There’s no better way to learn about the mobile home park business than talking to real owners about how they got into the industry, where they find and finance their properties, and their lessons learned. And we explore all that and more on this discussion with Miles Noland from Treeside Capital. He and his partner went to the Mobile Home Park Investor’s Boot Camp around 2020 and have now purchased over 1,000 lots – quite an accomplishment considering all that happened during that time, including the eviction moratorium and the eleven straight interest rate hikes by Jerome Powell and the Fed.
How Miles Went From Boot Camp to 1k+ Lots in 5 Years - Transcript
Frank Rolfe: Hi, this is Frank Rolfe. You know, there's no better way to learn about our industry than talking to other operators. People have their own individual story, how they got in the business, what they bought, how they financed it. And we were excited when we got an agreement that someone would talk with us named Miles Nolan. Miles went to our boot camp back in 2019, and they've bought a lot of parks. Big dollar amount has been spent and raised in building a very nice portfolio. But we wanted to get Miles on here to talk about how he did it, how he went from ground zero to where he is now, where he's looking into the future, all kinds of stuff. So, Miles, can you hear me okay?
Miles: Yes.
Frank Rolfe: All right. Well, Miles, we certainly are glad to have you here to pick your brain for a while. So tell me first, how did you ever even think about mobile home parks? Like, when's the first time in your life you ever heard the word mobile home park? Where did that come from?
Miles: Yeah, and I'm an avid reader, and it was about... I'd owned a fitness business, and that went up and then failed. And I was trying to sell baseball information products online, and that did okay and then failed. And then I was looking around for different things and I was studying, reading books about different real estate. Almost pulled the trigger on a four unit, multi-family type building. I just wasn't excited about it with the potential returns. And so I just kept reading and reading and studying. And I think it might have been some information by Kevin Bupp with Sunrise that I was able to find. And I just really like the dynamics of mobile home parks. It just seemed to have a lot of advantages, as you know, in terms of all the things that we always talk about, the benefits over other types of real estate. And I'd always been a little bit of a contrarian thinker, and so that really appealed to me. And then I started going down the rabbit hole of buying different programs and books and podcasts to learn more and more about the niche.
Frank Rolfe: And when you had the idea to kind of sort of maybe try and buy a mobile home park, the first park is always the hardest. What were the steps you took to obtain the very first mobile home park? What got you off ground center? How did you get some inertia going?
Miles: Well, it took a long time. So it took about three years. And that was... I had a busy sales job. I had one kid at the time that was small, and I'd get up at 5:30 in the morning on a Saturday and I'd go to Panera for three hours and work on it. And that was about all the time I really had because my weeks were jam-packed with my job and family and things. So I just started buying different programs and finally I was like, man, a lot of these broker deals don't make sense. And so I invested a bunch of money. I mean, I think by the time after a few years, it ended up being around $20,000 to build a very comprehensive list of owners and their cell phones. A virtual assistant in the Philippines did that for me. And so then even though it wasn't the most fun thing, I'm like, I just need to start cold calling. And so I didn't have a ton of time, but I just made sure for a solid year it was like three to five hours every week I'd do it. And I just started getting some leads. And I had this guy in Fairmont, West Virginia, where my aunt and uncle live near Morgantown.
Miles: And it was about five hours away from where I lived in the Cincinnati Metro in Northern Kentucky. And he agreed, he was like, "But I want to meet you in person." And we had a price, we had everything worked out. So I went all the way up there and we sit down and he says, "No, I changed my mind. I don't want to sign." And I was devastated because I'm like, I drove all this way, we agreed on this. And he was like, "Hey, I have a friend who wants to sell." And the friend's park, same town, was on no list that I had, was not on Google. It was small. I mean, it was 24 pads, I believe. And I called the guy. It was pretty rough. I mean, it needed a lot of work. But I called the guy, he said, "You know, I'm really just tired of this thing. I'll just sell it to you what I bought it for 17 years ago." It was 180,000, $20,000 down, seller finance. He was like, "You can just take over my payments." And I think there was at the time, I think there was about 16 occupied and fairly low lot rent.
