Industry sign banking colorado living will mobile
hey it's mark Podolski the land geek with their favorite Nikki real estate website www.tejiendoperu.com he is a hero of Scott and mine but before we talk to our guests I'd be remiss vitam properly introduce my co-host you know you love him the brain the professor Scott Todd from Scott Todd dotnet land moto calm if you got automating your Craigslist and your Facebook postings posting domination calm /the land geek you want to learn about automation you want to learn about anything check out investor ninjas calm Scott Todd how are you mark I I'm I'm excited for our guest and I'm ready to get going so let's go all right our guest today is what we lovingly refer to as Uncle Frank Frank Rolfe whom is today what number are you Frank as far as in mobile home park ownership the fifth largest in the country and how long you've been doing is Frank 20 23 years 23 years and and you generously teach other people how to start building wealth actually owning mobile home parks all right so let's just get into it so Frank let's rewind the tape for those of you that don't know you in your story how on earth did you decide to get into mobile home park investing sure well let's turn it off you know [Music] so with billboards you you least grab space you build a big old steel monopole most the time then you're the Essbase out now you'd built two of those big old mono poles on a little mobile home park called Glen Haven Dallas Texas so years later when I sold that company off I wanted to find something new to get involved and I started calling my old land owners since they were very generous over the years and tell me how their business models worked so I called up the owner of that property named rod I asked him how Glen Haven works and he said why don't you find out yourself I'll sell to you right now over the phone Wow the price is 400,000 can be ten thousand in cash down and I'll carry three hundred and ninety four thirty years that I think back then it was I think seven percent so I then said gosh rod I have to kind of guess there's something wrong with Glen Haven right and he said yes losing two grand a month so I figured what the heck if I buy it I'm out ten to buy it plus closing cost and then let's say I rent it for three months and give ups I can't fix the two thousand a month I'll be out twenty thousand what a great what a great education so that's literally how I got in it it was just just a impulse buy on the phone what did it intrigued me about Glen Haven all the way back in the billboard days was it as a mobile as a billboard guy you're constantly looking at zoning maps looking for the right zoning to build billboards and there's not a lot of allow you to build and I noticed in all those years I never saw any Sony mobile home park so I knew it was rare being an economics major from college I knew that when you have a lot of scarcity you typically have value through supply and demand so that one item made me interested yeah they're either made me interested in over they probably ten years that I had those Glen havens bill Moore's on Glen Haven I would get a call at least once or twice a year from rod saying hey can you do me a favor when you're out driving billboards can shop by the office of Glen Haven and ask him why he won't call me back there's always the exact same thing I would drive over this guy's old trailer bang on the door there'd be a huge delay the door would swing open he was always there hung over in his underwear and would say what do you want and I say Ron wants you to call him back he say okay so I knew that the management of Glen Haven was shall we say a little lacking and so I thought there may be the opportunity so when he threw the deal at home he was losing two grand a month I thought well I bet I can fix that and I know this you must be worth something cuz it's so rare so that's how I got it it's got Todd what your thoughts you know first of all you know like the the whole thing about supply and demand it's one of the things I think a lot of people miss when they're looking at really type of any needs have a real estate or any other type of business they're looking at right like if you have and I'm gonna take these words from Frank but like Frank loves I know he loves businesses where the government actually begins to regulate it or to diminish the supply of it and then the demand is still there so like you know the billboards for example he talks about the billboard industry is well well regulated by the the beautification I think Franco ladybird did you know you got that regulation then you got the mobile home parks nobody nobody wants to build a new mobile home park in their town because of the reputation or whatever and so all of a sudden now you have the government restricting the supply of it and supplying the man economics and this pure sense comes forward so I like the journey that Frank took I think they you know he liked still working these businesses that have that constrained supply yeah I think they're like the piece it's missed a lot of times no I love that I think my big takeaway was that his his risk reward ratio made a lot of sense and that he kind of just instinctively knew that the best way to learn is to do right like he couldn't just get a textbook on mobile home park investing read it and then say okay now I think I know enough to buy a mobile home partner you just did it and the economics made sense like okay twenty thousand dollars this education and I'm gonna know the ins and