In this episode of Zen and the Art of Real Estate Investing, Jonathan connects with Brad Johnson, co-founder and CIO of Vintage Capital, for a deep dive into the world of alternative real estate investing, specifically mobile home parks. Brad has overseen over $3.3 billion in commercial real estate acquisitions and shares how his focus has shifted toward risk-adjusted, tax-advantaged deals designed for long-term stability.
Investing With the Long Game in Mind
Brad began his real estate journey with single-family rentals, funded by the cash flow from a startup. However, it wasn’t until he noticed the surprisingly low default rates and high yields on mobile home park loans that he made the pivot. Over the next several years, he grew his portfolio to 2,300 pads, learning firsthand how operational discipline, infrastructure investments, and tenant-focused management are critical to long-term success.
He and Jonathan discuss the difference between trophy properties and properties that require heavy lifting, the spectrum of quality within mobile home parks, and how to avoid the mistake of chasing returns without understanding the business.
Why Mobile Home Parks Continue to Outperform
Brad makes a strong case for mobile home parks as an underrated asset class that delivers consistent cash flow, tax advantages, and resilience in economic downturns. He attributes this to:
- Strong demand for affordable housing
- Fixed supply of parks and limited new development
- Long-term, inflation-resistant rent structures
- Opportunities to improve operations and infrastructure
- Minimal exposure to floating-rate debt
- High tenant retention in stabilized communities
This combination of features allows operators with discipline and experience to build wealth steadily, without relying on speculative flips or market timing.
Relationships That Shape Deal Flow
Reputation matters in this space. Brad shares how staying in touch with brokers, showing up consistently, and treating sellers with integrity helped him win deals—even when he wasn’t the highest bidder. Many of his early wins came through persistence and positioning himself as a reliable, respectful buyer.
Takeaways from the Episode
- Reputation can be your biggest asset in niche markets.
- Mobile home parks require capital, patience, and strong management.
- Infrastructure matters as much as income.
- Seller financing and creative structuring continue to play a significant role.
- A long-term mindset can help investors avoid the traps of short-term leverage.
If you want to learn more about Zen and the Art of Real Estate Investing Podcast, check out https://zenandtheartofrealestateinvesting.com/podcast/259/.