Trailer park millionaires of the U.S.
Affordable housing is a hot topic in most countries, and that is why in the U.S., trailer parks is an option for many citizens. Making money with trailer parks is an investment that not many people have yet considered. However, mobile homes are very lucrative. According to census figures, more than six per cent of American citizens live in trailer parks. Most of them end up in trailer parks after the financial crisis. Additionally, the booming baby generation is increasing the demand for mobile homes and RVs.
Top millionaires who love a trailer park
On average, the monthly rent for most U.S. homes is $1,000. However, trailer parks offer half the price. Most companies are taking advantage of the market because it doesn’t seem it will stop anytime soon. Some of the richest men in the U.S. have taken an interest in trailer parks. Here is a look at some of them.
1. Sam Zell
One of the richest men to have reaped big in trailer parks is Sam Zell, a realtor mogul of Equity Lifestyle Properties. He is the largest owner of mobile homes and RVs in the country. Although his company deals in other accommodations, such as tents and tepees, mobile homes are the biggest moneymaker. According to reports in 2015, Equity Lifestyle Properties own 144,000 trailer parks across the U.S. That same year. Zell made whopping revenue of $777 million, which boosted the net worth of the company to about $5 billion.
2. Warren Buffet
Warren Buffet is one of the richest men in the U.S., with a fortune of $72 billion, according to Forbes. His company, Clayton Homes, is the biggest manufacturer of trailer parks in the country. Since it was launched in 2003, Buffet has helped many low-income Americans to realize the dream of owning their own home. Buffet’s company has had to address the issue of how it predates on homeowners. This is by selling homes at high rates or subjecting them to take loans under Berkshire Hathaway, which he also owns, to buy mobile homes from Clayton Homes. Still, he has earned large profits since the company launched. For instance, in 2015, Clayton Homes sold more than 8,000 mobile homes, generating $700 million in revenue. Buffet is one of the few millionaires in the U.S. who has been able to make it big even through financial crises.
3. Frank Rolfe
Frank Rolfe is the fifth largest investor in the U.S. in trailer parks. He and partner Dave Reynolds have created the Mobile Home University. They have more than 250 communities of mobile homes in 25 states. He is known for talking about investing in mobile homes as a lucrative business. Do you know of any other millionaires that we missed out from the list? Let us know in the comments below. We will love to add to the list!