Buying Income Streams by Investing in Mobile Home Parks and Self-Storage with Paul Moore

Paul Moore is the Founder & Managing Partner of Wellings Capital, a real estate private equity firm focused on mobile home parks and self-storage facilities.  He is an author, podcaster, a regular contributor to Bigger Pockets and an experienced real estate investor. In this episode, Paul talks about forcing appreciation, speculating versus investing, and some of the metrics he looks at for mobile home parks and self-storage facilities.

Paul talks about forcing appreciation and compressing cap rates as reliable ways to increase the value of an investment.  He explains what a cap rate is and how it works when forcing appreciation. He describes commercial real estate investing as buying an income stream and working to increase the income.

Paul talks about his decision to move from multifamily to self-storage and mobile home park investing because he saw there was significant undervalued opportunity in those asset classes.  He likes asset classes with mom-and-pop owners because a good operator can dramatically increase efficiencies. He estimates around 85% of mobile home parks and 50% of self-storage facilities are owned by mom-and-pop owners.

Paul discusses how he diversifies by operator, asset class and market, as well as how he does due diligence and vets operators.  He also talks about the advantages and disadvantages of investing in funds.

Paul talks about the difference between in investing and speculating – investing is when principal is safe with a chance to make a return.  Speculating is when principal is not safe and there is a chance to make a return.  

Paul discusses some of the metrics he looks at when evaluating a deal.  For self-storage – he looks at the density of self-storage in an area, requires the property to be on a main road and visible from the road, and the average income for the area should be equal to average income near the facility.  For mobile homes – he only looks at parks in a town with 5000 or more people, within five miles of a Super Walmart, and no private water or sewer.

Podcasts he recommends:

The Real Estate Guys Radio Show

Bigger Pockets 

Bigger Pockets Business 

Books mentioned on the show:

Storing Up Profits: Capitalizing on America’s Obsession with STUFF by Investing in Self-Storage 

The Hands-Off Investor 

Paul mentions his work fighting against human trafficking, below are the educational resources he recommended:


To connect with Paul go to

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