The Best Ever CRE Show Best of 2025 Replay: Off-Market Wins, Market Resilience, and Capital Strategy ft. Brad Johnson
Dec 26, 2025
In this engaging conversation, Brad Johnson, Co-founder and CIO of Vintage Capital, discusses his impressive transition from institutional real estate to a $200M+ mobile home park investment portfolio. He reveals the secrets behind sourcing off-market deals through local partnerships and the importance of thorough due diligence. Brad emphasizes the value of long-term holds over short-term flips, while also addressing legislative risks like rent control. His insights on creative financing structures and current market resilience offer valuable strategies for real estate investors.
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Institutional Background Fuels MHP Focus
- Brad Johnson transitioned from institutional private equity to building a $200M+ mobile home park portfolio because the asset class offered steady NOI and operational opportunities.
- He sold a 2,300-pad portfolio in 2020 and is now scaling again via joint ventures and regional operators.
Use Local Operators For Sourcing
- Partner with trusted local operators who have boots on the ground to access off-market MHPs and manage local quirks.
- Use regional partnerships to source deals that rarely trade and to handle regulatory and operational differences.
Three-Star Parks Offer Best Returns
- Brad targets mid-market, working-class parks ("three-star") where operational improvements drive outsized returns.
- He targets ~15% IRR on average, with higher IRRs in softer markets and lower in top markets.