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Get ready to find your recipe for a successful real estate lifestyle from America's top experts here at Greenlight REI with your host, Lance Edwards. Well, hello everyone. Hi, this is Lance Edwards and welcome to this edition of Greenlight REI where you come here to learn about the successful real estate lifestyle. And I have a special guest today who deals in a niche that not too many people deal in, but everybody's familiar with, and that is mobile home parks. And his name is Mr. Frank Roth. And Frank is co owner of one of the largest mobile home park businesses in the country. He's also co founder of the Mobile Home University. So not only does he educate on this, he does it in a big way. And look forward hearing the story about how he chose mobile home. So I'd be asking for that we get started here, but he has a gift for you for listening today. And I want to tell you right now, this gift is worth $10,000 and we're going to hear the story about what makes worth $10,000. But it's going to be a book that people paid $10,000 for and you're going to get it for being here and listening to today's podcast. So Frank, welcome and thank you for joining Greenlight rei.

Thanks a lot, Lance. Great being here.

And, and so, Frank, I gotta always, I, I just gotta lead off with this tell Share everyone. How did you get involved in mobile home park? How, how did, how did that come about? How did you pick mobile home parks? Did they pick you? Tell us the story.

I'm not sure that I picked them or they picked me. It was very random, Lance. What happened was I got out of college and started building billboards on the highways. It's its own strange little niche. And while I was out there building billboards along the highway, I ended up building two billboards on an old nasty, beat up trailer park called Glen Haven down in Dallas, Southern Dallas. And when I sold the billboard business 14 years later, I had some familiarity with that mobile home park because I would go by and check on my billboards. And then occasionally the owner of the park would call me up and say, Frank did me a huge favor. The manager won't talk to me. Go knock on his door and find out what the problem is. So I go and knock on his door and the guy would open it up, he'd be wearing just his underwear typically, and he was screaming me, what do you want? And I would say, Ron wants you to call him. He's like, him, slam the door. And I thought, my God, what a What an absolute crazy business that is. And so when I sold the billboard business off, I called Ron. I called many people trying to figure out what, what, what to invest in next. He was on the list. There was about a hundred people on there. But he, on that one call, said, here, I'll tell you what, I'll just sell you Glen Haven right now. Just give me $10,000 down, and I'll carry $390,000 for 30 years. And I thought, you know what? This is the craziest offer I've had, man. I've talked to all these different people and all kinds of junk, and this crazy guy is going to sell me that old, nasty trailer park. An unbelievable seller, carry two and a half percent down. So I said, okay, I guess I'll do it. So I thought, worst case, I'll just. I'll just give it back to him, lose $10,000, probably get a heck of an education in the process, and we'll see what happens. And that's how I got in the business. I was actually more interested in the note than I was the, the park. And I was probably thinking I was secured more by the 7 acres of land on Interstate 35 than I was the park itself. But that's how I got into it. It just. Just a random chain of events.

Let me play this back, Frank. So you were, you were more excited in the deal than the park, it.

Sounds like, you know, Absolutely.

Two and a half percent down.

I'll do it. Yeah. I didn't know jack about what a trailer park was. I thought, man, if I could get the trailer park just to cover the note, that 30 years later, I don't know, seven acres of land on Interstate 35. That's what I looked at. It was a. It was a land warehousing deal. That's really what it was.

All right, so now you. How big was this park? How many pads you got on this park?

That park was 83 lots. So, okay, 83 lots on seven acres of land. But before you say, wow, that's reasonable density, it had a. It also had a tributary to the Trinity river running through it. So it wasn't all usable land. It had quite a bit of land that was actually river. So it probably had usable more like four or five acres.

All right, so you bought this part. What'd you call it? Glen Haven. Glen Haven.

Glen Haven is still there. I mean, you can go down and look at it still sitting there.

All right, so you got Glen Haven. You got. What was the name of the manager? Bob or somebody or Rob or, or the cranky old guy.

I, I, I had, I had many, many managers. Ron was the owner, but, but he wasn't the manager. So when I bought the park, I was on my own. And I got, I got, I got rid of Underwear man and, and found a nice retired person in the park to be the manager when I wasn't there. And for the first year, I managed it myself. So I actually showed up at the little office every day from 9 to 5 and ran the park.

