I just thought the members would like to see what the temperature is out there for the Mobile Home Investors.
This is an article on David Rubenstien who is a Former Board of Trustees Chair at Duke. It is a good read:
I guess what this teaches me at least, that small explainable rent increases are not going to get you on the front page of the local paper - which means you have to buy right, and finance right so normal or acceptable rent raises are easier to manage. I think in any commercial property rent raises of over 30%-40% or more is just asking for trouble. We all know the lot rents are super low, that is not reason to make the owners pay more than they can possible afford day one. My thought is that you will have to teach them that things go up over time.
Just my two cents on the matter. Love to hear what others think?
I attended Frank’s most recent boot camp. He was specific that rent increases had to be reasonable and typically not exceed $50. Regardless of what you do it may be taken out of context. I finally watched the Oliver story, actually laughed quite a bit, but he clearly manipulated the information.
A lady complained of a 8% rent increase. Was that from $100 to $108 per month or was it $300 to $324 per month. Obviously the 8% sounds more egregious and has caused her to not be able to afford her medications.
There is no real investigative research in the piece. Just a few news clips they stole from news stations and a comedy skit they put together to mock a mobile home commercial from the 1980’s.
I read the full article in The Chronicle. It is obvious the writer never took Econ 101. The writer also did no research on John Oliver and that he does comedy, not serious reporting. Taking a comedic commentator at face value and printing an article as a journalism piece for your college newspaper hardly shows the writer’s intellectual curiosity.
