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HBO and The Ringer's Bill Simmons hosts the most downloaded sports podcast of all time, with a rotating crew of celebrities, athletes, and media staples, as well as mainstays like Cousin Sal, Joe House, and a slew of other friends and family members who always happen to be suspiciously available.
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In this episode of The Mailbox Money Show, host Bronson Hill and co-host Nate Hambrick dive into one of the most unique—and overlooked—real estate asset classes in the U.S.: marinas. With over 10,000 marinas nationwide and less than 5% consolidated by major operators, this niche offers remarkable opportunities for passive investors seeking strong cash flow, high occupancy, and compelling returns.
Joining the show is Josh Conley, COO of New Haven Marinas. Coming from a successful background in oil and gas, Josh now leads operations in a rapidly expanding marina portfolio backed by private equity partners. He grew up around marinas, understands the culture, and now helps investors access an asset class that behaves like “multifamily on the water”—with year-round demand, surprisingly low turnover, and impressive IRRs.
Josh shares what makes marina investing so attractive, how it compares to more traditional real estate categories, what risks operators must navigate, and why this sector is poised for significant consolidation and growth.
If you're curious about alternative real estate opportunities, want to understand the economics of marinas, or are looking for ways to diversify beyond multifamily and self-storage, this conversation opens the door to a whole new world of mailbox money.
TIMESTAMPS
00:42 – Season 4 kickoff of the Mailbox Money Show
01:16 – Buying insurance contracts as an investment
02:38 – Guest Intro: Josh Conley
03:36 – Leaving corporate after repeated layoffs
04:41 – How Josh entered the oil & gas world
05:54 – Transition from oil & gas to buying marinas
07:18 – Marinas as “multifamily on the water”
08:31 – U.S. marina fragmentation: only 5% consolidated
09:28 – Typical slip sizes, occupancy, and pricing
10:21 – Evictions and turnover dynamics in marinas
12:40 – Why marinas maintain near-100% occupancy
13:37 – Underpriced, mom-and-pop marina opportunities
16:59 – Typical marina deal structure and leverage
17:40 – Cap rates: marinas vs multifamily
18:44 – Target returns: 30%+ IRR
18:56 – Major risks: weather, flooding, drought
22:41 – Marina revenue mix: slips + ancillaries
24:36 – Private equity entering the marina space
27:39 – Comparing marinas to other niche asset classes
33:38 – How to connect with Josh and New Haven Marinas
35:03 – Why investors should learn the marina space now
36:50 – Final takeaways on high-cash-flow marinas
Connect with the Guest:
Website: newhavenmarinas.com
#MarinaInvesting
#AlternativeAssets
#CommercialRealEstate
#RealEstateInvesting
#CashFlowStrategies
#PassiveIncome
#MarinaOperations
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