Why We Got Into and Stayed In The Mobile Home Park Business

www.mobilehomeu...
Frank tells you why we got into the mobile home park business, why we stayed in the mobile home park business and where we see the mobile home park business going.

[@randymarsh6253]

Repos are the way to go there. They can be found with a decent size lot for $10,000 cash. I bought mine in 2000 for $8000 cash and lived in it for 8 years while I put $900/ month up (which is what I would be paying in rent for a 1 br apt. or on mortgage payments) In '08 I bought my house on the courthouse steps for $68,500 cash. ( I lucked out since that year house prices crashed and there were a lot of foreclosures.) Right now my house is appraised at $144k, I've been renting out my old place for $500/ month and I still put my $900/ month up. I wouldn't look at a trailer as an investment since they depreciate so bad and wouldn't ever buy a new one, but they are a good for saving money on rent. I recommend this for young couples just starting out especially. It sucks to have to live in a trailer, but if you can make it through and save your money up like you're supposed to and stay away from the loan officer, I promise it will pay off. I've thought about buying up a few acres in the country and putting some repo trailers on it to rent out, but I'm going to save for a little longer and buy a house with some acreage so I can raise livestock then rent this one out. Not that I don't think that there's not money to be made in renting trailers but trailers tear up easy and tenants know how to make it worse. To me it's just not worth the headache. I lucked out with my tenants. I have an older couple I rent to and they take good care of it. I've had to replace a few floor boards that were buckling and had to put a new roof on, but I did all the labor myself and get good deals on material. I actually plan to sell it after my tenants move, hopefully find a young couple that want to do the same thing I did. I'd give them a good deal on it too. It's served it's purpose and I've made my money back on it many times over.

[@TrailerCashAcademy]

Great info Frank! Love your podcast... I've learned so much. Thanks for sharing :)

[@HABHDAY]

Think again about Clayton homes, they're turning dreams into nightmares. Read how: www.seattletimes.com/business/real-estate/the-mobile-home-trap-how-a-warren-buffett-empire-preys-on-the-poor/

[@robertruschak7083]

Brilliant!!!!

[@HomesByVanderbuilt]

Frank would like a follow-up of mobile homes vs. modular homes.

[@isaaccota6260]

31 minutes of my life I cant get back. He repeats everything over and over.

[@mrgoodtime87]

@cash starrinvestments they would rather watch it...then bitch

[@RobSummers]

Hi I just watched Why We Got Into and Stayed In The Mobile Home Park Business, I just wanted you to know I thought it was a good video, it's remarkable the number of comments you've got. Many thanks for posting. I am looking forward to your next video. Thanks Rob Summers Feb 01, 2014 03:29:28

[@officeaddict33]

It's true, most people earn very little but it's way more than 20%. There will always be a need for "affordable" housing and most lower income people can't qualify for a mortgage for a traditional home. 51% of ALL Americans make less than $30,000/year even though the cost of living, and certainly housing, continues to rise. And yes, it IS bad, not maybe. People are overworked and underpaid ....so yes, mobile home parks aren't going away anytime soon. endoftheamericandream.com/archives/goodbye-middle-class-51-percent-of-all-american-workers-make-less-than-30000-dollars-a-year www.theatlantic.com/magazine/archive/2016/05/my-secret-shame/476415/

[@yourepaymentisnowdueinfull9089]

Many of the older parks for sale need major work, water/sewer, the main reason the owners want to get out.

[@officeaddict33]

+You're Payment Is Now Due In Full - - It's YOUR, not YOU'RE.

[@yourepaymentisnowdueinfull9089]

+officeaddict33 I know. its only to piss off spelling Nazi's.

[@benphillips2934]

God this guy is like my wife, why say 5 words when you can say 10,000? should have been a 5 min video

[@officeaddict33]

+Ben Phillips - TOO.MANY.WORDS

[@SteveEdel]

Thanks for the story Frank. Boot Camp was great. Looking forward to more videos from a man that has flipped and held on to over 200 parks. Thanks for taking the time! Now the proud owner of several parks after boot camp ~ www.YourPark.com

[@lobosolopug]

yah i bought a home for 30 thousand and now 20 yrs laterafter spending anouther 10 thousand in repairs and upgrades. i cant sell it for 10 thousand and the park wont buy it back. so im stuck having to either move it wich i cant afford or forfieting it back to the park for free.mobile home parks are a scam the financial market doesnt even see mobile homes as a viable investment.

[@yourepaymentisnowdueinfull9089]

The worst part is when the owner dies, leaves the park to his meth addict son, who refuses to put any money back into the park, the other residents no longer care about they're mobile home, everyone just gives up. The water and sewer are both going bad, and the only people willing to move into the park, lower class, the manager will not approve, not a good scene. Many have just got so fed up and just left, leaving the mobile home to the park, or getting stuck paying space rent.

[@lobosolopug]

i sold it for 1000. and had to call the office twice for them to evict the homeless people sleeping in the empty home next door.

[@sabinepabst4227]

Sorry you had such a bad experience.

[@justinmann3248]

Where is this park located? I'd like to buy it.

[@LucasandJenna]

I enjoy your video! Just what I needed to learn now! I love a lot of the remarks too! I'll be checking out some more of your rock star playlists, please check out mine also! Thanks and God bless!

[@roberthenry918]

More and more MH park owners are selling because they see the writing on the wall....rent control is on the way everywhere. Taxes on the land will keep going up as well as park expenses. When the cash cow is all milked out, it's time to bail.

[@DivaGlamSquad]

Well I'm looking at this 4 yes later. What do you think now? To late?

[@randywestfall7984]

Sound quality is pathetic.

[@officeaddict33]

+Randy Westfall - Sounds fine on this end.