What was that experience like? What did you learn during that process, Frank?

I learned that you don't want to self manage a mobile home park. That was the big lesson learned. It was important to do it, to learn about the customers and their unique attributes. It was good for me to sell homes because I had never sold a mobile home before for, and to learn what people want and don't want. But it also gave me, you know, a taste of what kind of systems I needed to develop to keep my sanity. And the big thing I learned was I didn't want to own another park like that. That was probably the biggest takeaway. I was like, okay, well, about this one, but let's not do any more of those. So starting with park number two, I never again bought one like that. I went after better areas of town, stuff that had better infrastructure. That park had all kinds of problems. Master metered gas, master metered electric. You name it, it had it all. But it was still, it was still a good deal. If you fast forward seven years later, I bought the thing for 400 grand. I put about an extra hundred in it, and I sold it for 1.525 million. So it actually cleared a million dollars on that whole crazy odyssey. But I, but I, I, the, the education I learned was even more valuable. That part was priceless.

That was a pretty good ROI on the $10,000.

That was a heck of an ROI. But that $10,000, it didn't show how much my time was worth for sheer terror of learning the business. So that maybe it was a bad deal, actually.

Okay, so roll the clock forward. So that was your learning. That was your learning deal, your learning experience.

Yeah.

So now what do you recommend today? What, what kind of, what kind of parks do you do today? What's your.

Sure, yeah, let's just go over more what you don't do than what you do. All right. Don't buy parks with private utilities unless you can afford to fix them. Because every time someone buys a park with a, you know, $300,000 to repair sewer, packaging plant. And they said it'll never break while I own always does. It doesn't fail. First park I bought with a water well on broke in the month, right? I, I had the water well company. So how long will this well go on? Oh, this well will go on forever. This well was drilled back in 1974. It's just perfect. I didn't even go 30 days. That seems to be if you have bad luck, how private utilities work. So don't buy any private utility. Don't buy a well or a septic or a packaging plant or a lagoon or any of that unless you can afford to fix it. And then don't buy a mobile home park with master metered electricity, which means that the park pays the whole power bill. And so it's the power company. Don't be buying that unless you had an electrician go out, go through that piece by piece, lot by lot to know that it's in good condition and you have enough amps in those lines to service your customers. Then don't ever buy a master metered gas park unless you got a plan, because master meter gas is the most cruel of all utilities. All it takes is a resident to call in the gas company just to be mean and say, I smell gas. They'll come out and shut you off. And then they're going to make you pressure test the system. And then you got to relight every pilot light on every furnace and every hot water heater and there's no law that would stop them for from 20 minutes later calling and doing it again. It's a nightmare in the making. So don't be buying that stuff. And then buy parks that have a reasonable density. Don't be buying parks that are so crammed in together you can't bring a mobile home in or out that's not going to work. Buy something that's got a really good location, which is defined as basically an urban location that's safe or a suburban location that people want to live in. And you'll know that through home prices, apartment rents, you're just basic adult instinct. And also we do test ads when we buy stuff just to make sure people want to live there. And then on the economic side, to make any money, you got to have a spread between the cap rate and the interest rate. I know we've all forgotten that to some degree ever since Jerome Powell went crazy with his little, his interest rate doings at the Fed. But you know, you got to have a spread. And if you have a Spread of a point, that'll get you about 10%, 2 points about 15, 16, and 3 points about 20. But other than that, you know, mobile home parks are a very unique animal because you can't build them anymore. You haven't been able to build them since the 70s, and it's unlikely they'll ever relax those laws. So each one of them is scarce. It's rare. I mean, they're all, they're like, they're all a gemstone. It's just a question of its diamond or a, you know, a very much less valuable tiger eye or something that you can get at the dollar store. So, but, but the, the business, it's a, it's. I, I think the assets are unique, they're rare. The affordable housing attribute right now, going into a recession or whatever we're doing, it's always good to be in the, in the low end of housing. People always need that kind of stuff. And we have this big old moat because you can't build any more of the things. And you have a secondary moat in which it costs about $10,000 to move a home from point A to point B. So even though they're called mobile homes, they're really not mobile. The customers come and go, the homes don't. So you kind of have a locked in occupancy. So I guess those are the highlights, Lance.