Miles: I think it was around 250. But even so, everything went wrong. Like, a sewer line broke, the roads, we had all these issues. We basically broke even. We didn't make any money when we owned it. But two and a half years later, I mean, we'd raised rents, we'd done some things, and we bought it so well that we sold it for $300,000. And it was just me and my partner's money and we both probably 3x the money that we put into it. So it was really just showing up and it was kind of a little bit of luck, but that's how the first one went. And then it really just started rolling. All those calls and the deals that I got under contract and fell through because I didn't know what I was doing, then all of a sudden all those things kind of came together and then we were able to accelerate pretty quickly.
Frank Rolfe: You've bought how many parks so far?
Miles: We have bought... I think we've bought eight mobile home parks, five RV parks, and we bought a couple small self-storage.
Frank Rolfe: Okay, so let's just rank this into groupings, right? How many or what percent of those parks did you buy from brokers?
Miles: I think we've bought...
Frank Rolfe: Like 50%, 20%? How many?
Miles: Yeah, probably about 15%, somewhere around that.
Frank Rolfe: 15%. So obviously, observation one, you've built this thing up with cold calling, direct mail, and you doing the stuff, right? That's how these have been found for the most part?
Miles: Yeah, those are all our best deals. The two... The ones we've done with the brokers ended up being some of our worst deals, to be honest.
Frank Rolfe: Okay, I can understand that. All right, so between cold calling and direct mail, which proved to be more successful in those parks you bought?
Miles: Yeah, I mean, I can't... I've done some direct mail. I haven't done enough to say to probably compare it. I've done a lot more cold calling, but I think direct mail can work. It's just a little bit more expensive and you have to be consistent with it. But the cold calling, I think, has definitely been the main avenue. But it has gotten harder recently. I mean, I took a big break and then recently I've started up again because I've had so much trouble hiring that out and finding somebody that's actually any good at it. And so I'm just like, I'll just do it myself. But it's definitely gotten harder. I mean, obviously a lot more big companies are in the space and it's really challenging than it was.
Frank Rolfe: What's your favorite icebreaker line? I'm the seller. Hello, can I help you?
Miles: Yeah, and honestly, it's not so much what I say, but it's the energy that I bring behind it. So it's like, "Oh, hey, James, this is Miles. How are you?" And it's like it catches them off guard because they're like, "Good?" You know...
Frank Rolfe: They're wondering what's going on. Right.
Miles: "Good, I guess. Yeah. Who's this?" "Oh, hey, I'm Miles. We own some parks and we own about an hour away from you. I noticed your park. How's everything going at the park?" And so anyway, I've done it like, "Hey, we own this. Have you thought about selling?" And then they're like, "No," hang up. And so doing it this way, I feel like I can kind of keep them on the phone a little bit longer and if they're not interested...
Frank Rolfe: Build some rapport, bond, something like that, right?
Miles: Yeah, yeah. And so I feel like I get more of a initial warmer reaction when I start off very warm.
Frank Rolfe: Right. And what percent, if any, of those parks you own did you buy on either MobileHomeParkStore or LoopNet? How many did you find online? Any?
Miles: I don't think we found any. We found one storage online, but outside of that, no, we haven't found any of them online.
Frank Rolfe: Okay. And on most of these deals, again, just macro 5,000-foot elevation, between what the seller asked and what you actually signed on the agreement, what percent of the asking price do you think you were at? Were you 5% lower, 10% lower, 20% lower, or was it just pretty much they said, "I got to have X," and you ended up at X?
