JF 3954: Off-Market Wins, Market Resilience, and Capital Strategy ft. Brad Johnson

Jul 2, 2025

Brad Johnson, Co-founder and CIO of Vintage Capital, shares his insights on investing in mobile home parks, revealing strategies that helped him build a portfolio worth over $200M. He discusses the importance of long-term holds with strong operators, creative seller financing, and the current legislative risks impacting real estate values. Brad also emphasizes due diligence in negotiations, the unique market dynamics of mobile home parks, and why he avoids distressed multifamily deals in today's economy.

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ANECDOTE

Brad Johnson's MHP Journey

Brad Johnson transitioned from institutional private equity to focusing on mobile home parks in 2013.
He built a large portfolio and sold it in 2020, then returned to the asset class as prices became attractive again.

INSIGHT

Mid-tier MHPs Are Core Focus

Brad focuses on mid-tier mobile home parks that offer working-class affordable housing.
These parks typically provide IRRs of around 15%, with variation depending on location and occupancy.

ADVICE

Leverage Local Operators for DD

Use regional operators with local knowledge for due diligence on mobile home parks.
Trust those partners to understand local regulatory quirks and manage operations effectively.

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