005: Frank Rolfe: Investing in Mobile Home Parks
My guest today is Frank Rolfe, Frank has been a commercial realestate investor for over 30 years, having owned and operatedbillboards, mobile home parks, RV parks, self-storage, apartments,retail, duplex, office, and commercial properties during thattime. But he is best known for two achievements. His first big successwas in the billboard industry, in which he built from scratch thelargest privately-owned billboard company in Dallas/Ft. Worth, aswell as a second company in Los Angeles, California. He then soldthese assets to a public company in 1996 for $5.8 million. His second achievement began shortly thereafter, when he startedbuying mobile home parks. He is now the 6th largest owner of mobilehome parks in the U.S., along with his partner Dave Reynolds, andowns over 170 mobile home parks in 20 states, worth over$500,000,000. In this episode you will learn: Why there is such a hug demand for mobile home parks Why the bad stigma around mobile home parks and their tenantsare unfair The ins and outs of the mobile home park Industry That there is a window of opportunity right now to buy mobilehome parks What type of park to buy as your first investment How to calculate the size of the park you can afford How to buy a mobile home park and improve the operations andincrease cashflow Why self-storage unit buildings are a close cousin to mobilehome parks Valuable investing lessons from Conrad Hilton