In this video I am joined by my mentor Dr. Marijo Wilson, and today we will be talking about REITS which are real estate investment trusts. I am very against these REIT groups as well as wall street hedge funds because they are not in the business of helping people. In this video Marijo and I will be discussing the pitfalls of REITs and why I will never be a part of one.
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Hi, I’m Chimene Van Gundy, bestselling author and mobile home millionaire and today’s video is actually going to be on the pitfalls of mobile home reads and we’re going to talk together about this. Joining me is my mentor and coach, Dr Mary Jo Wilson. Dr Marijo Wilson has been mentoring and training for the past 15 years and she actually coaches people on every aspect of real estate. So anything that you want to know, this phenomenal lady can help you. One of the things that I don’t like about rates with mobile homes is the fact that they are typically Wall Street hedge funds or their capital groups. I did not get into the business of helping people with affordable housing so that I can work with Wall Street hedge funds and capital groups who are responsible for the first market crash in the first place. 25% of all mobile home parks were actually owned by rates. What’s the problem with that? We all know is that they’re all in it about the money, right? Right. So they don’t really care about the people. So how do you create a win win scenario when people are having their rents raised, they own their home but they can’t move it. Even though they’re mobile homes, they’re not really able to move them. A lot of these homes might be 1970s double wides in Florida and some of these other very nice parts that the rates come in there and own and they can’t really move them. So they’re stuck, aren’t they? So what exactly is the problem with them raising the rent, continuing to raise the rents and people can’t move their homes cause there, even though they’re called mobile homes, they’re not really mobile, are they? Right. So basically they’re being held hostage. So John Oliver did a big basically spoof right at bed, kind of throwing rocks at mobile home university or mobile home gurus out there because they literally have them on video saying that, who cares? Let’s hold them hostage. You just raise their rents by 50 to 70% because they can’t afford to move them anyway. Who does that? If you are not in this game to actually change people’s life and help others, then you don’t need to be in the game. So rates are all about the Almighty dollar and not about helping others. When I go in and I purchase a mobile home park, it’s about all I can help the people and how I can increase the value in that community for them and where they’re living and increase their pride of ownership. So Marijo, also another pitfall would be, right?, most people can’t be accredited investors. Can you explain what that is? Sure. So an accredited investor is somebody who has a lot of experience or knowledge. So if they’re putting their money into something that their expectation is they understand their risks and the rewards. So in order to be an accredited investor, you have to actually sign a form that says that you have a million dollar net worth or you’re making a cashflow of $250,000 a year. And a lot of you out there are just getting started with mobile homes. And so this is another pitfall in that you can’t really, you’re not in a position to be an accredited investor to invest in the rates even if their values law aligned with yours. Yep, exactly. So rates don’t align with my core values. It’s why I’ll never be part of our grief. It’s why I don’t like capital groups. And I also don’t like Wall Street hedge funds. I mean think about it. Mobile homes is really the last affordable housing in America that we have. Look how they’ve really just saturated and I think really done a disservice to the apartment complex world. I mean when was the last time you went to try to get an apartment? The requirements are ridiculous and the amount of money that they make you pay is astronomical. Who wants that? So let’s help us support and be able to make sure that we’re giving people a win win situation and we’re actually able to be able to keep affordable, affordable housing strong in America. And I hope this video helps you on the pitfalls, the mobile home rates.
Hi. If you love this video, I would like to invite you to my free webinar where I’m going to teach you why mobile homes are little boxes that spit out cash, how you don’t need a real estate license, or even be a real estate expert and how I get 25 to 30 mobile homes for free every month and how you can too. Please don’t forget to like comment, share and subscribe and I can’t wait to see you on our next video.
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