YouSaid · the spoken record

Bob Moser

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64
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2026-02-06
most recent
2026-02-06
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1
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podcast

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  1. “So basically from, let's say, 2000 through 2005, 2006, I was acquiring a lot of mobile home RV parks. I also owned shopping centers, a little bit of everything. It was a pretty diversified portfolio. And what really transitioned to me to become an asset specialist, which we are now, was how well self-storage was doing during the first financial crisis. I was doing a year-end portfolio review in around 2007, 2008, and the self-storage assets were a smaller part of my portfolio back then, but they were outperforming everything else at that time. It wasn't like they were going straight up, but they were so defensive and they were doing so well when all these other assets were getting beat up. And I decided at that point to become an asset specialist, singularly focus on self-storage. So I sold off over the next few years, I sold off the rest of the mobile home and RV parks. I had multifamily that went to third-party management.”

    2026-02-06 · Masters in Business · Unconventional Real Estate Investments: Masters in Business with Bob Moser · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “It was funny when you say that because when I was dealing with the CEO, there's a CEO at the time. I always won because I never really spoke to him then after. So I wonder if he actually put two and two together. I'm sure he did. But it was a really interesting transaction. It was the RV world was an interesting business. The RV parks. It was basically I was the first one to really use securitized financing in the RV park world. It hadn't been really done prior. So it was an interesting time.”

    2026-02-06 · Masters in Business · Unconventional Real Estate Investments: Masters in Business with Bob Moser · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “So, on that date, I sold him roughly five assets back then, which provided a substantial amount of liquidity to myself. And I went out and did a bunch of, that's when I really started to build the portfolio.”

    2026-02-06 · Masters in Business · Unconventional Real Estate Investments: Masters in Business with Bob Moser · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “So, what I did was, so my mom took the home equity loan, my parents did against their home. The first asset I bought, actually, I had sold to that gentleman 10 months prior. And I called him up and I said, hey, Wayne, I sold you this property. It was on Cape Cod. Would you be interested in selling it? And I sold it to him for $3 million. He ended up selling it to me for $5 million. Wow. 10 months later. And then I moved up to Cape Cod and I actually ran the asset for the first two years to see how the business worked because I didn't want to be that owner that would tell people what to do without actually being able to do it themselves. And then I bought my second property and then I bought my third. And then by 2005, August 12th, 2005, I had a large liquidity event. I sold a group of assets to Sam Zell. That's when he converted MHC, which was manufactured housing communities, his REIT to equity lifestyle communities. And he started to focus on RV parks.”

    2026-02-06 · Masters in Business · Unconventional Real Estate Investments: Masters in Business with Bob Moser · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “So that was basically in college. That was in college. That was in college. I became a real estate broker. Before college, I was a licensed salesperson. And then you have to have X amount of hours under your belt before you can become a brokerage. And I got my brokerage license in 97.”

    2026-02-06 · Masters in Business · Unconventional Real Estate Investments: Masters in Business with Bob Moser · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “Now, what I actually did was, I had these lists, obviously, that I got from the FOIL request, and I kept on seeing the same name show up. As buyers or sellers that were owners. So if I knew they owned five assets in that particular region, I thought, hey, if I develop one or I get a relationship with a seller, that would sell, I would bring it to that. You knew what to bring it. 100%.”

    2026-02-06 · Masters in Business · Unconventional Real Estate Investments: Masters in Business with Bob Moser · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “That's how I financed my first acquisition. So before that, I was facilitating transactions to making fees almost like a broker, but not a listing broker. And then the first asset I bought was when my parents took a home equity loan.”

    2026-02-06 · Masters in Business · Unconventional Real Estate Investments: Masters in Business with Bob Moser · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “So there was a, I acquired my first property shortly after college. And what happened was there was a mobile home park in Streetsboro, Ohio. It was actually called Camelot Village, a guy named Mike Duffy owned it. And I used to call Mr. Duffy probably every 30 days to see if he would sell his asset. And one day I finally got him to sell. And I made a nice fee on the transaction. But I still need it a little bit more. And the year I graduated, my mom took a home equity loan against the family house. Is that how?”

    2026-02-06 · Masters in Business · Unconventional Real Estate Investments: Masters in Business with Bob Moser · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “So, this was back in 97, 96, 97. It probably cost me a couple hundred dollars, which I really didn't have as a college student. But I realized quickly that that information was the key to finding assets. And what I would do is I would systematically go through these lists, basically county by county asset type by asset type, identifying the institutional quality assets that were still owned by mom and pops or non-institutional investors. And then I would do a deep dive on those assets. I would call and get the rents. I would call the tax assessor to get the real estate taxes. My goal was to know more about the real estate than the owner did by the time I called them on the phone to see if they'd be interested in selling. And then I would continually call them every 30 to 45 days after that until they became a seller.”

    2026-02-06 · Masters in Business · Unconventional Real Estate Investments: Masters in Business with Bob Moser · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “I'm like, oh, there's my real estate information. And he's like, actually, that truck out there is, I had boxes and boxes of the old DOS printouts of every self-storage facility, every mobile home park, every RV park, marina, multifamily.”

    2026-02-06 · Masters in Business · Unconventional Real Estate Investments: Masters in Business with Bob Moser · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “To have the ability to find the assets. So I decided to start a company in college to facilitate that transaction. Obviously, I didn't have any money. My dad was a retired New York City detective. My mom was a teacher's aide, so I didn't grow up on any wealth. But I figured out that if I could find good product, there was an enormous amount of buyers to buy it. And I did this by using the Freedom Information Act of New York and then various other states where I figured out that I could track all real estate asset classes using the same common denominator of water and sewer permitting. So I went down to Albany and I made my request and union was trimester. So I had these big gaps off around things giving the new year's. And one day UPS knocked at my door and I had converted my parents upstairs bedroom. And he's like, and handed me a box.”

    2026-02-06 · Masters in Business · Unconventional Real Estate Investments: Masters in Business with Bob Moser · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “location attributes of the property taken away basically the revenue stream what else adds value to the asset and I was really hyper focused on fragmented real estate assets so basically every real estate asset when you look at it goes through the same life cycle when their originally owned developed managed by local regional developers then over time the larger groups come in and consolidate so I was looking for that reflection point when that consolidation starts and I was focused back then in college on the thesis for manufactured housing communities and when you're a college student you know people pick up the phone when you call because they're always trying to help somebody out and it was very fortunate to speak to Sam Zell and some other obviously leaders in the real estate business and they gave me some great insight and one of the ones he said to me was that there's a lot of buyers but there's not much product out there you have to go out and find product for people if you're going to be a good real estate investor you have”

    2026-02-06 · Masters in Business · Unconventional Real Estate Investments: Masters in Business with Bob Moser · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “It's a good question. So it was on the valuation of income producing properties using hedonic and non-hedonic regression analysis.”

    2026-02-06 · Masters in Business · Unconventional Real Estate Investments: Masters in Business with Bob Moser · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “Tell you the truth, it was always real estate. So I've always had an affinity for real estate. Really? My mom tells the story that when I was like 14 or 15, she'd drop me off at the local real estate broker's office. And I would drive them nuts for a couple hours. And it was either that or just to get rid of me. Had of her hair probably. But I always had it, got my real estate license before college. I got my brokerage license while at college and actually started the business, basically my sophomore junior year while at union.”

    2026-02-06 · Masters in Business · Unconventional Real Estate Investments: Masters in Business with Bob Moser · IDENTIFIED FROM THE TRANSCRIPT · source