outs of it I think that was my big takeaway as well so so so Frank as now that you you own this mobile home park why keep acquiring more why not go into self storage why not apartment buildings why stay in what is you know let's just be honest an unloved real estate segment sector you you guys already hit it because those other sectors are not federally regulated right so you know being a big reader of biographies I knew they were about the concept of promote backwards and forwards and I also know that I wanted to be in a business where my moat was never going to be on moat and trucking and the airline industry had both been federally regulated then later were deregulated and killed everyone who had invested in them thinking that they were secure I like billboards because I knew they would not ever deregulate it because people hate billboards but they hate mobile home parks even more you know storage office retail any any idiot can do that right you can buy it you can build it you can do whatever you want city governments love it it's all tax income there's no cost but I'm willing to bank that mobile home parks after now a half-century of being bad or unlikely to be unbanned and that's the big turn-on to me I love it Scott yeah I mean it's funny because you know I I had seen some of Frank's educational material on billboards and then you know I I called up my local county and I'm like hey cuz Marcus you know we have land right like I have I have a lot to land and I found some land that was like perfect for what I thought was a billboard busy road whatever I called the county and I'm like hey I want to put a billboard on my land that I own yeah you know and they're like absolutely not you know and I'm like no no you understand it's it's my property they're like known can't do it and I'm like well why the county has a billboard ban you know it's if you're grandfathered in your grandfather and if not you're toast and I'm like wide so you know there's the peace now pick up the phone and call them and tell them you want to put in a mobile home park you're probably gonna get screamed at even louder no you can't do that yeah I mean freaking that leads me to the next question which is what is some of the worst advice you see or hear given in mobile home park investing today you know probably one of the worst thing people do which most people can't do because the financing is not theirs is to try and build a park because sometimes people will have a piece of land out in the middle of nowhere and they'll say gee what can I do with it I'll put a mobile home park on problem with that idea is when you're the middle of nowhere where they do allow parks you have no City Water and Sewer so you're gonna have to build your own private water and so we're very expensive very risky and you also have no customers because nobody nobody wants to live a middle of nowhere so the key to the industry is you always buy existing based on existing cash flow and then you build on that so building new parks that's always a terrible idea another thing I see a lot is that people will go down into the southeast I'm talking Louisiana Mississippi Alabama Georgia and they'll get involved in mobile home parks with the Locker answer as low as 75 bucks a month right not understanding that that's where all the money is so then they'll bring in mobile homes and try and rent those out for let's say 500 a month but you can't cap that income you can't do anything with that income so they end up with they construct these animals and can't really find answers to sell and then there's saddled with those things for a lifetime so you know if you're gonna be in the business you got to be in areas where the lab rats are at least about $200 or more because that's where you start getting into the area where you will have at least a shot of institutional debt at some point those are probably two biggest things as I say that makes sense that makes sense Scott Todd I'm gonna say like you know Frank I uh I was looking to park about two years ago and the funny thing was that and I didn't go deep into it enough but like I looked at a few parks and it's amazing because these the moms and pops you talk about you know they're running these things sometimes they have created such a mess financially that you can't even unwind it you know like this one that I looked at you know like they had they had like four different entities running within the same park because each one of them had their retirements who would buy the homes and then you have the the main organization has a lot rent and they wanted to sell the whole thing and it's like man you can't you can't you can't get a forensic accountant to piece all this stuff together to go to a financial statement for a bank let alone like you know just just anybody else and so it's amazing and you know we we wasted time going down that that Avenue trying to try to make it work a little bit but at the end of the day that Park still has never sold the same people own it because it's just a complete accounting mass so that has to go straight into seller financing Riya her car kya baat I met with the guy and he proceeded to tell me he had no records of any type what he did is he took all rents in cash he paid all bills out of money orders he pocketed the balance and he reported to the IRS and he had a net income of like a hundred dollars a month the problem is I said to him immediately and so you'd have no records you have a tax return that's not accurate you have no rent roll you have nothing