And in the model, do you own the mobile home or does the customer own the mobile home?

No, you know, people don't, don't understand it, but we all want to be parking lot owners. So we want to be just like park and fly at the airport, man. Bring in your own car and just park as long as you want. And we charge you a monthly parking fee. But we want nothing to do with the homes, just like park and fly wants nothing to do with the cars. I don't want to worry about the cars needing an oil change or anything. I just want to rent land.

So that means. Okay, so if all the utilities are with them and they own a mobile home, you might, you have a very low expense ratio. I got to believe mobile home, a lot of other things.

Yeah. Although we still have some big bills. We sell property tax, we got the manager insurance, so repair and maintenance, it typically runs in our industry. 30% to 40% expense ratio, which is pretty good. So, I mean, we net 60 to 70 cents of every dollar of revenue, which isn't bad. It's way better than a grocery store. But we do, we do have some costs.

Well, it's lower than apartments which are 45 to push you maybe 50 on.

That's correct, yeah. Just because we don't, we don't have to mess with repairing them. That's right.

All right, that's good. All right. So you've already said. So you've got third party. Well, actually this, the management of your parks, do you have your own team now that manages or they're actually third?

Yeah, we've self managed from the beginning. So when I sit on the front end, don't self manage. I meant don't be out in the park. Hire someone in the park. Give them, you know, follow your minimum wage law. But it's basically, it's a fairly low paying job. They can manage out of their own home. They can watch TV while they're managing. Doesn't matter. But you don't want to do that role. That role. You can delegate that. Right. So as a park owner, what you don't delegate is you have to watch over the money coming in and going out. There's, there's just a few gauges on the dashboard of the park owner. But you don't have to physically be in the park. I would never recommend that to anybody.

Yeah, I get that. So how do you, I mean, other than what are the variables you have on improving the financial performance? I guess it's the rent, the lot. Rent, the lot, fees, other incomes. You can charge. Talk to us about that.

Sure. You know I live, I live in Missouri, right. So we have the Kansas City Chiefs here in Missouri and Andy Reid is the coach. And Andy Reid has the biggest playbook in all of football. He has plays that he only uses in the super bowl that no one has ever seen before. So it always shocks people. Right. And they all have cool names like the Corn Dog and the Wasp. And in our industry we have almost no plays at all. It's pretty boring, Lance. All we can do is we can raise, we can raise rent, we can increase occupancy, we can push the water sewer cost back on the residents. That's the new thing, is the residents rent is net of utilities. And then we can cut some other costs. Like you can often replace the manager with someone less expensive. But we don't have much in the playbook arena. And then the last thing we do is we try and make the park look nicer so we get a lower cap rate when we go to sell it. So I guess if you add it all together, we got basically about five plays in our playbook. It's not much.

All right. And so let Me shift that. That's kind of an operational insight. So the, the funding of mobile home parks, you know it, what is you bought your first one on this great seller finance carryback deal. What is the funding? Who are the finance partners or options on a mobile home park?

Well, in the, you know, the primary one that gets most people in the business is seller carry. Right? That's the one we all love. We're typically selling to moms and you know, buying from moms and pops and they have the ability to carry. And because they have that ability, we, you know, we take advantage of that. So if we can get, if we can get seller financing, we want seller financing. If you can't get seller financing and the deal is under a million dollars, then you're looking at small town bank typically, which would be like a bank with very few branches right in the town where the park is located. And then if you can hit a million dollars, then you get to move up to conduit lending which starts at around $1 million a little more. And then if you get higher than that, you definitely have to the, you know, 2 to 3 million range. You can do Fannie Mae, Freddie Mac. So those are kind of our options now. Oh wow.

Fannie Mae options on mobile home parks.

Yeah, Fannie Fannie is a big mobile home park financier. People don't realize that they didn't start doing them hot and having intel probably about 10 years ago and but they came in with gusto and what they did is to, to clobber the conduit lenders, they offer you this one unique feature which is they allow you to internally refinance annually. So every time you raise the rent you can actually take money out. It's the one thing conduit could never do, right. So in conduit you make your loan, you're stuck for 10 years, you got the fees and if you try and prepay it, Fannie Freddie, they have this magic wrinkle, they allow you to internally refi. So when you, when you lay it all out in the world of attractiveness, mom and pop still probably ranks number one because it's so easy. You get lower interest rate, lower down payment. But in the number two position is probably Fannie Freddie, Number three is probably conduit because it's non recourse. And then regular bank is probably in the fourth position.

