Although we focus specifically on buy and hold investing, real estate investing can encompass a wide variety of assets. If you’re interested in diversifying your portfolio to include commercial real estate, today’s show is for you! I’m interviewing Frank Rolfe, whose portfolio includes over $800 million worth of mobile home parks across country!
On this episode of Investing in Real Estate, Frank is sharing how he began purchasing mobile home parks, and how seller financing allowed him to explore commercial real estate. We’ll also talk specifically about how he finds his deals, and what it’s like to take over an existing mobile home park.
More About This Show
Frank never dreamed of being a real estate investor. In fact, his entire life he planned on being an advertising executive. He attended Stanford University, where he graduated with a degree in economics. He then took a year off to start a billboard company, and he planned to earn his MBA the following year.
However, during his time in the billboard industry, he found himself faced with a real estate deal he couldn’t pass up. Frank met a mobile home park owner, and began inquiring what owning a mobile home park entails. The owner offered to sell him the land.
They agreed upon a seller-financed deal totaling $400,000. Frank was required to put down $10,000, and the seller carried the remaining $300,000 for thirty years. Frank closed on the property within thirty days, and just like that, he became immersed in the mobile home business!
Frank didn’t know what to expect as he approached his first mobile home park. The first thing he did was apply for a concealed handgun license. He then purchased a pistol to carry on site. Like many people, Frank thought a mobile home park would be dangerous. He quickly learned that this is not the case, and that mobile home parks are very similar to subdivisions.
Today, Frank owns over 200 mobile home parks. He suggests that in comparison to other real estate investments, mobile home parks are an easier venture. Frank simply owns the land on which tenants park their homes. Therefore, he is not concerned with vacancies or capital expenditures.
On today’s show, Frank is sharing more about his experience as an experienced mobile home park owner. We’re talking about how he analyzes deals, the benefits of seller financing, and why owning mobile home parks is a no-fail strategy. Frank is also sharing his insight on what it takes to get started in the world of commercial real estate!
We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family.
On this episode you’ll learn:
- Why does society hold misconceptions about mobile home parks?
- What is the role of an on-site manager?
- What are the tax benefits of owning a mobile home park?
- Why does direct mail work for acquiring mobile home parks?
- Why are new mobile home parks not being constructed in the US?
- And much more!