All Forum Posts by: LaShanda Friedrich

We just bought our first park. And of course within days we are on the hook for a $3700 heater repair. Of course when we bought it we were told how low maintenance it is, yada yada yada. We have 7 parked owned homes out of 11 and want them all converted to tenant-owned ASAP.

How should we go about doing this? Should we just give them away or sell them for dirt cheap (they’re super old), then keep lot rent about the same as what they were paying? For those who don’t want to do that, can we end their lease and sell it to someone for cheap to buy? There’s no shortage of people who would. I want to be in the land business and I’m too high strung to be a landlord. I know things can go wrong with land but a heck of a lot more things go wrong with a house.

We are in the process of buying another park but at this junction, no. I told the owner he would have to convert to tenant owned homes or we would walk. I would rather just buy the alternate RV Park we are looking at.

Thanks in advance for advice!

@Stryker Brown That's exactly what I was thinking ... but they're not wrong. A small rent hike of $25 per month is coming in January. The previous owner had it for less than a year and pivoted in business ventures. I do not believe he raised the rent when he took over. The median price for a home in the area is $189,000. Small apartments are $650 and 3 bedroom rental houses start at $850. Their rent will be $450 on a crazy large lot. I think they will absorb it very well.

@Jack Martin Thanks for your advice! The first improvements we will do to park #1 is cool seal the roofs. I will also check the condition of the entry way (sign, mailboxes, etc.). We also are hiring yard people instead of having residents mow their own grass, which is done with varying degrees of diligence. LOL. Hopefully if they see we care about the outside then they'll trust us to let us make repairs on their home. Park #2 needs to up the price for our 1031 exchange so the owner will put on new back porches, cool seal roofs and do other improvements.

My mother was so hurt by their living conditions and asked why we would want to buy it. She was almost shell-shocked. I told her in the spirit of @Frank Rolfe "Don't be put off by the beach towel (in one case it was a Confederate Flag in Park #2) as the curtain" and told her it's by God's grace she doesn't have to live there. One place in Park #1 had hefty bags over the windows and my brother said it's their blackout curtains. I saw one in an adjacent park to Park #1 that had a washer, dryer and fridge in operation on the front porch! LOL! This process has been adventure, to say the least, and I am loving every minute of it!

On another note, we just bought a second home in Peoria, where will relocate next year! I love some Arizona! First time I visited, we bought a house!

Wow! I did not expect the great @FrankRolfe to be the first response! I am humbled! Thanks for your sage advice and content. I hope you resume in-person MHU Bootcamp very soon!

Hello everyone. My husband and I are new to mobile home park investing. We are under contract for one and in talks to buy another one in a few weeks. This question below is for our park-owned homes. 

The properties that we looked at have older trailers with long-time residents. I wanted to put up a new sign, landscaping and a fence (like Frank Rolfe does), but have been discouraged from doing so. I felt almost sorry for the residents and wanted to give them something. My dad (who invests in mobile homes not in parks) and another investor said they are happy the way they live and coming in and quickly overhauling their way of life is not advisable. The property manager said if they want something, they will let us know. For example, I saw one trailer with the skirting completely ripped away. I asked my dad if they wanted that fixed and my dad says they use that space as storage and they would tear it off as soon as I left. He said he saw a lawnmower and other stuff under the house. It seems like it is a live and let live situation, which kind of goes against Mobile Home University's teachings. They pay on time and keep the grounds neat, which is worth something. Please keep in mind these are not Frank Rolfe-esque mobile home communities with new homes.

So, how do I balance my desire for park restoration while being sensitive to residents? Should we enlist the property manager for responses? For my seasoned mobile home park investors, how have you conducted your mobile home park turnaround? Any advice for us?