Preview:
SPARTANBURG — The group of investors who bought four neglected Spartanburg mobile home parks in July plans to fix up the units while also raising rent.
“We're not looking to come in and be the highest rent in the area,” said Tim Woodbridge, one of the investors who made the purchase. “We're looking to increase enough so we can put enough money back into the parks. If you're not making money, you're not putting the money back into the parks, into the homes, and all of a sudden it just cascades into a bad situation.”
The sale was brokered by Marcus and Millichap and includes 98 mobile home lots and two single-family homes.
The parks... Read More
Our thoughts on this story:
The group of investors who bought four neglected Spartanburg mobile home parks in July plans to fix up the units while also raising rent. “We're not looking to come in and be the highest rent in the area,” said Tim Woodbridge, one of the investors who made the purchase. “We're looking to increase enough so we can put enough money back into the parks. If you're not making money, you're not putting the money back into the parks, into the homes, and all of a sudden it just cascades into a bad situation.”
I commend the new owners on their narrative to the media, which is that you have to charge higher rent to offer a good, safe product.
And then, of course, the writer can’t help themselves to add this worn-out quote from a resident:
"If they’re doing an increase, they’re gonna put a lot of people out of a place to live".
You can use that same quote on literally every good and service in the U.S. right now, which are up a collective 20%+ under the Biden administration. It’s a meaningless statement. I wrote an article recently in which I highlighted that – under the government’s own budget-setting on-line help site for Americans – it shows that housing is not the #1 cost, but instead ranks behind healthcare, childcare, taxes and even transportation costs. When you get those four solved then you might start complaining about mobile home park rents going up! Give me a break.