cuz he kept he kept no records if you had records he thought the IRS could prove that he was wrong so I said you know you realize this has to be seller carry right there's no way you can tell me go ahead and get a bank loan when I have no information to give the bank at all and had he not agreed to seller finance it would have never happened there's really true all my early deals and even later deals whenever the guy had no financial or invalid financials or nothing more than sheet of paper with a crayon on it I would say okay you got you're gonna have to carry this right and if the guy said no no I you gotta use bank debt I would just quit because you know you can't you can't get you cannot expect a traditional banker to rear on some stupid trailer park loan with no supportive financials when you're asking the impossible and the only banker who would do that it's probably not a very good banker so yeah that that's where you suck was traded to seller Kerry and it's funny because I think that I think what Marco and Frank just said too is a key thing is that in any real estate is one knowing when to let go right like because a lot of times especially with people that do our businesses too you see people that they try to hang on they try to hang on to people that are trying to sell their property or even people that try to are trying to buy the property and they just keep going after that same thing and it's like dude you gotta you got to cut bait faster to get to where the fish really are biting because you you're not gonna be able to catch every single fish that's out there so like Frank said like you got to know man this one has to go this route and if it's not if you're not there yet as the seller like you're not to the point where you realize that you have to seller financing well then we're gonna go this way when you kind of get get the idea come back to us and we'll talk but you got to be able to walk away from it and do it quickly - yeah I think it's key to be a be a deal maker in other words a loan could be a deal killer that's the easiest thing in the world so when you try to be a deal maker in our industry there's a few things you can't make a deal out of one is if the parks illegal can't fix that in others if you have a failing private water private sewer can't fix that another item is if they got no financials so you know you want to be deal maker but there's something you do as you just said you have to know when to pick your battles and if it looks like the guys being unreasonable based on what you're given you've got to let it go yeah and my question be you know given your size and scale how many deals a month do you see and and let's say you see a hundred a month then what percentage of them do you actually pass on and why we see probably at least a hundred a month our most prolific period in history we were buying two a week right we were seeing those moments far more than 100 you know the deals we see are already somewhat betted because most brokers know we like to buy right so we the stuff that isn't stuff that we wouldn't buy we don't normally people to bring that to us so we have a little higher odds than most people because we're cheating a little after 20-something years of doing this is people know what we like but you know if you're if you're buying more than probably 1% or 2% I'd be a little worried to be honest with you because if you want to build a good portfolio you gave me someone selective and there was of course to cut me there was not selective at all out of business now called AARC which in fact was public at one time there their goal they were funded by a private equity group and they were just simply out to buy every mobile home park on the planet and they did that and it blew up so you know it's like it's like a good art collection in art museum it takes years actually produce they're really good and so you want to be if someone's not being selected that's that's very scary yeah I mean we so I was talking to a mentor of mine about you know going in because I'm you know been buying and selling raw land since 2001 I'm he's I'm like you know I want to go and into some of these maybe these other sectors and dip my toe in the water he said well mark you know think about it like if why would you see that deal he's like the smart players have already passed on it that's the only reason you're seeing it is that true no that's not true that is probably true in most every other sector in our sector there there the supply demand is so screwed up as far as the number of parks - the number of actual buyers not tire kickers with actual buyers and then the fact almost everything we buy is damaged goods right so every day when we look at is broken and then we gotta fix it and not everyone has the appetite to fix it or the knowledge to fix it or the desire to fix it and some of our best properties began life as things that were half empty or just a complete total mess we bought parks that have 5,000 a month generational water leaks we've bought things where the the collection is rated 150 percent we've bought parks that were 100 percent park oh no we bought all kinds of junk but you know the key is looking through all the clutter and deciding is this real
