Renting Dirt: Nasir Ali of Rise360 Ventures on Manufactured Housing Communities

Nasir Ali runs Rise360 Ventures. He comes from eight generations in commercial real estate and is the second generation in manufactured housing, a business his family just marked 45 years in, through at least nine downturns. His case for the asset class is simple. "We own the land. And sure the common areas and whatnot, but essentially we're renting dirt." No plumbing, no electrical, no toilets for every unit. "I don't own the damn door."

Nasir also thinks the hard part of the cycle hasn't hit yet. As credit tightens, he says, it sets the stage for more creativity, more creative financing and alternative financing. And when budgets get cut, "people drop what they don't need. You can't drop shelter."

What Ed and Nasir get into:

• The late-1970s playbook, and why investors who couldn't adapt were left behind
• Commercial defaults in office and retail, and why they still hit everyone in commercial real estate through the banks
• Seller financing, master leases and the other options when bank lending dries up
• Why manufactured housing has been resilient, not just recession resistant
• "There's plenty of housing. The problem is it's not affordable." Affordability versus attainability
• Filling half-empty communities with a dealer arm, financing and turnkey three-bed, two-bath homes
• The get rich slow scheme: a three to five year journey from 60 or 70% occupancy to full
• What eight generations passed down when the money was lost: tenacity, knowledge and values
• The HVAC company he bought after 2008 that cratered overnight, and why you make sure you understand your domain
• Why his definition of success is one word

Also in this episode, Questions from the Underground, from Dave in San Clemente, California: an investor rehabbed and rented a house, and the refi appraisal came in short of what he needed to pull his cash back out. Ed covers why you need to be proactive with appraisers, not reactive, the packet he gives every appraiser, why any pushback is about the comp and not the number, and why he underwrites the refi at 90 to 95% of after rehab value before he buys.

Book mentioned:

• How to Win Friends and Influence People by Dale Carnegie, Nasir's pick

Get Nasir's free manufactured housing report at rise360ventures.com, or find him on LinkedIn.

Got a question you want answered on the show? Send it to ed@clarkst.com.

Recorded September 2026.

Real Estate Underground with Ed Mathews. Find us wherever you get your podcasts, at clarkst.com/podcast or elevista.com/podcast

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