Miles: Yeah, I mean, a lot of... Honestly, it's not that much lower for us. Maybe 5% lower because if it's 40% lower where we think the deal works, typically they're not coming down that far. And to me, I'm not one to just beat them up because a lot of people have unreasonable prices. So if somebody says, "Well, I wanted X," and I think that's a good price, I'm not gonna negotiate. I'm just gonna get the deal done. So it's been fairly close to what they've asked for a lot of times.
Frank Rolfe: Okay, now let's break it into groupings on the financing side. What percent of these deals were seller carry? What percent were bank carry? Have you done any conduit or Fannie Freddie?
Miles: No, we would love to do Fannie Freddie, conduit. It's just where our niche has been finding some of these, well, now we want 50-plus pads, but for a while it was like, "Hey, 25 to 50 pads." And we have bought some bigger than that, but that's kind of been our niche and it's tough to get that with those... A lot of capex needed. But yeah, I would say in terms of the financing, in terms of all seller financing, I'd say that's probably about 10 to 15%. We've done a couple master lease options from the same seller because he needed to have... He was moving from a C to an S Corp and he wanted to avoid double taxation. So we did an $8.2 million deal with him and a $2 million deal with him. So those were two of our bigger ones. So those are two deals and then the rest were bank financing. But some of those did have a seller second on the back side of that bank financing because for a while, some of the banks would credit part of that seller second as part of your equity down into the deal.
Frank Rolfe: How have you ever come... Some sellers don't really fully understand the whole master lease or they're afraid of the master lease, worried you're crazy and you're gonna run the thing into the ground or who knows what. How have you gotten people over the hump on master leases?
Miles: Yeah, and honestly too, I think a couple of the sellers that we dealt with, like one was actually a real estate attorney that owned the park and another one had been a real estate investor for a long time. So they were a little bit more sophisticated than the typical person that we buy from. So I think for that reason they understood it and felt comfortable with it. And also too, what I try to do, if somebody gives me even a reasonable price at all, even in the ballpark, I try to go meet them in person. So I'm like, even if I'm not gonna be there, "Hey, in two weeks I'm gonna be in your area." Even if I'm really not, I'd love to stop by and take you out to lunch or buy you a coffee. And so I've just found that separates me from somebody else marketing them that never shows up in person. And then from there, over time, consistent calls and meetings, I feel like it's a lot easier to work in some of that, find out their needs in terms of what are you doing for the money post-sale, those sort of things in terms of working in those conversations about seller financing, seller second, or master lease.
Miles: And then they generally become warmer to that as they get to know you and trust you better.
Frank Rolfe: Right. And somewhere along the route in this adventure, you bought some RV parks. What made you buy RV parks? I don't know if it was a little period or if it's still interspersed. What makes you buy some RV parks sometimes?
Miles: Yeah, and for a while there we were seeing some really good cap rates for those and opportunity. And it is different than mobile home parks, but there are some similarities. And so we were starting to see more opportunity in that realm. And so the first one I was able to partner with a bigger group, he had experience and they ran it. So I wanted to learn from them and still get an acquisition fee and have a small piece of equity. And so I did that and then we understood it and then we bought some other ones. But just over time we found that they're obviously highly dependent on location. The tenants are more demanding in terms of service and amenities than mobile home park tenants. And we found it's highly dependent on how good your manager is. So that's a scary thing. Right? And so our good managers, the parks seem to go really well and then the managers that aren't as good or we have turnover, they don't go well. So when you're investing those sums of money and you have personal guarantees on the line, you want it to be more stable than that. So that's why over time we're like, yeah, we really like mobile home parks the best.
Frank Rolfe: And financing in RV parks can often be more difficult than mobile home parks. How have you been financing those? I know it won't be any conduit. Is it seller or bank? You've done six, is it like two and two or four seller and zero bank? How have you worked it?
Miles: Yeah, a couple of them were Five Star Bank out of Sacramento, who a lot of people know in the space that specialize in mobile home park and RV park. A couple were more local banks, small local banks that we had developed relationships with and trusted us. And then one was all seller finance. I think that was a $2 million deal there. So I think, yeah, three were local banks and then two were Five Star and then one was seller finance. So I guess we bought six.
