Why Private Equity Is Quietly Buying Mobile Home Parks
Randy Smith spent 25 years in corporate sales. Then he realized his money needed to work harder than he did.
He held business development and sales management roles at American Express and Waste Management, then built a private investment firm that helped investors deploy more than $13 million across multiple operators and asset classes. Today, he leads investor engagement and capital raising at 52TEN, a mobile home park investment firm.
In this episode of the Investor 1-on-1 podcast, Randy explains why he moved away from single-family rentals and into an asset class most investors overlook, even though private equity keeps buying it.
Watch the full episode with Randy Smith on the Motivated Sellers podcast.
From BRRRR Rentals to Passive Investing
Randy started where many investors do, with single-family BRRRR rentals, before moving into passive investing. Owning single-family homes out of state taught him how fast repairs and capital expenses add up, and how much of an investor’s time they consume.
The turning point was a single deal with Brandon Turner at Open Door Capital, which he calls one of the best investments he’s ever made. That deal introduced him to mobile home parks.
Why Mobile Home Parks Work
The model is different from almost any other rental. The investor owns the land, the tenants own their homes, and the investor avoids most of the turnover, repairs, and vacancies that cut into apartment returns.
When a tenant owns their home, moving out means physically relocating a house, which is expensive and difficult. So residents tend to stay put, and the income stays steady.
“Mobile home parks have less turnover risk.”
More Stable Than Multifamily
Randy explains why he considers mobile home parks more stable than multifamily, and why affordability will keep driving demand for years to come. As housing costs climb, a mobile home park is one of the last affordable options for many families, and very few new parks get built, so the supply of existing parks stays tight.
The Tax Advantage Most Investors Miss
According to Randy, depreciation on mobile home parks can run three to four times higher than on other asset classes. That’s because more of a park’s infrastructure can qualify for accelerated depreciation through cost segregation. For passive investors, that can mean significant losses on paper that offset income, while the asset itself keeps producing cash flow.
What Makes a Good Park Deal
Randy also walks through what makes a strong park deal, the red flags to watch for, the markets his firm targets, the deals they’re working on now, and his advice for anyone getting started in 2026. Watch the full episode for the complete breakdown.
Connect With Randy Smith
Learn more about Randy’s work at 52TEN and connect with him on LinkedIn.
Watch the full interview on YouTube.
Want more real, unfiltered stories from investors who built their business from scratch? Read , , and explore more episodes of Investor 1-on-1. See how our can fuel your pipeline, and create your free account to see leads in your market.
