About 40 years ago I invested in a mobile home park. It had changed hands five times in six years, with each seller taking a junior debt position in order to unload. Thus there were six mortgages on it, all but the first at very low interest rates. Pure greed swayed me as it penciled out at a 30% return based on current rents.
Long story short: It was the very worst investment of my life!
It was out of date in that the spaces were too small to accommodate larger, newer units. It was in a picturesque but dangerous part of town. Hookers and drug dealers were operating out of it. Shootings occurred. There was no way I could do anything but dump it, which I was able to do, finally!
As with any investment it is vitally important to understand the business. I had owned apartments, rental houses and self storage units but I had not owned a mobile home park. Apples and oranges.
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"No one is more hated than he who speaks the truth." Plato
“To argue with a person who has renounced the use of reason is like administering medicine to the dead.” Thomas Paine
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