and structured. When a 20% IRR headline drives the deal, the operational complexity gets buried — and the families living in these communities are the ones who find out when the rent schedule has to accelerate to make the model work. This episode is about the assumptions operators make, the timelines they build, and the operational honesty that has to be present from day one. Frank makes the case that real value creation starts with the community, not the spreadsheet. Want to connect with Frank and talk through what this looks like in your market? Book a discovery call now: https://outlook.office.com/book/DiscoveryCallwithFrankRizzo@stonecapitalinv.com/?ismsaljsauthenabled

June 17, 202610 min

I don't buy Mobile Home Parks. I invest in the future.

The label says mobile home park investor. Frank Rizzo says otherwise. In this episode, Frank breaks down why the way most people think about manufactured housing is exactly what holds them back. He unpacks the affordable housing crisis, the stigma operators carry, and what it actually means to reposition a community — not just run one. If you're serious about this asset class, this is the mindset that separates the operators from the owners. Ready to invest in the future of affordable housing? Schedule a discovery call with Frank: https://outlook.office.com/book/DiscoveryCallwithFrankRizzo@stonecapitalinv.com/?ismsaljsauthenabled

June 10, 202616 min

How I Became the Operator I needed to be in 45 Days

Frank Rizzo takes you back to the deal that turned Stone Capital Investors into operators. A 15-hour drive home from South Georgia. A term sheet that nearly ended it before it started. And a 45-day window to raise capital, commit fully to the mobile home park space, and burn the bridge back to everything else. Frank breaks down what it actually took — not the pitch deck, not the revised IRR — but the conversation he had to have with his investors and himself before anyone else believed it. If this episode brought you value, leave a rating and review on your streaming platform and email it to The Mobile Home Park Exchange (info@themhpexchange.com) to receive a copy of our after-site visit report.