y a great asset or not a lot of people don't have that vision or don't share the same vision on the same park right I mean we buy a part it may often have been passed over by other people also looking at it they said I don't want to mess with it it's too much work I don't know how to fix I don't want to fix it I don't like that market so no it's not it's not I mean I would agree that probably if you're looking at I don't know what a great great shopping center in downtown Las Vegas yes the very fact that you could find one available means probably ninety nine hundred people have already said no it's no good but our industry is a little more broken playing field I mean in the world of economics where you have this idea of you know everything being perfect I mean we're best far from perfect as you can get yeah I mean I almost feel the same way in our and you know our role and investing niche where we're you know might be two to three hours from the nearest city the market is just so big and it's so unloved me go to a real meeting hundred people of that meeting 99 of them are house slippers landlords or wholesalers probably not a lot of or any mobile home park investors in that REO meeting either so can you break down for us what would be the ideal Frank Rolf mobile home park acquisition like what would that look like sure let's break it down infrastructure wise paved roads city water city sewer density of probably 10 10 15 units an acre so I can bring in most modern large single eyes I want to be in a location that's in a very desirable school district or or even in a downtown area but it's an area where the single-family home and apartment prices are very high and in a town where you can't build anymore and then I want to buy the thing and probably about 70 to 80% occupancy with a lot of room to push threats that's that's about it if you look at the typical deal we do the for drivers to making money with they are pushing the rents filling the Lots cutting the cost and making the resident pay water sewer and so that's kind of our standard formula but he's in the same formula now for over two decades it's not fancy we're not pioneers that's just what we do and you know other people have tried other strategies and I don't see them ever working that that's pretty much the strategy that works over and over and then all these other new concepts you can come up with you know let's build a tiny home property and all this definitely it sounds really great we don't need to be a pioneer in our industry I mean in other industries yes I mean I noticed in the apartment industry a lot of people wanted this new 300 square foot micro apartment because you need to define some new niche to make money but in our industry you don't need a new niche to see the follow the game plan Scott Todd he this is what I love okay like he just laid out the recipe a four-step recipe you know basically like you know this is what we do to improve the park and they execute on that same recipe over and over and over again I think that that's what makes you know kind of Frank and Frank system really good or their system really good I think that that's one of the things I think a lot people miss sometimes is that it's so easy to over complicate things just keep it simple like when you find what works just keep doing it it might get bored at boring after a while but man I you know you imagine all the stories that you you you can gain along the way just by having a boring a little recipe that you follow and the money you're collecting on along the way to so let's talk about raising the rents because recently on HBO you got a little bit of press on John Oliver and he kind of did a sound byte and went on this rant about how you know you keep raising the rents and now people can't afford to leave the park and whatever right I think it was that pretty much an argument Frank do not appreciate the depreciation I think those are the two key ones both of those for quickly on the home appreciation angle most mobile homes lot written home is 500 to a thousand dollars a month less than the alternatives in that market so it's not in any way about home appreciations about savings so each year let's say the customer saves 12,000 the air five years later they've saved $60,000 a year or they save $60,000 total which is twice with the home even cost so I mean I know Americans are all into ho a single-family home appreciation like that's their big driver and their investment portfolio which it remains to be seen whether it's even true or not all right we've had periods to be by your house in 2006 you maybe not believe that theory anymore but it's certainly not the only rule of finances and the guy with the mobile home where he's getting a steady safe thousand a month savings at the end of the movie is probably ahead of the guy he's all about the appreciation so he totally missed the boat on that on the la Renta angle what he doesn't seem to understand is that people like what I would call value and they don't mind paying up for it so if you buy an old broken mobile home park and you turn it around and you save it and make it nice and they can pretty make the roads good and you bring in professional management proud to live there they're willing to pay substantially more for that let me give you the same paradigm that you see every day every exit knowing down the freeway was I'm driving down the highway I'll see a Holiday Inn Express and I'll see by the our motel and I'll see you know a fancier hotel by the our hotel is $19 night Holiday Inn Express is a hundred the fancy ones three hundred if if the world was nothing but price we would all be seen at the $19 one eating a bowl of ramen right but this is not about the price I stayed Holiday Inn Express because even though it's more expensive I get good value for that because