The 44 Unit MHP I Bought in Oklahoma for $385k

22 units were vacant & trashed.

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Cost about $90k to fix them up & lease them out, took 4 months.

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We brought all lot rents to market.

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It was worth about $1.3M afterwards. 

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And this is why I love mobile home parks.

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The city, neighbors & tenants all loved us afterwards as well.

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We chased off the drug dealer and cleaned things up.

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There’s a right and a wrong way to do everything.

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We had some professional promo videos made for investors where we interviewed the tenants of this particular park. 

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They were literally in tears talking about how proud they were to live there.

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There are Class A MF slumlords and top notch rural MHP landlords.

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I’d be lying if I said I’ve never had reservations about owning MHPs. 

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It’s not the sexiest thing to talk about at dinner parties. There’s a stigma. 

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But we are intentional about treating tenants with respect and dignity.

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We add value BEFORE raising rents. We meet tenants face to face on day 1 and write down complaints. 

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Our eviction rate is stupidly low. If the late paying tenant *communicates* with us we will work with them for months on end. 

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Hard to not evict if they ghost us, however.

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Some of the best deals come from owners that live onsite. They don’t want to raise rents on their neighbors. 

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We try to make sure that things don’t get awkward for them post close, considering most continue to stay onsite. 

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We learned these lessons after many, many screwups.

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