When I went to my old banker Glenn in the 1990s with one of my early mobile home park deals he admonished me “why don’t you invest in things more respectable like office buildings?” To Glenn, mobile home parks were junky and not on the level of office buildings, which he admired. That was 30 years ago. Mobile home parks have steadily risen in value over that time while office buildings have plummeted.

Small Houses Have Always Been Part of the Landscape The current fascination with diminutive living spaces often overlooks the fact that these compact residences are anything but new. Early American settlers typically called modest cabins and cottages home—far smaller than the suburban developments many of us know today. So what caused homes to grow in size over time, and why are smaller footprints coming back into favor?

Have you noticed how much of the data our industry uses is based on published reports from the REITs and largest owners (and the roughly 4,000 mobile home parks they represent) and the Federal Government (which owns no parks)? These stats not only inaccurately reflect the actual numbers but anyone who is an active participant in the industry quickly realizes that they are wrong because they violate the instinctual reality of what they see all around them. Let's explore some of the worst of these offenders to our collective common sense.

When Glenhaven Mobile Home Park in Dallas joined my portfolio in 1996, I was captivated by the stories from longtime residents about its former glory. These tales were bolstered by an unexpected source: my dentist. He reminisced about living in Glenhaven during the 1950s, fresh from the GI Bill, while pursuing dental school. He described a community filled with aspiring professionals in fields like medicine and law, surrounded by British sports cars and vibrant cocktail parties. Although the only physical clues were Scottish street names and remnants of unique infrastructure like concrete pads hinting at amphitheaters, I stumbled upon a late-night movie that painted a vivid picture of the lifestyle in mobile home parks of that era. What I learned confirmed the legends.

In the beginning, there was land. Then people built structures on that land. And from that moment on there were two types of people: 1) owners and 2) renters. Everyone had an equal opportunity to choose which category to fall into, and they knew their decision had a myriad of ramifications. “Owners” had to commit capital, maintain the property, worry about making mortgage payments, sometimes suffer though weather damage, and generally be more responsible. “Renters”, on the other hand, shouldered no risk or effort in maintaining the structure, put up no capital to buy it, and generally had the freedom to run off whenever they chose to do so. Throughout most of American history, there was a premium paid to own (and control your own destiny) vs. renting and this ratio was about 15% more to own than to rent. However, here’s the new reality, straight out of Wikipedia:

We see 2025 as another good year for mobile home park owners for a number of reasons. And apparently, we’re not alone. In this recent article from Multi Housing News, the mobile home park industry got very positive marks in their opinion. We share these same views, which revolve around three key aspects:

Few things create an eyesore and unnecessary expense like a dumpster that’s overflowing with debris or misused by unauthorized people. Whether it’s illegal dumping by outsiders or careless behavior from tenants, dumpster abuse can quickly escalate into significant costs and maintenance headaches. So, how can property owners effectively manage this issue? Here are four proven strategies to address and prevent dumpster misuse.

It has just been announced that Brookfield Asset, a Canadian REIT, has sold a portion of their portfolio to several buyers for around $1.6 billion. While the numbers are not specific, it appears to represent over $100,000 per lot. What's remarkable is that this has occurred despite 40-year high interest rates and the general collapse in values for office, retail, hotel and self-storage properties. Let's just review the highlights from the article.

Investing in mobile home parks often comes with the challenge of balancing functionality and appeal. While some properties may lack natural charm, introducing deliberate design elements can significantly enhance their appearance and overall impression. These additions are not only visually impactful but also practical, offering long-term benefits to both the property and its tenants.

Managing a property successfully requires more than just meeting basic expectations. It’s about refining the smaller details that set apart good managers from truly exceptional ones. While many managers can handle the essentials, it’s the ones who invest an extra 10% effort that elevate a property’s standards to an extraordinary level. Here’s how to identify, support, and retain managers who can make your property stand out.

Thorough due diligence is non-negotiable when purchasing an RV park. Without it, you risk stepping into a minefield of legal, financial, and operational challenges. While some discoveries during this process are manageable, others are absolute deal-breakers. Here's a closer look at the major red flags that should send you back to the drawing board.

As a mobile home park operator, you'll inevitably face decisions about whether to repair or replace aging mobile homes. Making informed choices is crucial, as missteps can lead to significant financial losses.