I'm safe I don't get bedbugs and all this other stuff so he gets that wrong in other words our whole nation is not built on least expensive right I mean there are some things out there that yes you can buy cheaply like I I'm a big user of the dollar store as much as anybody but I don't buy everything at the dollar store I don't want my car at the dollar store when I buy a car I don't see what's the cheapest car I can buy oh I'll go over here to this used car Lada buy that one there $400 so he's making assumptions on consumer behavior which are completely unfounded but let's also I'll admit there's this narrative in American Alice's cage fight of capitalism and socialism and that's what his show is all about I mean he has an audience of two million people which are all very young Millennials and on their side of the cage fight they're kind of in the socialism can so you know two weeks after his mobile home park expose was one on the green new deal that it was under genius if he don't support it the near so again you know he takes some very extreme positions cuz that's what his audience likes the truth he's a British comic he gets paid two million a year to do a satire news show and the very fact that people label that his news is somewhat scary that would be like having a soap opera guy in the doctor coat do brain surgery on you probably not what you want to be doing as long as you can get away with this giant farce that he's a news program they get paid two million a year which I will also add I wonder how much of that goes to charity brides like Bernie Sanders who is claiming that he was you know he's the man of the people he's buying six hundred thousand vacation homes I don't I don't show Denny anything as far as donations last year at all but once again it appears me Oliver's is that thing which bothers me the most often which is perhaps a tinge of hypocrisy right so if you're gonna make a comedy show labeling company let make sure everyone knows that and then don't don't put out a holier-than-thou image unless you actually stand behind I don't know what he does in his personal life or where does money actually goes but I wonder if as 2 million salary is going more towards luxury living a little less towards helping the poor Belushi shows based on yeah I love that answer it's got Todd I mean I think that I think that what a lot of and I think you know Frank you had a lot of good points there I think one of the things that's really really amazing for me and is in the last couple weeks it was an article that basically said more like fortune 500 companies now say that their role is not to maximize shareholder value but to have a larger social impact which as a shareholder I would be appalled by that statement right like as a shareholder I think that the companies have a financial fiduciaries possibly social yeah make the world a better place but man you've got to put the money back in my pocket because that's how the system works right like you know we're not running charities around here and I think that it's it's amazing because what what just gets glossed over here is the other component and that is is that there there is an affordable housing crisis in the country that companies like yours or investors like yours are solving because if it wasn't for your capital if it wasn't for you guys running the runt running these businesses we all know like the government is not helping the the homeless population the the government is not helping affordable housing you you and I have talked before Frank about like even simple as simple things like section 8 housing you someone who's getting section 8 housing they can't go and buy a mobile home somewhere like they have created an entire class of renters and it's like now at least someone in your community is an owner of something they can sell that asset they can sell that home that they're living in for cash and they do it all the time or you know other ways and they can move on it could be a stepping stone or it could be where they want to live for the rest of their lives but it's it's affordable and it's all heck I mean you get your own land you know like you can your kids can play outside not like an apartment where where you got the neighbors next door knocking on your your-your-your walls I mean you you you're you're providing a service and it's amazing how many people just gloss over that one piece and they'd look at this argument you grab an interesting point let's go back to the section eight you know the government was supposed to set it up so people could buy a mobile home using a section 8 voucher and then HUD deliberately scuttled it pretended they were going to do it after they announced and got all the PR from it they quietly behind the scenes minute an optional program at all HUD offices and none of them elected to take it right so they actually accomplished nothing but they they talked a big game that they were going to allow you to do that it makes complete sense why you would do that which is why Congress voted that they should allow you to do that but you know there's kind of I won't call it a conspiracy because the news is from way too many conspiracies today but it is of the relationship sector bear in mind we are the only real estate sector which gets no subsidies of any type even though Congress tells them they're supposed to give us up so these right so the only subsidy that we have seen or any help from the government has been the the growth of agency debt which of course that's a money-making scheme