Portfolio worth north of $100M
Team Outsider's 16-campground portfolio is now worth over $100M, having been built on $60M of raised capital.
Where this was said
Josh Weissenstein, $20M camp ground business
At 25:32 · chapter starts 20:31
Shaan asks why anyone would choose campgrounds over other real estate categories, and Josh rattles off the structural advantages: strong cash yields, very attractive depreciation on roads and infrastructure (similar to manufactured housing), limited land/building value making them tax-efficient, and operational complexity that keeps unsophisticated buyers away. [1] — Josh Weissenstein "A, you can't outsource culture. So that was going to be really important for our success." 28:44 He explains that two major manufactured-housing REITs have significant campground exposure, which gave the team early validation for the asset class. The biggest culture decision came early: after initially planning to outsource property management, Cody moved in on-site for a full year learning every detail, leading to the conclusion that culture cannot be outsourced and no competent third-party operators existed who could scale with them. The resulting in-house operating company is now 350 people strong. Josh closes with memorable anecdotes — a nine-bank robber quietly employed at one site, and team members selling fallen trees for cash on Facebook — that illustrate the colorful realities of managing dispersed hourly workforces.
Team Outsider: Buying Family Campgrounds for $20M in Revenue
Josh Weissenstein and his partner Cody have acquired 16 family campgrounds across 10 states, generating $20M in annual revenue on $60M raised — with a portfolio worth over $100M. They specifically target mom-and-pop operators approaching retirement who care deeply about who takes over their community.
Team Outsider: 16 campgrounds, $20M revenue
Team Outsider owns 16 family campgrounds across 10 states with ~4,000 sites, generating $20M in annual revenue after raising $60M.
First campground: $500K revenue, 35% NOI
Team Outsider's first acquisition near Grand Teton generated ~$500K top line revenue with a 35% NOI margin (~$150K), bought for $3M using an SBA loan covering 80%+ of the cost.
The First Campground Deal: SBA Loan, $3M, and a Double
Team Outsider's first buy was a campground near Grand Teton generating $500K revenue and $150K NOI, purchased for $3M with an SBA loan covering 80%+ of the cost. They doubled the NOI to ~$300K, refinanced to pull all their cash out, and used that capital to buy the next one.
Why Campgrounds Are Underrated Real Estate
Campgrounds offer strong cash yields, very attractive depreciation characteristics similar to manufactured housing (roads and infrastructure are depreciable), and limited land/building value — making them tax-efficient. The operational complexity that scares most investors is actually the moat: it creates value-add opportunities that simpler real estate doesn't.
Team Outsider: Scrubbing Toilets and Building an Opco
Josh's partner Cody lived on-site at their first campground for a full year scrubbing toilets and learning every detail of the operation. The lesson: you can't outsource culture, and at the time there were no competent third-party operators who could scale with them. So they built the entire management company in-house.
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