Property Profits Real Estate Podcast

A manufactured home can become a very different asset when it sits on its own land and is properly converted to real property.
Alex Martinsen and the Lotline Homes team are using that idea as they work in the affordable housing space. Their projects typically involve placing a double wide manufactured home on its own parcel, often an acre or more, then adding the septic system, well, power, driveway, landscaping, and other work needed to prepare it for sale.
At the time of this conversation, the team had reached 91 properties in about six months. Fourteen homes were already listed, three were under contract, and the first closing was still ahead of them.
Alex explains why zoning and soil tests can kill a deal, why the team wants to keep the time from land purchase to listing close to three months, and why proper setup matters for buyer financing.
He also shares a lesson from his startup background. Sometimes a bigger and faster goal creates more focus. Lotline Homes set a target of 100 projects in its first 12 months, even though the team had never completed one when it started.
Key topics and takeaways:
How the land home package model works
Why converting the home and land into real property matters
How zoning and PERC testing affect a land purchase
The process from raw land to a finished property listed on the MLS
The team goal of 100 projects in 12 months
Why Alex documents the wins and losses on social media
Guest information:
Alex Martinsen is part of the team behind Lotline Homes. His background is in startups, team building, and launching new businesses rather than real estate.
The company was active in North Carolina, South Carolina, Georgia, and Florida at the time of recording.
Instagram: Alex Martinsen underscore
Alex describes himself there as the Land Home Package Guy.
Call to action:
Alex wants to connect with people who sell land in North Carolina, South Carolina, Georgia, and Florida.
He also invites people interested in business, real estate, and building something new to follow his work on Instagram, where he documents the wins, losses, and behind the scenes work of building Lotline Homes.

Capital raising has become louder, faster, and easier to market. Gregg Gruehl says his team has responded by going back to something much older: trusted relationships.
Gregg brings a background in institutional industrial real estate and now works with Egan Gardner Development. His team recently broke ground on a 70,000 square foot industrial project in Cedarburg, Wisconsin, and is working on a 150,000 square foot project in Madison.
Gregg explains how the team decides whether to build, stabilize, and sell a project or work with capital partners that may hold an asset for seven to ten years.
He also shares what he has seen in the capital raising world. AI and social media have made it easier to create strong marketing, but good marketing does not always mean someone understands the deal. Gregg talks about situations from his consulting work where his team would not put its name behind an underwriting simply because a client could sell the opportunity well.
Key topics and takeaways:
Why Gregg moved from institutional real estate into industrial development
How his brother uses old school land sourcing, including knocking on property owners’ doors
Why their Cedarburg project can serve smaller local businesses and data center suppliers
Why trust matters more to their capital strategy than being the loudest person online
How triple net leases can shift many property expenses to industrial tenants
Why industrial vacancy can create a very different risk than multifamily vacancy
Guest information:
Gregg Gruehl is a partner involved with Egan Gardner Development. His background includes REITs, private equity, institutional industrial real estate, and consulting with industrial developers across the United States.
To connect with Gregg, search for Gregg Gruehl on LinkedIn. Gregg said his name is unique enough that he is easy to find, and he welcomes messages there.
Call to action:
Search Gregg Gruehl on LinkedIn and send him a message if you would like to connect.

A row of burned out RVs and piles of trash can look like one impossible problem. Andrew Cramer learned that the key was breaking that problem into smaller pieces and solving them one at a time.
Andrew is with Bridgeview Asset Management, a company focused on manufactured home communities in the Pacific Northwest. His team looks for properties that often sit outside the institutional market and need real physical work.
Andrew walks through a Northeast Portland community that became one of his favorite projects. His team removed vacant units, cleaned up debris, worked with residents, added new homes, improved streets, installed lighting, added security, and created a playground.
The work also produced a strong investment result. Andrew says the property was purchased for about $2.75 million, received around $1 million in improvements, and sold about two and a half years later for $7.1 million.
Andrew also explains why he believes the stigma around manufactured housing can hurt residents. He sees a connection between improving the community and improving the value residents see in their own homes.
Key topics and takeaways:
Why Bridgeview looks for manufactured home communities other buyers avoid
How Andrew breaks a difficult property problem into smaller, solvable pieces
The Northeast Portland project that went from rough conditions to a stable community
Why street lights, locking mailboxes, security cameras, cleanup, and playgrounds can matter to residents
How older records can sometimes reveal spaces that once existed on a property
Why Andrew sees community improvement and investor returns as closely connected
How the stigma around manufactured housing can affect people considering home ownership
Guest information:
Andrew Cramer is with Bridgeview Asset Management. The company has been focused on manufactured home communities for about 15 years and currently manages around 1,200 units across approximately 23 properties.
Andrew mentioned Clayton and CAVCO as places people can look at examples of manufactured homes being built today.
To connect with Andrew, search LinkedIn for Andrew Cramer. He also suggested searching for Bridgeview Asset Management to help locate his profile. Andrew said he has written many LinkedIn articles about manufactured housing, tiny homes, and related topics.
Call to action:
If you want to learn more about manufactured housing, home builders, real estate investing, or the industry, Andrew invited listeners to connect with him through LinkedIn.