Well, that Fanny Ferdy Fanny option sounds like built in ATM machine.

Yeah, it's an incredible deal. When people brought that out, people were like, you got to be fricking kidding me. That's just too good to be true. Right? That just, I'm sure that everyone right now who has a job where you get paid tips still can't believe that Trump is saying elect me, no more tips. Tax on tips. Right. It was the same thing with Fannie Freddie's program. People are like, I must be misreading this. People would call people up and say no, that's not true. Right. You know, this can't, this can't be.

All right, so, so you give us some tips here. So, so I'm going to add the devil's advocate. So as a first timer real estate investor never bought anything, Not a house, nothing is there? Is, is there a path for them to go out and buy a mobile home park? Is that, is that what you're preaching?

Yeah, but now if you're, if you're the first time buyer gonna go out there and buy a mobile home park again and not to be self serving, you gotta know what you're doing, right? I mean the people, a lot of people get in trouble because they think mobile embarked are so simple. I can't screw it up. Oh yeah you can. And I end up getting. People find me on the Internet and call me up with all these crazy stories and they just blow my mind that how they could have been so foolish with their money, I mean it's mind boggling. I had, I had a person call me up who had a mobile home park that they had a packaging plant that's a private sewage disposal facility and they didn't even know they had one, that all they knew is that people go to the bathroom and it goes into the toilet and then they just, it magically disappears and never even ask who, how does it get there? And it turns out it doesn't get there. It doesn't go to the city. It went to a packaging plant which they couldn't see because it was so overgreen with vegetation they couldn't even see they owned it. And then they called up because the sewer wasn't working. You know where this is going? And the, called the city and the city comes out and says, my God, dude, you're on, you're on a packaging plant. That's what that thing is over there. And then he called me up thinking it was like a $5 fix. I'm like, yeah, well I got news for you. You're talking tens or hundreds of thousands of dollars to repair that. So the first key is don't, don't get involved in the business unless you have at least a dangerously decent idea of what you're doing. And if you can't come and go to, you know, one of our classes or something, at least research it all out on Google. Enough. You don't make a fool of yourself because I hate getting those phone calls. Those are really terrible. If, if you don't, if you, if you understand due diligence and you know what you're doing, then yes, anyone can get in our industry simply because it's, it's wide open. There's 44, 000 parks in the US and only about 4,000 are owned by professionals. So we're a 90% mom and pop biz, okay? And you just don't see that that's, that's the, that's, that, that's the key. So 90% mom and pop. 90% mom and pop. So you, you figure out what you want to buy, you establish a territory which is for most people, the five hour radius from your house. And you just start hitting brokers and the Internet and direct mail and cold calling and deals start coming in and you start evaluating them and next thing you know, bingo bango, you're under contract and you do your diligence properly and if you do everything just right, you buy it and it works. And if you do your diligence and it does and you get scared because it's not, it's not what you thought it was, well then you drop and you move to the next. But yeah, it's totally attainable. Also, you can remember Lance, in our industry, you know, apartments are pretty big dollar anymore, right? Seems like all real estate's pretty big dollar. Everything is like seven digits, right? And, and we're one of the few remaining businesses there. There are mobile home parks of all shapes and sizes. There's 10 spacers, 15, 20 spaces. This is something you can get into like with not a lot of money. So if someone comes to me and says, well, you know, I, my, my total capital to spend is, is $10,000, you can still buy parks using either deal assignments or master lease with option. So we have, I guess we're the most inclusive, right? At a time of DEI and we're all into inclusion. There's nothing more inclusive than mobile home parks because we'll take anybody as a potential buyer because a lot of it is just, you know what, you can negotiate bonding with mom and pop, being creative and you can still do that because you're not buying from professionals. It's hard to buy from professionals, right, because they know what it's worth and they want cash and they don't want to carry and all that. But it's a whole different playing field when it's mom and pop.

Well, as just to reinforce what you said, the first property I ever bought was a fourplex I bought from a lady lifting Honolulu. I bought it on 100% seller financing. She gave me a 30 year note.

