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Written by Frank Rolfe
and Dave Reynolds
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The
10/20 Method:
70 Mobile Home Park Deals
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The
10/20 Method:
70 Mobile Home Park Deals
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Inside the
"The
10/20 Method"
you will see
how we made
millions in profits and millions in mistakes
Fortunately for
us, the profit number was greater than the mistake number.
On each of the
70 deals we discuss the lessons learned. While
many lessons are the same time and time again, it will help you avoid these
costly mistakes!
 Like
everyone else, I’ve had some great deals and some real losers. Fortunately, my
track record of great deals has been a lot bigger. That’s probably because I
tried to take note on the loser deals of exactly what went wrong. From this I
established a pattern that allowed me to avoid a lot of bad deals. In addition,
I made many observations of what went so right on the great deals, and tended to
look for those qualifications out of the great sea of mobile home parks that are
available at any one time.
In real estate,
a lot of people talk about their profits without ever actually achieving them.
It is one thing to talk about your, “perceived” profit on paper if you ever went
to sell the park, and another to actually put it in the bank. All of my deals
in this book are 100% accurate because they really happened—they were really
bought and they were really sold at these prices. Few people can make
that claim. And believe me, when you go to sell that “valuable” park of yours
that you claim has a million dollar equity, you may find that the lesson learned
is that you are a really bad guesser of park values.
Please notice
that I have made a list of lessons learned from my good deals and my bad deals.
Hopefully, you can overlay these thoughts on to the parks you are looking at
buying, to see if they have similar traits. There is no better feeling than
closing on a park that has all of the basics of a great deal, and no worse
feeling than closing on a park that doesn’t have a prayer of working out for
you.
Frank Rolfe
 Like
the deals Frank discusses, I’ve had some great deals and some that were not so
great. I have also had several deals that I owned for a month or less and some
I never owned. As I continued to do more and more mobile home parks deals, I
started to learn from my mistakes and focus my attention on parks that had
certain qualities and were in good markets.
For me, I
lucked out a lot in the beginning as my due diligence was lacking in many
respects and I could have been burned more than I was.
As you will see
in many of the deals that I have done I have sold the parks and left room for
the new buyer to make money. If I had been more like Frank, I could have
maximized the sale prices and made 1-2 million more than I did. My problem is I
like to have things happen quick. When I sold my first single family house it
took about a week and my second one about 3 weeks. When I was ready to sell and
many times before I was ready, I wanted to price the deal at a good price so it
did not sit on the market long. When I was brokering parks I did not like
trying to defend an unreasonable price that I had a listing on and so I made
sure that the prices I listed my parks at were realistic and made sense (with
one exception that you will read about). Selling the parks at slightly less
than they were worth has saved me a lot of time and has created many repeat
buyers. In fact, I have sold two or more parks to six different people.
I have made a
list of lessons learned as did Frank. I tried not to repeat myself too often
but as you will see from many of these lessons learned that they are the same
over and over.
Dave Reynolds
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