Frank Rolfe: Gotcha. And let's talk for a minute about managers because as you just said, the manager is very, very important, particularly in an RV park. It can make or break you. Mobile home park is still important. Do you have an on-site manager on each park or how have you structured your management?
Miles: Yeah, we have a manager at each park. They don't all live in the park. I mean, some of them live five, ten minutes away. But yeah, we do have a manager in each park. And then we have to train them on Rent Manager, which is the CRM that we use. And then we have weekly one-to-one calls going over collections and delinquency and issues. And that's really helped keep them accountable, keep us accountable to support them correctly. And then we have somebody in our back office that helps run the operations. And then also we have somebody who's just solely focused on collections because we found the manager has so much going on. They can help with collections, but they have so much going on, they get to know the tenants. A lot of times they're not as good at collections as if we just have one person handling all our parks that doesn't know the tenants, that can call and really be firm.
Frank Rolfe: And let me just go down a few items and tell me whether you have these things centralized or if you do them out in the field. Okay? Invoicing: centralized? Do you do it from a home office or do you do it in the field?
Miles: Home office.
Frank Rolfe: Home office. Okay. And then calls coming in. I assume those go to the managers in the field. That's not centralized? Or do you have someone answering the phones who's centralized?
Miles: Well, we use Talkroute. So we have all our numbers listed there and so we can see voicemails, we can see who's called, but we do have that forwarded to the manager's phone.
Frank Rolfe: Gotcha. I assume you do some utility bill backs probably in some of these parks.
Miles: Yeah, we do have some direct bill parks which are nice, city water, city sewer. But yeah, we've primarily used Metron meters, and some we've done a flat fee just because it's a little bit easier to track without having to read it every month. And others we have billed for exact usage.
Frank Rolfe: And that's all centralized again, right? Because you get the readings, you do them through Rent Manager, you send them out of the home office, right?
Miles: Yes.
Frank Rolfe: Okay. What about eviction filings? Do you have the manager file evictions there themselves, or do you do it by mail from the home office?
Miles: It kind of depends on the county because sometimes they're a little bit antiquated and they make you show up, or some require an attorney, some don't. But yeah, for the most part, we generate those notices through Rent Manager, and then the manager will take care of that part.
Frank Rolfe: And do you physically collect rent, or do you take it through ACH, or what's your method?
Miles: No, we don't want any manager with a bunch of checks or cash or anything like that. So that's honestly one of the toughest transitions that we face when we take over a park and we have to switch all that over, and a lot of folks are very resistant to that. But we just give them a seven-day notice if they don't want to do it. So normally it takes about three months to get everybody on board, but sometimes you do have to evict people if they don't want to do that. So their options are to go to a Walmart or another type of grocery service center and they have a number and they can pay cash there, or they can pay through PayLease that's tied in with our Rent Manager and they can pay via ACH that way.
Frank Rolfe: How do you do your rules enforcement? Does the manager send you pictures of things they don't like and then they write up rules violation notices? Do you do HD drive-throughs with the managers virtually, or how do you get a handle on property condition?
Miles: Yeah, we could probably do a better job of that. But the managers, we actually visit. That's one of the benefits of having almost like a four-hour radius or less of where our parks are located is we can drive to any of them within a half day or less. So we do visit our properties fairly often. So a lot of times we can just see it. But yeah, the manager will print out warnings and notices and post on doors and call people and things of that nature.
Frank Rolfe: So I assume it sounds like most of the key items are through the home office, right? So the manager... And you're a professional salesperson, so you're looking for people-skilled managers, correct? That's what you're looking for, people who are good with people.
