For many years, the mobile home park industry had no available information except for a few ancient books like the 1955 “How to Build and Operate a Mobile Home Park” by L.C. Michelon. It was a lonely existence for park owners with nobody to bounce ideas off of or to share experiences. And that’s as recently as the 1990s. Today things have changed. So where can you go to get answers to your mobile home park questions?
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One of the key requirements of owning mobile home parks is to provide working utilities. But in many older mom and pop parks there may be problems with old lines that have been denied proper maintenance for decades. Here are some things to think about when it comes to the issue of replacing a utility system.
Read MoreTexas has been an important part of our mobile home park past. We have owned mobile home parks in Texas for over 25 years – it’s an extremely vital part of our strategy to look at every deal that comes up in Texas that meets our criteria. So do many other investor groups. So why is Texas such as great state for mobile home parks?
Read MoreIn the same theme as the bestseller “The 7 Habits of Highly Successful People” we would like to present our list of the habits of successful mobile home community buyers, along with thoughts on how to create these attributes and what the impact will be.
Read MoreThere are two types of inhabitants of mobile homes: owners and renters. One has a capital investment in the home and the other does not. We feel strongly that every resident in the mobile home park should have the opportunity to be an owner if they so choose. Why is that?
Read MoreIn the quest to create win/win opportunities with community residents, one that has become particularly appealing is called “cable bundling”. It allows you to offer the resident internet, telephone and cable TV inclusive in their monthly rent, at an incredibly low price. So what is “cable bundling” all about and how can it benefit your customers?
Read MoreA part of every mobile home is that material that visually connects the mobile home with the ground, and that material is called “skirting”. It’s a unique feature of the mobile home product, and no other form of housing shares this one trait. Sometimes made fun of as part of the park stereotype, it serves a useful purpose and every park owner needs to know it A to Z.
Read MoreWe have always found www.BestPlaces.net as a terrific resource for market data. It’s accurate, based on government findings, and clearly presented. However, there are some issues with their data that are not their fault but rather the byproduct of macro issues in certain cities. And these potential problems need to be discussed as they often paint an inaccurate picture of certain markets.
Read MoreWe’ve never been big fans of many of the names for what we do: “trailer park”, “mobile home park” or “manufactured home community”. The reason? It focuses on the home and not our business model. So we would like to make the following suggestion for a new name for our industry: “HD Subdivisions” which stand for “High Density Subdivisions”. Because that’s where this industry is heading over the next century – potentially away from “mobile homes” as we know them today and potentially into another product such as tiny homes or even something yet to be engineered. We do not think it makes sense to limit what we do as landowners in providing the best in affordable housing.
Read MoreHere’s a common sight in much of America – becoming more common every day. It’s the transport of a new mobile home from the factory to its new geography inside a mobile home park or on raw land. The sales of new mobile homes are increasing virtually every month, and have grown nearly 100% from their all-time lows about a decade ago. But what is fueling this trend?
Read MoreMany Americans have seen the movie “8-Mile” which is an autobiographical account of Eminem, the rap star. Much of the film takes place in the “8-Mile” mobile home park, which is depicted as a horrible dump that is infested with drugs, alcohol and hookers. The film performed well for the producers, grossing nearly $120 million worldwide. But it wasn’t exactly truthful. Here’s a photo of the real “8-Mile” mobile home park, also known as “A&L”.
Read MoreSo you’ve found a great mobile home park that has a desirable location, solid infrastructure, and a lot of upside opportunity in raising rents and filling lots. How do you convince the seller to give you the opportunity to buy it? There are seven key elements to consider in your discussions with the seller.
Read MoreAfter decades of Americans seeking to live in as large a home as they can possibly get financed, which culminated in the Great Recession of 2007, housing tastes have changed dramatically over the past decade. Many Americans are now striving to live in as small a space as possible, with the resulting tiny cost of doing so. This movement is collectively known as “tiny homes” and the strength of this demand has resulted in no fewer than five television shows based on “tiny homes”, such as Tiny House Nation and Tiny House Hunters. So how will this impact the mobile home park industry?
Read MoreSome things require the owner to be there 16 hours a day to succeed, such as a restaurant. Others mandate that the owner be there 8 hours per day, such as a law firm. But in the world of real estate, no sector requires less time on the part of the owner than the mobile home park. Why is that? There are several reasons.