There you go.

I just want to get rid of it. I mean there's just making the point just to reinforce what you're saying.

Yep.

All right, so you're talking. Okay, so you're suggesting start within five weeks a five mile radius of where you live.

Start, you know, direct mail, Internet, five out, five hour radius. You said five miles, five hours.

Five hour radius, five hours.

That way you can drive it on a Saturday, leave at 8, be there at lunch, look at your park and be home by dinner and no one will even miss you or know what happened to you.

And 90 probability you're going to be dealing with mom and pop in that process.

Yeah, that's a fact.

That's the best. All right, so you mentioned getting educated. I'll do it. Give you a chance to. You're a fabulous educator and we've been working with your product for years and promoting your product for years. Tell them a little bit about mobile home university, what that includes and even sure they go get more information on it. Frank.

Well, mhu.commobilehome university, just those three initials.com is the website. Let me give you the quick history of it because it's been grown organically like some kind of hippie commune or something. So when I started buying mobile home parks and my partner Dave Reynolds, he started the same way. First deal seller, carry, hated it, knew not to do that one again, did the next one. There was no information on the business. Like when I bought my first park, being a college educated kind of guy, I wanted to get some resources. So I asked around. Hey, you got a book called Dallas Public Library. Hey, you got any books on mobile home parks? Nope. Got anything? Nope. Got a magazine? Nope. Got it. It was like what the heck? So I would ask industry people, so hey, I'm in the business now, where do I go to learn more and how to do it better? And people would say like, oh yeah, well get in your car, go down to exit like 63 to HiHO mobile trailer park and ask the old dude down there. So I would like call these people up and they're like oh yeah, well my trailer park, you know. And I just knew they had no clue what they were doing. They're all moms and pops. They're all hobbyists. So I was talking to Dave Reynolds at a convention. We were not partners at that time. Dave owns the website mobile home park store. And. And we were. We were both speaking at this terrible convention thing, and material was absolutely awful. And. And I said, dave, you know, this stuff is just crap. We. We could produce anything better than this. Like, people, everyone here is stupider by coming to this event because they're. They're being told a bunch of nonsense. And Dave said, well, why don't you just start writing little books and I'll write some books. We'll stick. Stick them on the website. So that's where it all began. It was just basically, you know, hi, I'm a park owner too. But here's kind of what I figured out worked so far in my first, first year of park business. And the more books we put out there, the more people said, hey, you got more books. Like, that was a great book and everything. That book was like 70 pages. You got another one coming up. So we'd write another book. And then over a while, we had written so many little books, we made it into a course. But then once we had the course out there, people said, yeah, the course is great and all, but, you know, can you do a live event? And so then we started doing a boot camp live event. But that's how it has all been grown. It's basically, you know, I was driving around our parks one day and I pulled into a small town. I live in a small town, so I'm always curious what small towns are doing. And here they have a chamber of commerce and a gas station. This is a town of probably 900 people, as someone painted the slogan of the chamber, which is people helping people be successful. So I thought, that's pretty good, right? So that's kind of what we are. We're just a couple guys at unmobile home parks trying to tell people what we've learned, you know, offering them to share what they've learned also. And so we just started teaching about it. So today we have, if you go to the website, mhu.com we got books, we got courses, we got boot camps, we have all kinds of weird satellite things. Like, we are the only people that ever write a course on how to fix a mobile home, because it's kind of complicated, and you can't just pop down to Home Depot. They don't even sell the parts to mobile homes. So we. We actually did a Video of how to. How to do it all, how to seal a roof, how to fix the floor and all that. So we basically just been trying to give people the scientific knowledge of how it all works. And then over the years, a lot of appraisers have been to our classes. A lot of bankers have. So people are starting to talk the same language. Originally, park owners were all different languages. You know, we were Latin and Greek and dead, the sea scroll languages and Egyptian. I don't know what all. Now people talk things like cap rate and cash on cash and packaging plant. So maybe we were responsible for some of that. But if you look back, the last book written on the industry was in 1955 called how to develop and operate a Trailer Park. So by heavens, that seems kind of old to me. At the time, we thought, man, you know, I think we can beat this sucker at 60 years old. But that's kind of the story, Lance.

