I Love It !! I bought my first park in 1993 with 70 lots and my downpayment was leasing back to the seller 10 lots that she had mobile homes on she rented out. I’ve bought 12 parks between $110,000 for 70 lots and $400,000 for 114 lots, and $1M for a 210 lot park. All within a 15 mile circumference of three interstates states merging together. Now these parks are worth between 3 and $5M each. Of course, they are all 100% full because I don’t tolerate empty lots. 🤗 I’m flattered by three or four calls I get every week from people/groups trying to purchase them. Btw, if there’s anyone who knows more about the mobile home industry, any aspect, I would love to meet them.
A year ago I went this route. Purchased multiple acres in Texas. Currently I’m fixing up mobile homes, which is so simple, and renting them. I stay outside city limits, put in commercial wells and septic. The worst people to deal with are utility companies.
I would like to see the mobile home guys team up with the co-living operators like common or we-live. I think there is a tremendous opportunity to change the optics on this type of development.
I think affordable housing is where you invest after you've invested in a lot of other areas. I don't think this is where new investors should be looking. Lower priced housing means, lower returns, and lower quality tenants. When you are getting into investing I think you need to maximize returns on investments. Don't get me wrong, I think this is a great place to invest but it is for seasoned investors.
Interesting take. I'm in CA. And it seems to be a market with potential, I'm a new investor and looking to in vest while the market may be there? I totally get the part of maximizing ones gains, but with the market hot In my area I'd hate to kick my self in the behind a couple years up the road when these manufactured housing units continue to trend. Interesting take, anything additional on that? 👍🏼
Can you cover investing in homes an utilizing section 8 funds I'm in social service and I know the lists are long and housing is limited under this program.
Yes this would be a good topic. I always thought section 8 was a difficult demographic, but I saw at least one comment that he focuses on sect 8 because it is guaranteed money.
These are definitely great times for RE investments... Too bad many are only available to the elites (ie: Accredited Investors) People need to start pressuring their Reps & have these opportunities opened up to main street!
Every park these guys have bought I am sure they raised the rents. I live in Florida and many of the older family owned parks are being sold out to investment companies like these. Lot rents are going up.
They seem like bright guy's but know little about mobile home park development! There's a reason that nobody wants to get involved with building mobile(only 10 in the nation!) home parks. You can get many more units per acre in apartments or condo's, making better returns. You only brush by the notion of rent control, as soon as you build a park, the tenants will lobby for rent control, politicians love giving away other peoples money!! Keven pulled out the 1950's play book of parks being built on the outskirts of the community and then eventually being redeveloped, yeah right, try closing a park for redevelopment, hundreds of angry tenants showing up at planning board meetings, it just doesn't or rarely get's approved!!! If you build a mobile home park, the spaces should be for purchase by the the tenants/home owner's. The problem with that is, your better off building stick built PUD's, same density, easier financing:)