Miles: Yeah, and can communicate, and they do have to do basic things on a computer. They don't have to be great, but they do have to be able to log in and send an email or log into Rent Manager to document updates, because if they don't, then we really don't know what's going on at the property. So we train them and help them with that. But obviously it's tough. You want somebody who's not a pushover as well, but it's tough with smaller parks and things like that and you can only pay them so much. It's not easy to find a great manager, right? But if we have somebody with a good attitude and is coachable and wants to do it, that's half the battle honestly, and finding somebody that's a good person.
Frank Rolfe: And what's your current manager turnover rate would you say? Is it 50% a year or hardly ever? What's it like?
Miles: Yeah, the mobile home parks have been great. We've had very little turnover with that. But I think part of that too is we're very aware of not putting too much on them because we know, especially, you are not expecting somebody at that pay level, to have a very, very large number of skills. So I think taking the bulk of collections off of them has helped with that stress level. And then they can focus on making sure people's yards are clean, making sure people are following the rules, making sure we're aware of capex items, things of that nature, and they don't feel too burdened.
Frank Rolfe: What is your favorite interview question since you're looking for people-friendly communicators? What's your favorite interview question with a manager?
Miles: I like behavioral-based. So, "Are you good with people?" No, I don't ask that. I say, "Tell me the last time that a tenant or a customer, whatever they've been doing, somebody got upset at you. Walk me through that situation and how did you handle that?" And a lot of times you get specific stories of things that have really happened, and they loosen up and tell you the truth a little bit when they're telling a real story. So I think that's been helpful in fleshing out. And if somebody really avoids or evades your question and doesn't really answer your question, that's a red flag there sometimes.
Frank Rolfe: Are there any certain industries your better managers come out of? Most of our best managers come out of things like payday lending, industries that cater to the same kind of customer where they have often angry customers they have to talk down from the ledge, or customers who aren't very detailed and they try and push them forward on the right path. Are there any, like when someone walks in and you look at the resume and they're currently working at blank, is there any kind of industry that seems to be a good segue into mobile home park management?
Miles: I'm sure you have a lot better answers than me because you guys own a ton more parks than me. But I do think that anyone that's done something difficult, whether that's a certain industry or not, or had to manage people, that's always a good thing. So I think even somebody that's worked in the food industry or serving, where they have to communicate with a lot of different people and people get upset at them, that can be a good thing. We've had people from all different types of industries. One woman used to work for the police department. She was extremely good. We've just had all types of people. And we've made mistakes too. Different people that even worked in HR or somebody that just has a real type A personality and is strict on the rules, no matter what industry they're in, we've found that's a commonality with that sort of thing.
Frank Rolfe: And you mentioned all of these properties are roughly within four hours of you, is that correct?
Miles: Yes.
Frank Rolfe: So what part of America are we talking? Where are we? Where you are.
Miles: Kentucky, Ohio, West Virginia, and Tennessee.
Frank Rolfe: Okay, so you're kind of... What do we call that? It's not really southeast, but yet it's not super south far...
Miles: Yeah, some people call it the Ohio Valley, I guess.
Frank Rolfe: I've heard it called the Middle East. I don't know. That's kind of a bad term right now, right?
Miles: Right, right.
Frank Rolfe: Okay. So, going forward, are you going to try and stick within that four-hour radius or do you see yourself pushing farther out? Where are you going geographically from there?
Miles: Yeah, my partner three or four years ago moved to Charleston, South Carolina. And so we are a little more open now to South Carolina, North Carolina, Georgia, Florida, in that area. So that's something we are open to, but it has to kind of fit. It's got to be a minimum of 50 pads and we're careful. We will buy private utilities, but we just really try to vet them out and be careful about it. So, yeah, we are open to that, but preferably, yeah, we'd like to stick in our area because we have contractors, we have relationships, we know all the laws in the states, and so it is... We would like to stay in that area if possible.
Frank Rolfe: And West Virginia is a mystery to most Americans. Is it okay?
Miles: Yeah. It is...