Well, I just think about it. It all started from your billboard business. You have to be down there and as a favor, you go check on underwear guy.

There you go. Yeah, yeah. It's totally, totally crazy.

I want you to tell one on the story you. I mentioned up front. You're gonna have a gift for Everybody. It's worth $10,000 and you've had an. You developed interest in Conrad Hilton. And I want to tell a story about the, the book and how all that came about, please.

Well, that one was kind of. The book found me. I was very dejected, Lance, back during the savings alone crash because I had this big old startup billboard business with a lot of debt at a lot of Texas banks. And in 1987, we had this savings alone crash in Texas and all the banks went under. 3,000 of them had gone under. All of my advertisers had gone bankrupt. And I didn't know what I was going to do with this giant, massive billboards I had, right? So I took my wife over to Fort Worth, Texas for change. Just hoping to kind of have a symposium on what to do with my life. So I'm over there in Fort Worth. I had some billboards over there, and we stay at a hotel down by the stockyards area. And I thought, you know, okay, we'll. We'll go to. If you're familiar with Fort Worth, they got a lot of good restaurants and stuff over there. So after dinner, I'm just walking down the street. I see a thing that says it's like antique books. So I go to this little antique bookstore. They had a big barrel and it said $1 books. And the very top book on that barrel was the Story of Conrad Hilton. And I thought, well, this is interesting. I don't know anything about this guy. Well, I thumbed through it and I see the book is all about him and the Depression. So I thought, okay, there must be meaning to all this. So I bought that book, took it back to the hotel, read that over the weekend and it re energized me. I was a new man after reading that book because I went from being dejected and discouraged to being optimistic and having a game plan. And if you read the book, what he did. Let's give you the quick short synopsis. You know, he, he built some new hotels from scratch that were very opulent. First hotel was in Dallas. And then the depression came in and wiped him out. He lost everything. And he didn't want to just curl up in a ball on the floor and cry. So he had this idea and he went back to all the lenders and said, hey guys, I may have lost the hotels, but I was a pretty good manager, right? And they were like, yeah, Conrad, you were pretty good. And he goes, could I manage my hotels that you just foreclosed on? And they were like, well that's just a weird request, but like, if you really want to, I guess you can. So he became a manager and they thought it'll never work because he'll be so bitter that he'll never be an effective manager. But he was a great manager because he had a plan. And his plan was to wait till the economy, he saw the hotel economy turn and then he would go in and he would buy all of the hotels he could for nothing, right? So he had a new theory on life. Why build them new when he could buy them for a penny on the dollar in a depression? And that's how the name Hilton actually became a big deal. He was a, he was a one hit wonder before that. And then during the Depression when the economy turned, he bought up everything. He bought up the Plaza Hotel, the Stevens Hotel, the Waldorf. He owned basically every major hotel in every US market. And then you might say, well, how do you get the financing? He went to people, same investors that had bankrolled him before and said, guys, I totally blew it, but if you want to get your money back, we're going to be buying the same things that you, you spent millions and millions of dollars for, for fraction. We're going to buy them for next to nothing. And he had, he had such a good plan, they started doing it. And lo and behold, he had magnificent returns. But it was, to me, it was a very uplifting story. So at any rate, it's my favorite book. I read it. I. I've reread it multiple times. And someone once asked me, what's the best book on business in America? And I said, oh, it's easy. It's the man who bought the Waldorf, the story of Conrad Hilton. And someone said, where do you get it? I said, well, I got it at an antique store in a barrel. I don't. I don't know where you get it. So apparently, people started to search it out, and there's so few copies, I guess, that people want to sell or that are floating around that the book was valued at $10,000. That was the cheapest one you could buy was 10,000 bucks. So people started emailing me, say, hey, you know, how do I get the book? And I'm like, I don't know how to get the book. And so I started trying to buy the rights to the books. I thought it needed to be out there for people to read. So. And I went everywhere. Lance. I went to Hilton Corporation. They didn't know who had the rights. I went to the publisher in the back of the book. They didn't exist. I even researched the guy's heirs, believe it or not. I went to the guy. The guy's name was Dabney. I went to all Dabney. I found Dabney's, like, sister's daughter or something. And I said, can I buy the rights of your book? And she's like, well, you could if I owed them. But I don't think I own the rights. I don't know who owns the rights. We have no idea. Well, you can't reproduce the book without the rights. So we basically rewrote the book from scratch. And our version, we feel to be better than the original version. I mean, I've had people who have read both versions said, yeah, your version's better. But we just thought it was a story that people needed to hear, because particularly times right now, like, you know, with the state of the American economy and everything else, I mean, you need a game plan. You need to not get discouraged. And this book will make an optimist out of the biggest sour pessimist.

