I am fairly new to REI investing and after a couple months of learning, I have decided to focus my time and energy more on learning about mobile home park investing as I have decided that it will be my niche starting out. I was wondering if anyone has purchased the above course and if it was worth the purchase. It looks very promising and informative. I am also looking into their boot camp as well so if anyone has completed that before and could give me some insight on their experience of it, it'd be greatly appreciated. Other education related recommendations are also encouraged. I'm trying to invest my time and money in the best possible education I can for myself before I dive straight in and buy a park, which hopefully will be in the near future. Any and all advice is appreciated. Thanks in advance!
Your guess is very accurate. The cost to build a new mobile home park lot is currently running around $15,000 to $20,000 plus the land and the "soft costs". Of the "soft costs" the largest is often the "tap fee" -- essentially the fee that the water/sewer department charges to allow you to connect to their utilities. While this fee may only run $1,000 per lot or less in some markets, we've seen it as high as $25,000 per lot in some parts of Colorado. Make sure you know this "tap fee" in advance, because they will not tell you about it until you have already built the park and then want to connect. They do this so you are effectively "trapped" into paying them.
I co-wrote the course and it contains all of the lessons learned from 25 years of starting from scratch and growing into the 5th largest owners of mobile home parks in the U.S. It tells you, in granular detail, how to correctly identify, evaluate, negotiate, perform due diligence on, finance, turn-around and operate mobile home parks. Am I passionate about the course? Absolutely. We wrote it for our own kids.
Buying a larger mobile home park right in the beginning of your investment career is like buying a large multi family. It can be done successfully however there is a lot more risk if you have no experience. You may consider a small park local to you that you can learn from before adventuring into something large which is what most of the large investors are going after. Obviously, if you want to grow fast go big fast, but I would really suggest bringing in an experienced partner on the first one. Keep in mind to a statistical fact that more than 80% of people who buy any type of coarse do not follow through on it. So if you’re starting out you want to make sure you’re not just excited about the idea.
I personally have not gone through the course I hear it’s very good and from listening to his podcast I assess things the same way he does. So in all likelihood it’s going to cost you a few thousand dollars but if you follow through with it and don’t get discouraged, you’ll probably be successful but it will not be easy regardless of what anyone tells you starting out.
@Frank Rolfe Thank you for the reply! I’ve been listening to your Mobile Home Park Mastery podcast for some time and it has helped me a tremendously so I’d like to thank you for that! It led me to finding out about your course. I was wondering if you would happen to have any promo codes for the course? I’m interested in purchasing the $997 bundle #2. If not, no worries. Thanks again!
I took the weekend course 4 years ago. Since then we have purchased 5 parks. I have been to many weekend real estate events through the years and can state unequivocally it is the best and most comprehensive event I’ve ever attended.
When you supplement the course with the podcast you will have everything you need to purchase and operate a park successfully. Good luck to you and Thanks so much to Frank and Mobile Home University.
@Frank Rolfe Hi Frank, Appreciate your efforts for MHP community.
We are looking at building new mobile home park. As of now approved for over 250 pads , here in GA. At height level how much it will take per pad, for road and utilities.
Your guess is very accurate. The cost to build a new mobile home park lot is currently running around $15,000 to $20,000 plus the land and the "soft costs". Of the "soft costs" the largest is often the "tap fee" -- essentially the fee that the water/sewer department charges to allow you to connect to their utilities. While this fee may only run $1,000 per lot or less in some markets, we've seen it as high as $25,000 per lot in some parts of Colorado. Make sure you know this "tap fee" in advance, because they will not tell you about it until you have already built the park and then want to connect. They do this so you are effectively "trapped" into paying them.