Read MoreThe U.K. has voted to exit the E.U. That’s a lot of initials. But there’s one more: that’s “O.K.” with mobile home park owners. Indeed, Brexit is a great thing for the mobile home park industry, which makes big gains as a result, with virtually no downside. So if Brexit is thought to be the beginning of the end of the free world – and the stock market is certainly demonstrating that today – then why are mobile home park owners smiling?
Read MoreIf you follow any mainstream news or social media, you have likely seen or heard about the recent Flint, Michigan water contamination crisis. Essentially what is going on is the City of Flint, Michigan, as a cost saving measure, switched their water supply from Lake Huron to the Flint River nearly two years ago. Unfortunately, the Flint River water was more corrosive than the Lake Huron water and caused the metal and lead water pipes to break down. The lead and other contaminants in the pipes then leached into the water stream. Long story short, toxic levels of lead have been found in the City water supply, and residents are alleging they are sick as a result. The City faces class-action lawsuits, fines, and the onslaught of national media coverage. Spoiler alert, there is such thing as bad press.
Read MoreThe Mobile Home Park Investor’s Boot Camp from www.MHU.com is the #1 class and resource for learning how to identify, evaluate, negotiate, perform due diligence on, renegotiate, finance, turn-around and operate mobile home parks in the U.S. This Boot Camp has trained virtually every major buyer of mobile home parks in America, as well as the heirs to the largest portfolios in the U.S. One group that attended the Boot Camp was the New York Times that declared that “…the people involved with Mobile Home U may represent the best thing going in affordable housing at a time when the nation’s need for low-cost places to live has never been greater.”
Read MoreRoughly 10,000 Baby Boomers per day are entering retirement currently, and many of these are considering downsizing their housing needs and costs as a part of their overall retirement plan. Unfortunately, some may miss an important option to downsize into a manufactured home. While it’s not the correct decision for everyone, there are those who can’t properly analyze the opportunity due to ignorance of the facts. And that’s the case for the Yahoo Finance writer who wrote “Think Twice Before Downsizing to a Mobile Home in Retirement”.
Read MoreThere is an old saying that “those who can, do; and those who can’t, teach”. But there’s a select few who can do both: succeed in their business and honestly teach about how they attained that success. And one of those rarities are Frank Rolfe and Dave Reynolds, who are the 5th largest owners of mobile home parks in the U.S. Their portfolio is valued at nearly $1 billion, but it all started with just one mobile home park and now stands at over 250 parks in 28 states.
Read MoreIt was a close game between the Seahawks and the Patriots. But in the match-up between real estate asset types – from apartments to office buildings – the winner, once again, are mobile home parks. They are, year after year, the highest yielding form of commercial real estate. They score the highest in return on investment, stability, recession-resistance, financing capability; every metric you can imagine. Their returns are often 100% higher than alternative options. So how do mobile home parks win every year?
Read MoreFrom the New York Times to Bloomberg, mobile home park investing is starting to be recognized as an attractive real estate sector. So what has made mobile home parks suddenly on the radar screen of the real estate community? The sector has always done extremely well, but investors are finally getting over the stigma and learning to appreciate the power of affordable housing. So what’s so special about mobile home parks?
Read MoreMany investors are learning that mobile home parks are the best kept secret in commercial real estate. But they often do not know how to get started trying to find the ideal mobile home park to fit their goals. The following are the top five ways to find a mobile home park to buy.
Read MoreEarnest money is the financial tool that begins the process of buying a mobile home parks; an addition to the purchase contract. You cannot avoid it, so you need to learn all about it. And here’s what we’ve learned in over 200 mobile home park purchased completed in the past 20 years.
Read MoreMobile home parks have some uniquely attractive attributes, but one of the most appealing is the many different financing options available to buy a mobile home park. You will find more creative financing options in mobile home park investing than in all the other sectors of real estate combined. And this allows new investors to enter the business with lower risk and less hassle, as well as seasoned investors to take advantage of some extremely attractive structures.
Read MoreWe have literally taught hundreds of individuals the correct way to identify, evaluate, negotiate, perform due diligence on, finance, turn-around and operate mobile home parks. Some people think we’re nuts for doing this, but the truth is that we are far from crazy.
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