That is a fabulous. You know, you told me that. I think it's an amazing story. It's an amazing. The Conrad Hilton story is amazing. Plus, what you did with it is, you know, amazing. I guess you're just driven by just it just needed to get out there.

Yeah. You know, you know, Lance, I'm in my 60s. I don't know how old you are, but, you know, so I'm on the farewell tour and I thought, now this thing needs to be, this needs to be out there for people to read because I talk to a lot of people, a lot of young people who have never been through a recession before, never been through the depression or any of that. You know, if you're in your 60s, you've been through a lot. I mean, I was savings, a loan crash, dot com bust, great recession. So I'm not unfamiliar, but if you're in your 30s or even your early 40s, you may have never been through a recession as an adult ever. And to me, the key is when times are tough, just as a book describes, that's your opportunity. Right. It's hard to do well when things are booming because anything you buy, you're probably overpaying for it. But when things are bad, that's, that's the time that to get going. And so that's why I like the book so much.

Well, I think it puts us in a story of overcoming adversity, which if you're going to be in real estate, you better have this, you better know.

That one that's right in your bag. Exactly. So.

And by the way, everybody, Frank's making the book available for, for listening today on our show notes. We're have your link to get it there@greenlight reinvesting.com greenlight reinvesting.com we'll get put on the show notes the book the Conrad Hilton story, which I'm going to encourage everybody to get that. Everybody get that. Frank, I want to do. I've got a question and then I want you to share final question. And I want you to share how people can avail themselves of your services, your help. And first of all, the question is, thanks for all the information. Great job. I peppered you with questions. What question have I not asked, Frank, that I should have asked or is there something else that you wanted, you want, you felt like you wanted to say that I didn't prompt.