Frank Rolfe: We've owned one park there, but even then, it's kind of an enigma. Like, most people have never been there, right? I mean, there's YouTube channels of people with Appalachian accents that scare people. I mean, is that area okay?
Miles: Yeah, I mean, there's different parts of the state. I mean, we've found that the tenant-landlord rules are... It is a little more difficult there to get someone evicted. I mean, it can take 90 days. And so that's been a little bit of a negative. But I think a while back it was based on coal mining and that whole industry is almost dead. There were a lot of factories there. My parents grew up there, so I know it pretty well. Charleston and Huntington were both at 80,000 people maybe 50 years ago. Now they both have 40,000 people. So the population has declined significantly. The lot rents are lower there for the most part. What's a little bit different, though, is the northern part, probably three and a half, four hours away, is Morgantown, where West Virginia University is, right next to Pennsylvania. The lot rents are higher there. There's some more money there. But at the end of the day, I mean, there's still a huge need for affordable housing. There's still jobs there.
Miles: Overall, it's not a huge... There's definitely not a ton of rich people there, but people still need housing, there's still jobs. But yeah, the eastern part of the state is pretty rural and not a lot going on, but there is a little sliver there that's actually... It's a weird geographical thing, like Martinsburg, West Virginia is only about an hour and a half west of Washington, D.C. And so the lot rents there are 550, which is way different from the rest of the state. So it's interesting. There's different pockets, but there can be some opportunity there. But there's not a ton of overall parks in terms of number in the whole state.
Frank Rolfe: Right. What was your... Or let me rephrase this. What did you learn from your best deal so far? And what did you learn from your worst deal so far? What was the big thing that made the good one really good? What made the bad one bad? What was the lesson learned that you said, "Okay, memo to file, not doing that again," or "Memo to file, I want to do more like that"? What was the big item?
Miles: Yeah. And what's interesting, we're at the process now, we've sold a couple, we're in the process of refinancing a couple. And so we haven't... I mean, I haven't been in the game, I bought my first park five and a half years ago, so it's not like I've been around for 15 years. But you always remember the painful lessons over the good ones. But probably the biggest one, we had an RV park that we personally guaranteed the loan, and we partnered with a couple people who were raising capital. And we were extremely busy at the time, we had a ton going on, and they wanted to run it, we let them run it, and they're just not very good at operations. And so then you get in this dichotomy to where they have a responsibility to the investors, but I have a responsibility to the bank. And if they don't run it well, then you're just kind of butting heads. And so the big lesson I learned was if you ever personally guarantee a loan, you need to be in charge of operations and have that control. Because at the end of the day, the bank's not gonna care who's operating it, they're coming for you if things go really bad.
Miles: So that's a big lesson that I learned. If you PG a loan, you need to have full operational control. So we won't make that mistake again. And then in terms of the ones that have gone well, and we're still in the process, our couple sales have gone well. And I think a big reason for that was we bought in a good area, but we were also open to doing that master lease with option, and we were willing to learn about it and understand it. And so being able to do that creative deal structure, I think, has opened up some good opportunities for us. But also, I've had some really fun ones to where my partner and I... Where maybe somebody else brought the deal and they're a newer type of investor and we have some knowledge and expertise, and maybe they bring me in to say, "Hey, I need you to provide some consulting for equity," or "Help run our marketing for equity."
Miles: And in that case, it's great because you may not have any money in the deal, you don't have to PG a loan, you're not fully having to do the operations. But if you add value, you can still make a good amount of money. And so we're looking at selling one of those right now. So that's been a fun way to be involved with other people without having all the responsibility of the investors and raising money, communicating, operating, PGing the loan, all those things.
Frank Rolfe: And where do you see yourself going from here? In other words, you guys have got how many lots do you have right now?
Miles: Yeah, we sold some. I think right now we have about a thousand, and then we operate right around 650.
