mardi 9 avril 2019

Investing in Mobile Homes

On Last Week Tonight, John Oliver just had a new show about mobile homes:

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He fills out the second half with quotations from Frank Rolfe, owner of the company National Community Council.
Here’s his speech to potential investors in 2012:

Quote:

If Mitt Romney wins, things are good, but if Barack Obama wins, things are good. You see, it doesn’t much matter who wins the election. All that matters is that the statistics show that Americans will continue to get poorer in that lower half of the population.

He describes his business model the following way:

Quote:

… like a Waffle House where everyone is chained to the booths.

When some people took offence by this description, he came up with the excuse that he was just talking about:

Quote:

… the incredibly consistent revenues …

And you can't blame Fran Rolfe for not being consistent:

Quote:

What I’ve found, and again just as a heartless person, is that, you know, the customers are stuck there. They don’t have any option. They can’t afford to move the trailer. They don’t have three grand. So the only way they can object to your rent raise is to walk off and leave the trailer, in which case it becomes abandoned property, and you can recycle it – put another person in it. So you really hold all the cards. So the question is what do you want to do? How high do you want to go?

And:

Quote:

One of the big drivers to make money is the ability to increase the rent. … If we didn’t have them hostage, if they weren’t stuck in those homes in the mobile home lots, it would be a whole different picture.

On a field trip to a trailer park for potential investors, Frank Rolfe tells them:

Quote:

When you get to the park, you’ll be shocked and turned off by, for example, the beach towel in the window instead of an actual curtain. That doesn’t mean anything. What you’ve got to worry about are the following items: infrastructure, density, expense, age of home and location. You got it?

Watch it for the 'truth-in-advertising' commercial at the end!


via International Skeptics Forum http://bit.ly/2UHFlVU

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