339: 60,000 Tenants?! How Frank Rolfe Built a Mobile Home Empire

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 18 July 2019

⏱️ 93 minutes

🔗️ Recording | iTunes | RSS

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Summary

Over 20 years' experience in mobile home park mastery! On today’s show, Brandon and David interview Frank Rolfe, an experienced mobile home park investor with TONS of great advice to share—and share he does! You won’t want to miss Frank’s incredible tips for using seller financing to buy parks, staying low risk while scaling, and the beauty of owning “small cities”! He also gives fantastic advice for making “stakeholders” out of tenants, describes what the perfect mobile home park setup looks like, and discusses how to find pocket listings no one else is seeing. Frank goes on to share the incredible story of how he bought a mobile home park with a wrestling ring in the back and how he sold it for a $1 million profit seven years later! In addition, he talks about his strategy for finding the perfect resident manager and insuring yourself against embezzlement from your management team. This is one of the most information-packed shows we’ve ever done in the MHP space, and you’ll be blown away by the amount of content here. Download it today! In This Episode We Cover: How Frank uses seller financing to buy deals he never could with a bank How he stays low risk while scaling How he got started with a billboard business How he owns “small cities” The key to doing seller financing correctly How he rents to “stakeholders” not just tenants What the perfect mobile home park setup looks like Why he loves mobile homes (aka "the gem" of real estate) Why mom and pop-type owners love mobile home parks How the average park can be bought and rents doubled year one The win-win opportunity mobile home parks provide for tenants and owners The mistakes he made on his first deal and how he learned to avoid it The No. 1 thing to look for when buying a park His strategy for finding pocket listings from brokers The 5 ways he finds parks to buy And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Business Podcast BiggerPockets Podcast 234: Tenants, Evictions, & The Dark Side of No Money Down with Ryan Murdock 21st Mortgage Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the BiggerPockets Podcast Show 339.
0:05.0	We have about 3 to 400 employees.
0:08.2	If you took a mobile home and put it on either side of the road,
0:11.0	that road would go 100 miles we have 20,000 lots probably
0:15.6	about 60,000 people roughly in those properties so it's basically we we
0:22.0	manage a city that's what that's what it basically means. we manage a city.
0:23.0	That's what it basically means.
0:25.0	You're listening to Bigger Pockets Radio.
0:28.0	Simplifying real estate for investors large and small.
0:31.0	If you're here looking to learn about real estate investing without all the
0:34.9	height, you're in the right place. Stay tuned and be sure to join the millions of others who have benefited
0:41.2	from bigger pockets.com.
0:43.6	Your home for real estate investing online.
0:46.7	What is going on BiggerPockets world?
0:49.2	This is Brandon Turner, host of the BiggerPockets
0:51.6	podcast, here with my favorite co-host of the day.
0:56.2	David Green, what's up buddy?
0:58.2	What's going on Brandon?
0:59.2	How are you doing over there?
1:00.2	Man, I'm good, I'm good.
1:01.4	Yeah, life is good. I'm ramped up my real estate investing business quite a bit. In fact, we're really really driving. I made five offers last week on mobile home parks. Five offers in one week yeah
1:13.8	zero accepted but you know what I did about that I cried and I said this game
	...

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