I have about 20 years of full time landlording under my belt â€“ not saying Iâ€™m a big time player â€“ Iâ€™m not, but I have been around the block a few times and have had much more success than failure.
I’ve owned just about everything except MHPs, but for a long time now I have been eyeing them with envy. Looking in from the outside, they look like they have the best features that real estate investing has to offer, but without any of the big drawbacks.
What I see as attractive about MHPs as opposed to apartment buildings, is you are in the land leasing business and not so much in the major headache business of constantly repairing your units. People just don’t treat things that they rent as well as things that they own (and I’ve noticed most low income tenants donâ€™t even treat what they own all that well.)
So when I read the 10/20 Investment System book (one of the best RE investing books I have read â€“ thanks for writing it guys) I thought the lesson learned of not having any park own homes wise.
But now it seems selling off park owned homes and bring in homes and selling them off does not work anymore because of SAFE. This puts you back into the business of constantly paying for and cleaning up the path of destruction that low income renters often leave behind them.
I understand that you make the non-capital maintenance issues the responsibility of the tenants, but in my experience most will never do it and you will be stuck with the mess and destruction when they move out.
Am I wrong about this? Does SAFE change everything? I am very interested in your thoughts.