Ray Smith found a real estate niche hiding inside old neighborhood houses.
Instead of buying another standard residential property, he converts old bungalow houses in St. Pete into turnkey restaurant spaces. He designs them, builds them out, handles many of the major requirements, and gives restaurant operators a space that can be much closer to opening day.
Ray started in commercial real estate in 2013 after buying a multi use building for his office. From there, he bought more office properties and eventually began turning some into restaurant spaces.
He explains why he often does not install a large kitchen hood, how newer cooking equipment gives restaurant operators more options, and why he believes the neighborhood setting helps make these spaces attractive.
Ray also talks about his move away from residential properties. He once owned more than 100 residential units and has completed about 350 fix and flips. At the time of the interview, he was down to about 18 residential properties and planned to continue selling them.
Key Topics
Why Ray moved from residential properties into neighborhood commercial real estate
How he turns old bungalow houses into restaurant spaces
What makes a restaurant space truly turnkey
Why he often avoids the cost of installing a large kitchen hood
How triple net leases reduce many of the management headaches he dealt with in residential real estate
Why location, parking, walking traffic, and neighborhood feel matter
How Ray separates properties into a legacy portfolio and shorter term investments
Why he prefers a small group of trusted investors instead of constantly raising money
Guest Information
Ray Smith is a real estate entrepreneur focused on neighborhood commercial properties in and around St. Pete, Florida.
He has completed about 350 fix and flips and previously owned more than 100 residential properties. His current focus includes restaurant spaces, neighborhood retail, mixed use properties, and some warehouse space used for art studios.
Website:
orangebeltInvestments.com
Visitors can see examples of Ray's restaurant and real estate projects on the website.
Call to Action
To learn more about Ray's projects, visit:
orangebeltInvestments.com
Anyone interested in investing with Ray can also complete the investor questionnaire on his website.

What happens when a property is already making money without a website, strong marketing, or a modern booking system?
That is part of the opportunity Rochelle Petersen and her partners saw in an RV park and mixed use property in Chester, California.
Expanded Description
Rochelle has invested in multifamily and development deals, but her current focus is RV parks.
She joins Dave to walk through a property her team was preparing to close on in Chester, California. The property includes nine motel rooms, a three bedroom house used for short stays, and fifteen RV pads.
The business was already operating, but Rochelle says there was no dedicated website, little marketing, no dynamic pricing, and many bookings were coming through phone calls, a Google listing, Airbnb, and camp spots.
That gave the team several areas where they believed better systems could improve the operation.
Rochelle also explains how the team divided responsibilities. Her work included capital raising, insurance, acquisition details, and systems. Other partners handled areas such as seller financing, legal work, the website, marketing, and AI assisted booking.
Key Topics and Takeaways
Why Rochelle moved from multifamily and development toward RV parks
What she looks for in a value add property
How her partners divide responsibilities based on strengths and experience
Why a property with little marketing can create an opportunity
The role seller financing played in the Chester acquisition
Plans for a website, better marketing, dynamic pricing, and improved booking systems
The planned five year refinance for investors
 

Safe is sexy.
That simple phrase sums up a big part of Merrick Lee’s approach to medical real estate.
Merrick is a partner on the funding side of Love Capital Partners, where the group has built a portfolio of 94 properties. Their main focus is medical real estate, especially buildings used by dentists and veterinarians.
Merrick explains why the group chose triple net leases instead of focusing on multifamily. He also shares how he approaches capital raising.
For Merrick, it is largely about real relationships.
He meets people while traveling, at business events, through finance circles, and through existing connections. Instead of leading with a pitch, he gets to know people, learns what they are investing in, and introduces the offering when it fits the conversation.
Key topics discussed:
Why the portfolio focuses heavily on dental and veterinary properties
How Love Capital Partners reached 94 buildings and Series 3
Merrick’s role bringing investors into the deals
Why personal networking works better for him than random LinkedIn outreach
How investor referrals and repeat investors have helped the group grow
Why Merrick and Dave describe the approach as “safe is sexy”
The group’s interest in continued growth and a possible future REIT
Guest information:
Merrick Lee is an online marketer, real estate entrepreneur, and partner on the funding side of Love Capital Partners.
Connect with Merrick:
investwithmerick.com
Merrick also jokes that you can Google “the coolest guy on the internet” to find him.
Call to action:
If you want to learn more about Merrick and the investments he discussed, visit investwithmerick.com.