AlaREIA Master Class
About This Show
The AlaREIA Master Class Podcast is a real estate education podcast for the Alabama real estate investor. With some of the most successful investors in the state of Alabama, this is a must-listen if you are serious about real estate in Alabama. We cover rental property, rehabbing, wholesaling, and any other creative form of real estate that exists.
Most Recent Episode
021: Mobile Home Parks with Frank Rolfe
5 days ago
Frank Rolfe, with his partner Dave Reynolds, teaches people across the country how to buy, manage, and sell mobile home parks. Frank and Dave are the fifth largest owners of mobile home parks in the US, with 23,000 lots in 28 states. In this episode, Frank talks about his decision to get involved with mobile park home real estate investing, as well as some of the benefits of investing in this industry. He discusses some things to look out for, as well as resources for people new to the industry. Key Takeaways: [4:28] Their venture started as hobby: about a decade ago, they started writing little books about the industry and would sell them on Dave’s website. As that industry grew, they’ve covered everything from managing, buying, and operating mobile home parks. Both Frank and Dave continue to write, as demand continues to grow. [7:01] How would one go about analyzing and purchasing a mobile home park? The first thing you have to do is set your territory — a good distance is probably 4-5 hours from where you live. After you know where you want to buy, you need to decide what you’re trying to buy; Frank shares the numbers behind this decision. Some nice commodities are city water and city sewers, paved roads, no master electric or gas, enough space, and desirable location. [9:21] Frank talks about recession-resistant markets, and some locations that are ideal for mobile home parks. There are two kinds of locations — nice suburban areas and gritty urban areas. He also discusses some others favorable aspects they look for, including economics. [11:23] Brian and Frank talk about some different issues newcomers might face. Frank shares an example of capping the home rent, and how this can be detrimental to your business. [13:35] The Southeast is not typically desirable to buy mobile home parks. To make the industry work, you have to have two things: 1. Contrast between home values and mobile home values and 2. A market with a recession-resistant economy. In some cases, it’s just as affordable to live in a “stick-built” house as a mobile home. Additionally, many economies are not as diverse as far as the employment sector. [16:20] Frank and Dave have looked at properties in Alabama and other surrounding states, and although they haven’t found anything so far, the stats