Frank Rolfe: Okay. But what's your plan? Is the plan to... Are you happy where you are? Are you gonna try and grow to 2,000 or 5,000?
Miles: We actually had a meeting this week where we were really discussing this, so it's interesting. And we're reevaluating. We're both in a different phase of life than we were when we started where you'll do anything. And you have kids and you get more bills and things like that. So we're actually looking at perhaps gradually selling some of the assets like storage and RV and just solely focusing on mobile home parks. And I don't think for us it's as much because we bought a lot, but at times we may not own a very high percentage. And then at the end of the day and over years, you look at, "I'm taking all this risk, but is my reward really that much?"
Miles: So we're actually reevaluating and looking at maybe we position ourselves as the deal guys and the knowledge, and we can buy the deal ourselves or provide it to someone else. And maybe we take smaller pieces, but maybe we're not operating all of them, or maybe we're not signing on the loan for all of them, but we play a role and work towards our strength of finding deals and see where that leads. And sometimes that may be, "Hey, let's buy a smaller park and not raise money and just own a lot higher percentage of it," and maybe we can actually make more money that way. So we're just still in the process of thinking about how we want to move forward right now the next few years. Because as more people have known about the space, it's gotten tougher to find deals that really pencil out.
Frank Rolfe: So between MH and RV, which do you prefer? We own both also, but we greatly prefer mobile home park to RV park. But what's been your experience? Do you... Are you 50-50, or do you prefer MH, or what are your thoughts?
Miles: Yeah, we definitely prefer mobile home parks. We just feel like the time to really manage RV effectively, there's some factors out of your control, and it just takes a tremendous amount of time to really do it right. And you're highly dependent on the manager. Whereas in mobile home parks, the amenity expectation, we feel like there's less burdens on the manager in terms of they're not having to put on concerts and run the food truck and do all these other things that the RV park managers do. And just the huge demand for affordable housing right now, and it's only increasing in the United States. And then how burdensome it can be to have to move a manufactured home as compared to an RV and the cost, we feel like the tenants are really sticky. And so, for that reason, and like a lot of things you've talked about where just those mom-and-pop owners haven't raised rents in line with inflation over the years, there's still those opportunities to correct the rents to market. So we just... Through going through both, we definitely greatly prefer the MH.
Frank Rolfe: Okay. And Miles, we didn't mention the name of your group. What is your group?
Miles: Yeah, it's called Treeside Capital, or sometimes we say Treeside Community. So it's treesidecapital.com. We also have a Treeside Capital podcast on Stitcher and Apple as well. And that's just sharing some of the real-life trials and tribulations and stories and just what we're going through at the time. So either the website or the podcast, great way to anybody, feel free to reach out and send me an email or DM me. We'd love to chat. So...
Frank Rolfe: Well, Miles, we really appreciate you being here. Again, it's nice that park owners are one of the few groups that will openly talk about their business with no fear of competition because you can't build one next door, you can't build one across the street, can't build one even in the state in most states. So appreciate you taking your time to be here and educating people on what you've found going on so far. Glad you all have done so well with what you've got going on. I'll be watching your group as it rises up the top 100 list. But really appreciate you being here and giving us your insights as to how things have been going. And if someone has a question for you, if they were to email into us, would you be open to receiving any emails from people wanting to reach out to you?
Miles: Yeah, definitely. We love connecting with everybody in the industry. We still bring different investors on with our deals, or just anybody young looking to learn, we're happy to get on the phone. We've found a lot of deals or found ways to add value to everybody, whether they're experienced or new. And I appreciate you. You guys have provided so much knowledge and quality publicity to the space and helped more people get into it. And you guys were one of the big reasons that I was able to learn and get into the space as well. So I appreciate you continuing to do that and taking the time to talk to me today. It was fun being on.
Frank Rolfe: All right. Well, Miles, thanks very much for being here. Thanks, everyone, for spending your time learning more about mobile home parks, and we will talk to everyone again soon.