Guest Post From Diane:
Let me tell you a story about a guy who had no resources, no connections, a low-paying job, and a dream to be a mobile home park investor.
When I was a little girl, every week, my father would take us for a Sunday drive. There was no mystery about our destination as it was always the same – the dreaded El Rancho Mobile Home Park.
We were too little to realize that my father was carefully analyzing everything about this property. To us, it was just boring and every Sunday, we would begin to wail before we got in the car, “Please don’t take us to the El Rancho Mobile Home Park again this week”. My dad would just smile and load us into the car.
Although my parents had little money, they were frugal. My dad always worked as a manager for construction-related businesses: a plumbing shop, roofing companies and land developers. He worked long hours and often had to work at night figuring up bids to present the next day.
He was always trying to find ways to add to our income and managed to build two triplex apartments which brought in a small amount of money after making the loan payments. He also bought a couple of rental houses.
Although the money from the rentals helped a little, my dad still had to work a regular job. Rentals are high maintenance with repairing, cleaning between tenants and showing vacancies cutting into the precious time my dad had off from his regular work. He figured there was a better way and that way was to own a mobile home park.
An energy boom in another part of the state caused a shortage of available rentals. This caught my dad’s attention. He began to look for a mobile home park in that area.
He found a park which needed a lot of improving. A side loan was obtained to complete the down payment, making the debt service a little too high. But the potential for raising the rents after some major property cleanup clinched the deal and at last, his dream was realized.
The town grew, the economy flourished, and that mobile home park is still in our family 35 years later. Both my sister and I have been in the business and my sons were raised working in all aspects of mobile home park management.
I often think back to those days when I didn’t want to get in the car on Sunday afternoon. My father’s dogged determination to follow his dream has left a legacy for our entire family.
If he could start from zero and acquire a great property, anyone with a dream and determination can do the same thing he did.
What is your dream?