Yeah. And it's not really tied to mobile home parks, but all of real estate, Atlantis. I'm sure you know this as much as anybody. It's all a volume business, you know, you can't, you can't get discouraged if you look at three deals and you can't find one, you gotta look at hundreds of deals. Right. I read a book, I, I don't have to rewrite this one because I think you can still buy it cheap out there. And it's called the you can sell anything to anyone by Joe Gerard. It was written back in the 70s. I don't remember that book. He was the number one car dealer. No, not car dealer, number one car salesman in America. So he wrote a book, he holds the world, the Guinness World record of how he sold more cars than anyone has ever sold, ever. And I don't think anyone has ever matched him. He sold more cars than most dealerships sold just by himself. And if you read the book, what the book is about, it's about embracing the concept of volume. So he was the guy that, that brought out a lot of the advertising gimmicks that people do today in the car business. He did it himself, he paid for them even though he worked at a dealership. He, he was a commission sales guy that he realized that if he sent out a thousand postcards and someone came in and bought a car that made money. And so he was constantly trying new gimmicks. But if you read the book, that's what the book's about, is volume. And I've tried to do that in and the mobile home park business. I mean, I understand that, you know, if I'm going to get a deal done, I'm going to have to look at a lot of deals to get things under contract and I'm going to have to plow through a lot of due diligence on contracts to find one that works. And that's the key. A lot of people think you can just pop in and put it into a half hearted effort and look at two things and it'll work. No, no, no. It's all everyone out there that people look at and say, oh, that guy is so lucky. The lucky was volume in most of these cases, right? It was just people who understood that. Yeah, you got, you got to turn over a lot of rocks to find the good stuff. But our industry is, is very much based on volume because there's just so many deals to look at, right? And Even in your five hour territory around your house, where I am, five hours takes me to 10 major US cities, believe it or not. I mean, you're in Missouri and in five hours I can be everything from Chicago to Nashville to Memphis to Kansas City to Indianapolis, you name it. I have a massive territory and I want to hit up every mobile home park in my territory, right? And so, you know, it's all, it's all about the volume. If you say like what's the biggest trait you need? Volume. Even someone who has only average negotiating skills, only average, you know, grasp of math, they will clobber the person who's great at those things if they do more volume. That's just the way it is. And also tell you from my own experience, if you really want something and you're willing to, willing to do enough volume, you always get it. It's crazy. You know, I, I used to, I, I collect weird stuff. It's one thing I collect, collect your old cars. I'm not like a nutty person. I limit it to, I can't have more than 10. I'm not going to be like a car museum. But I went to, I bought an old Cadillac from 1940 and a 1940 Cadillac doesn't even have seat belts in it. They didn't, they didn't know what safety equipment was in 1940. And if you drive it around, even for pleasure, if you have a fender better, you die because you're speared by the steering wheel or you go right through the window. So I, I researched who can put seat belts in an old Cadillac. And I came upon this, this guy, you know, he's like the old Cadillac guy. And he was in a bad part of Dallas. So I go drive, drive the old Cadillac down to this really bad part of Dallas to drop it off. And when I pull in, here's the most expensive Cadillac ever made. It's a, it's a Cadillac. I know, you've seen it in the movies. It looks like a Chris Craft boat. It has two compartments, each with their own windshield. And the driver sat in the front compartment and then the, the other couple sat behind them. So it has a like a mahogany wood top. It's a crazy speedster boat looking thing. So I said to the guy, and it's about a half a million dollar car. So I said to the guy, whose car is that? And he goes, well, that was mine. I said, no offense dude, but we're in a two bay garage in the bad part of Dallas and you're driving a half a million dollar car. So I just got to ask you, how do you own this car? You a trust fund baby who's eccentric and just likes to jack with old cars. He's like, I know, I have no money at all, so how do you own the car? He goes, well, interesting you should ask me that. You see, I always wanted a car like that. So I have been searching for it my entire life. I turned over every ad, every time there's a Cadillac car club meeting. I go to it. Does anyone know where there is one? Whatever. And one day someone put an ad in the, in the newspaper in Fort Worth. And it said old Cadillac parts. And I called up and said, lady, what kind of old Cadillac parts you got? And she said, I don't even know what this stuff is. And he goes, well, what do you want? She goes, oh, you can have them. Just come down to my garage. My husband died. I can't get my car in the garage. Just come clean out the garage. I'm not into cars. Just come get it. Well, it was that car disassembled. He'd had the entire car and in a body off restoration and then he had stacked up to put it back together. She let him take the whole car, took the car to his shop and reassembled it. And that was the car. So what's the moral of that? It's all about the volume. And if you, if you search for any assets, I don't care what it is like a, like a, like a wild honey badger. Just like a nut. You will guy get it. I mean you shall be rewarded with whatever it is if you just keep doing it. So that's the only thing I throw out, Lance. And it doesn't tie to mobile home parks, ties to life in general.

Fabulous advice, fabulous wisdom, Frank. That's fantastic. So thank you. Now how do, how do people, they want to avail themselves of your education, your support, where would you direct them to?

It all goes to one place. Mobilehomeuniversity.com or just those three letters, m h u r dot com. It's got every article, every book, everything we've ever done is all on that one site.

All right, very good, very good. All right. So everyone if to now get the gift that Frank's making available. This book that you only get for $10,000 when Frank was looking for it back when he found it in a, in a barrel at an antique store. The story of Conrad Hilton, which he had re. This is amazing. Frank had it rewritten, put out there published for you. You can get it for free. Go to our show notes greenlight reinvesting.com greenlight reinvesting.com and Frank, this is fabulous, man. I want to first of all, what you've done mobile home parks is really a fascinating story. What you did with the Conrad Hilton book is really an inspiring one. And the final point about volume I think is really spot on. Thank you for all the great, great tips here today.

Thanks for having me, Lance.

All right, sorry everyone. Till next time. Next session, make yourself a successful real estate lifestyle. Take care everybody. You've been listening to Interview with the Experts with Lance Edwards. Let us now blatantly and shamelessly bribe you toward creating your own real estate lifestyle by by offering you a whole bunch of free stuff. Go to greenlightreinvesting.com and get you some free stuff. And this session, show notes. That's greenlight reinvesting dot com.