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Treeside Capital PodcastAuthor: Miles Noland
Treeside Capital invests in RV and mobile home parks across the Midwest and Southeast. We share real stories of buying, improving, and operating parks from financing and management to investor strategy helping you learn how to build lasting wealth through outdoor hospitality and affordable housing. At Treeside Capital, we buy, improve, and operate RV and mobile home parks across the Midwest and Southeast. Our mission is to create clean, affordable, and community-focused places for people to live and travel. Each episode explores the business behind outdoor hospitality and affordable housing from deal structure and financing to operations, management, and investor strategy. Whether you're an investor, park owner, or just curious about the industry, Treeside Capital pulls back the curtain on how to find value, solve problems, and build long-term wealth in the RV and mobile-home park space. Language: en Genres: Business, Entrepreneurship, Management Contact email: Get it Feed URL: Get it iTunes ID: Get it |
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Underwriting Reality: Bank Statements Don't Lie
Episode 151
Wednesday, 18 March, 2026
Everyone loves to talk about IRR. Very few people want to talk about bank statements. In this episode, I walk through how we actually underwrite mobile home parks and small commercial deals — not the "broker OM fantasy version," but the real operator version. We'll cover: Reconciling the P&L with actual bank deposits Matching rent rolls to collections (and spotting gaps) Evaluating business licenses and regulatory risk Utility exposure — water, sewer, electric, RUBS, city tie-ins Expense ratios vs. what they should be Market rent reality vs. pro forma wishful thinking Hidden costs: roads, sewer lines, deferred maintenance, tax reassessments Exit cap rate discipline Stress testing the deal if things go wrong This isn't about selling a dream to investors. It's about protecting capital. Underwriting isn't about how good the deal looks in Excel. It's about how it performs when reality hits. If you're raising money, buying parks, or trying to avoid learning expensive lessons the hard way — this episode is for you.
