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Clip: Season 11 Episode 3 | 1m 37s | Video has closed captioning.
Mobile Home University's Frank Rolfe leads a boot camp on how to invest in - buy, sell and operate - a mobile home park in the United States. The MHU co-founder tells it like it is; a park is a business and "you don't want to know your customers' names" as the investment is not about the people who live on the land they rent.
Aired: 03/16/23
[Frank] Uh, the mobile home park industry is hugely underpriced on rent.
The moms and pops of the world, they hate raising the rent because they befriend their customers, which, hopefully you'll learn in the next three days, you never do that.
You don't want to know your customers' names.
You don't want to know anything about 'em.
We just rent land.
Welcome to the Mobile Home Park Boot Camp.
I'm Frank Rolfe.
We'll be together the next three days with one simple goal, and that's to make everybody in here a competent investor.
Uh, at any rate, what we're going to teach you how to do in the class is we're going to show you how to identify, evaluate, negotiate, perform due diligence on, renegotiate, purchase, turnaround and operate mobile home parks.
Today, we're the sixth largest owner of mobile home parks.
We own over 160 mobile home parks spread out over about 22 states.
So, we've built that basically one park at a time.
We only own this grass and this concrete and the utility lines.
We don't own this.
So the very fact that this guy has built something that's totally bizarre is not our issue because he did it, and the guys at the city, good old inspector, he's certainly seen it.
Never done anything about it.
[Sara] You do these seminars how many times a year?
We do the seminars typically about six- six to eight times a year.
The majority of them come out, like the business model, go back, and then start looking for mobile home parks.
We get it.
Our typical park right now, we get 50 to 100 calls a week.
So, the affordable housing in every city in America is typically the mobile home park.
That's- that's it.
Statistically, right now, a third of the United States population, they make 30,000 a year or less.
That is kind of the sweet spot of the industry.