After having reviewed hundreds of mobile home parks in due diligence, you eventually realize that many park owners tend to have three different sets of books: 1) their Profit & Loss statements 2) their tax returns and 3) what they tell you the financial performance has been. And while it's uncommon to find all of these being equal, there are some cases in which they are lightyears out of alignment. And that can be a warning sign flashing "danger ahead".

In the world of mobile home parks, the role of a strong manager is paramount. While every park may have its own challenges, a skilled manager can make all the difference in tenant satisfaction and overall success. Today, we’re diving into the practices of one exceptional manager who has achieved unparalleled results. Without revealing too much, it’s clear that their approach can serve as a model for managers aiming to elevate their game.

That's a quote from an economics newsletter I get. The point is that the U.S. employment numbers were deliberately fabricated by around a million jobs – recently revealed by corrections in the numbers. And that should make every American a little suspicious on where employment really stands, because we now know that actual data is being manipulated for the November election. More than likely there will be a huge reveal following the election and we will all be horrified by the lies (yet to late to do anything about it politically). So if we can't really trust the nation's responsibility in macro numbers, what can we do to examine the typical mobile home park resident base as far as its exposure to what may be an extremely unfavorable job market? Here are the basic facts:

Mobile home parks bring unique challenges that catch even seasoned real estate investors off guard. Investors often assume their experience in apartments, retail, or office space will give them an edge, but many fall short, overpaying for parks and managing them poorly. So, what makes mobile home parks so different?

I have been talking about mobile home parks for nearly 30 years and the best park buying opportunity in history is about to start coming to a close. As a veteran of multiple recessions (and a park owner during the last two) here’s my rationale on why you will be really missing out if you don’t buy a mobile home park in this moment of the cycle:

If you're looking for a quick and affordable solution to fill empty lots in your mobile home park, consider this: RVs. Short for recreational vehicles, RVs provide an immediate and cost-free method to boost your occupancy. Yet, many park owners overlook this effective approach when faced with vacancy issues.

A common misconception in the world of real estate is that mobile homes have a built-in expiration date, destined to deteriorate beyond repair. However, this notion couldn't be further from the truth. With proper maintenance, mobile homes can stand the test of time, defying the myth of disposability. Here’s why these homes are built to last.

David R. Williams was a formidable force in U.S. architecture and was hired by the U.S. government in 1941 to design and build what may serve as the first true large-scale mobile home/modular park. It was called Avion Village and was located on a vacant tract of land near Dallas. It was needed to provide housing for 300 households that would be working at a defense plant nearby. It's still there and is located at 800 Skyline Road in Grand Prairie.

Not all commercial real estate is created equal. Some is reliant on “good times” and economic boom like shopping centers, hotels and office buildings. And others are “contrarian” and flourish when times are terrible. And the most “contrarian” investment property in the U.S. is the classic “trailer park”. Essentially a parking lot for mobile homes, these properties are 100% focused on affordable housing – a product that goes up in demand in inverse proportion to the decline of the U.S. economy. So how does the mobile home park asset class fit into the current torrent of U.S. bad news?

In 1996 I bought a mobile home park. Everybody told me it was a terrible idea and I would lose all my money. I couldn't really blame them as it was one of the nastiest mobile home parks in Dallas. But even then I was impressed by a few factors:

Gold is at around $2,500 per ounce right now while silver is around $28 per ounce. Why is gold more valuable than silver – about 100 times more? Because gold is much more rare. In this same manner, mobile home parks are the rarest of all commercial real estate, and this one fact has created extreme wealth for owners simply by having the title to a mobile home park in their name. Why are parks so scarce and how does this manifest into financial gain?

Weather forecasting is all about taking past events and applying them to future conditions. In this same manner there is a tremendous amount of predictive science possible from a simple historical interest rate chart from the U.S. Federal Reserve. Let’s first make some significant observations:

When you own a mobile home park you are in charge of a large water and sewer system – whether you like that or not. That's because virtually all mobile home park water and sewer lines are on your private property and the utility provider has no responsibility over them. Although most mobile home parks have little problem with this issue – except for the occasional water leak or sewer clog – there are certain cases of mobile home parks that have extreme sewer problems and smart buyers will want to get price reductions to accommodate the work needed to fix them or avoid them altogether. So what are the top four signs of a troubled mobile home park sewer system?