Transition from apartments to MHP's

[Jesse Aiken]

I began my REI journey almost 3 years ago and have recently had an epiphany...I think it's time for me to pivot.

I started with a duplex in the fall of 2016 (house hack...still hacking), another duplex in late summer 2017, partnered on a SFH in the spring of 2018, and that's all so far. The original plan was to build capital and scale up with larger buildings. The next step in my plan was to buy a 4-unit, then another, and scale further with commercial apartments after that. I did a direct mail campaign last winter, had a good response, and even passed on a 4-unit building I could have had for 100k (wouldn't have been a bad deal but sounds better than it was due to my market and my numbers said 92k max purchase price). I've been feeling like I have been dragging my feet with the apartments and have recently come to the realization of the reason...I don't like apartment investing lol. I don't like being responsible for the buildings, turnover, constant issues, etc and the numbers aren't enticing enough with PM in place. I feel the need to pivot and have gotten excited while looking into MHP investing.

Its something I have thought about in the past, but not seriously until recently. I wanted to reach out for resources/advice/direction to get started investing in Mobile Home Parks. 

I am very interested in MHP investing and am trying to get educated on the topic. Currently looking into the MHU boot camp in  Pittsburgh in July and I'm about to pull the trigger. If anyone has attended, It would be nice to hear your thoughts.

I have the drive, some capital, and the ability to be successful. I feel that what I need more of is education, contacts, and support/possible partners. It would be great to connect with some people in the business and potentially work together in order to achieve greater success. Any help I can get would be greatly appreciated!

Sincerely,

Jesse Aiken

[Frank Rolfe]

Lonnie Scruggs' book is on mobile home not mobile home park investing. Lonnie once said that his biggest regret was not buying a mobile home park instead of the mobile homes -- he would have made ten times more money with a fraction of the effort.

If you want to know the correct way to identify, evaluate, negotiate, perform due diligence on, re-negotiate, financing, turn-around and operate mobile home parks, then the Boot Camp is the best event in the U.S., as well as the only one that teaches these things in a college-style pure factual information format in both a classroom as well as the field inside real mobile home parks. I'm obviously biased, but we have had virtually every substantial park owner in the U.S. through the class, and were reviewed by the New York Times who attended and loved the event (the writer called it the greatest thing going in affordable housing). Our day job is the 5th largest owners of mobile home parks in the U.S. and our hobby is talking about the industry and trying to elevate it to a mainstream investment sector.

As part of the course, I do deal reviews for all in attendance once they find the right property, and provide our proprietary park analysis software, our list of the 44,000 parks in the U.S., and access to a giant reference library of all contracts and forms (including our purchase contract). That's probably part of the reason the New York Times liked it so much -- it's no BS and we don't sell any expensive coaching or other products. It's just pure information.