a Fannie Mae and Freddie Mac which now is 50% of all mobile home park loans in the u.s. done per year his agency debt and we are hugely appreciative of that but the big big thing they were supposed to work on was going to be doing mobile home loans and let me give you an example you know if you were to go out and buy a regular stick go home they're going to give you a loan through Fannie Mae and Freddie Mac I'm one of their new home buyer programs of I think it's like 3% down some insanely low interest rate right so that hundred thousand dollar home would cost you maybe $3,000 down and your payment's are insanely let's say $500 a month but on a mobile home side no such deal to buy a mobile home from a dealer you're going to put up ten or twenty percent so on a thirty thousand dollar mobile home you're going to put up somewhere between three and six thousand with payments your high and the net stick bill it's like the government is trying to push everyone into stick-built of a certain price points and you know what does it all mean I don't know what it all means but it's it's been a perpetual problem in our sector of affordable housing as we get no help like Rodney Dangerfield we get no respect the apartment guys get it up I think it tax credits they get section they they get anything they want you know is it a conspiracy of the apartment guys trying to keep mobile home people out of the business I don't think they probably even know us or care about us well there's clearly something to arguing on because we get their support you know I had this past week I drove around with for a week with a Irish filmmaker it's part of the Irish PBS and he's doing a thing on global affordable housing and we drove parks all week and his his comment or thought was why the heck the government has no interest in helping this sector because in the other countries he goes to the government's all over it right they're trying every way to promote whether it's 3d printed house scene or you name it they see that is one of their big obligations is okay let's help any way we can and in our country when you say their words mobile home park everyone clams up shuts their wallet and there's no help whatsoever it's really odd yeah I mean it's it's pretty sad I mean you're a manager a Taco Bell where do you live Frank in this country you know you live in a mobile home park or you live in a very expensive horrible apartment or you live with your relatives that's that's about it I mean so there's not there's not a lot of options and it is in fact sad that you can live in our mobile parts you can live like a king right on minimum wage to 15 bucks an hour you could have your own house your own yard privacy your sense of community people looking out for you it's like it's like a high density subdivision and but in the other sectors there isn't and then the thing everyone has to also remember is at some point all parts will be full right so right now we've got in our portfolio about four thousand remaining vacant lots of homes we fill those we get over a hundred calls a week at many of our properties so what happens then when all these things get full some people also forget it is that you know with mom and pops is not doing a very good job there's a lot of vacancy in the parks in America well the vacancy is rapidly decreasing and when those are all full then if you work at Taco Bell in your new household formation then that options off the table then it's going to be a basically terrible apartment or your or your parents so that that eventuality is rapidly approaching this I mean we're feeling right now roughly a thousand lots a year of our property so within within half a decade we'll be full and the other people will be fall I go in some cities and areas are completely full Denver Colorado everything is for Los Angeles everything is full and then that options off the table and the government will have done nothing at any point in the movie to help that at all well Frank I want to be respectful of your time so I've got one more question before we go to your tip of the week and it's a deep it's a deep one it's a deep one if you were on your deathbed what word what words of advice would you leave your family and friends sitting by your bedside about real estate life real estate anything that you think you'd want to impart okay so you need to always be seeking the best quality of life which is not necessarily all about money it may be something has nothing to do with money it's whatever is important to you know Harvard did a study it's their longest-running study ever in fact the guys have started it all died of old age and they were trying to find what makes people happy and defend it was relationships so they found in many ways quality of life ties back to relationships more than any other factor they found that the relationships are more critical the people's happin
