Frank, thanks that is an amazing interview that I am sure to catch.
In answer to @ToddMartin,
Assuming it’s your nest egg and not your primary source of income, you should be able to refinance when your first 5-year (say) note comes due and pull money out. Use that money to buy the next park that you’ve been scouting for those 5 years.
How much money? During those (5) years, you should be able to pay down the mortgage, raise lot rents in pace with inflation, and perhaps fill a lot or two or many. Cap rates will likely be lower, not higher, in the future as I believe much of the spread over comparable real estate is related to stigma and information asymmetry between those who “know” what MHP’s “are” and those who don’t know anything more than what they see portrayed in the media.
If you’re plowing the income back into the property (in the form of more occupied homesites = more homes) you’ll see a return on that income as capital gain as well.
This is the optimistic case. Of course life is never completely sunshine and rainbows.