ss than money any any any kind of social status so I would I would urge people to focus on quality of life now quality of life does typically require some money gotta pay your bills right you want some financial security but you can also you can go overboard and we see that every day right we see examples in the media and in places people went to too far overboard and they didn't focus on the quality they first focus more on amassing things but but that would be like my key tip to anyone family member or not is you want to focus on what to you what is your quality of life and someone else Candice I did for you that's ahead appreciate your choice I love it I love it alright well we're at that point in a podcast now we're gonna ask you for your tip of the week a website a resource a book something actionable for the art of passive income less years ago improve their businesses improve their lives Frank Rolfe your mentorship has been invaluable but we're gonna ask you for one more piece of wisdom what do you got well I'll tell you the the probably at least one book every one to two weeks is a book by Sam Zell called am I being too subtle what I love about the book is it's the next Tuesday in the whole concept of risk and reward broken down to the very basic easy-to-understand granular theory that if you have high reward and low risk such as Glen Haven you always do it if you have high risk too low reward you never do it and everything in life whether it's business real estate or something in your personal life you should you should always look at that ratio and say to yourself is this really worth it worth my time worth my money for this end result and if the answer's no that you don't do it and if the answer is yes then absolutely you do it but everything you do every day the world has risk in it when you start the car and drive down the road maybe it's your tires maybe said gosh my tire is ball it would cost me 50 bucks to get a new tire but if I Drive on the ball tire I may at least control my car go ahead on to an 18-wheeler so therefore you should change the tire you should always look at risk and reward and sometimes in investing when people get kind of into uh I don't know stagnant position on it to me the best way forward is to lay out on paper the best case scenario the worst case scenario and and help yourself that way help yourself figure out the risk reward ratio if it's healthy move forward if it's unhealthy drop out I love it I love it Scott Todd what's your tip of the week mark I got this one from Frank so you know I thought it would be good to circle it back around again it is I like the Sam's L book I really like this book that I want to share too and the funny thing is it's the only book I've ever bought twice I know of only book ever bought twice and it's it's literally it's hard to get like I'm looking at Amazon right now you came and get it so if you can find it on Amazon or some other place great get it and it's the man who bought the Waldorf the life of Conrad Hilton you know and the the great thing about this and and you know the funny thing is that Hilton went through and he start building these hotels from scratch he sank the thing right he was like the depression operations learning everything he sank the place he went back he started running the the hotels for the banks who got it the depression says he goes back and he buys it from them pennies on the dollar and you know it's a it's a fantastic story that you've never even heard about Conrad hidden but they're at Hilton but there are some great lessons in there like don't ever pay retail price for anything like everything find the things that are on discount let let someone else run them into the ground and then buy them and if you do that you're gonna be a ok yeah that is in fact that it does my all-time favorite book I'm so into that book that I searched out the best copies of the book they are very rare and I actually an ode now the hardbound copy that was presented by Hilton to his bank when he wrote the book signed by Hilton I mean I am a junkie on that book and you're correct I I'm actually getting calls from people now that can't find it because it is not on Amazon nor is it on any books it's it's it's the length the final copies are now God so it's too rare item if you can find it you should always buy it well I'm really lucky Scott Todd gifted that one to me yeah that's the reason I bought two of them because I think I paid like thirty five dollars for this book and the last I looked they were son in excess of $100 like you want to talk about a book that's actually I've never had a book make me money this book is making me money as I told my I literally have a note in the book that says this book is worth a lot of money like to my kids like I've told my my daughter like listen if something happens to me do not sell this book or donate it this is big dollars here totally great one of the best books ever it I love it I love it well my tip of the week is learn more about Frank Rolfe and how you can create wealth in mobile home park investing check out mobile home universe to the dot-com mobile home University comm Frank Rolfe always a pleasure are we good yeah thanks a lot would love it I love it Scott are we good we're good Frank appreciate being here I want to thank the listeners and just remind you that the only way the only way we're gonna get the quality of guests like a Frank Rolfe is if you do us three little favors you got to subscribe you got a rate you've got to review the podcast send us a screen shot of that review to support at the land geek.com we're gonna send you for free than $97 passive income launch kit so please do that it really really means so much to us and Scott are you ready to do this yeah mark I'm ready to go ready one two two let freedom ring okay we can't do it in unison with Frank Rolfe on the line it's it's just too awkward it's just yeah I mean yeah yeah exactly can I can't have Frank hang you up and then going to his wife and like can you believe these two geeks could not even say let freedom ring in unison I don't know I can't handle the shame Scott Todd I hear ya hey yeah thanks everybody
