In 2016, Avery and I had just gotten married and were living together in North Carolina. Through her job in Norfolk, Virginia, she met two successful investors who specialized in manufactured homes. They owned and managed a clean, well-run community in Rocky Mount, North Carolina.

I had never thought seriously about mobile homes before, but the more I learned, the more intrigued I became. They showed me how affordable housing demand in Rocky Mount was steady, how cash flow on manufactured homes looked strong, and how units in their community were staying occupied.

I was eager to grow my portfolio. So when the opportunity came to buy two brand-new single-wides and place them in the community under their management, I jumped in.

Creative Financing

The challenge was: I didn’t have the cash. But by this point, I was learning how to get creative with financing. I took out two home equity loans against my Belmar and Rodeo properties — $35,000 each. That gave me enough to buy both homes and cover setup costs.

The following year, Rodeo had appreciated, and I refinanced everything into one 30-year loan at a lower rate. On paper, it felt like a smart move: I had leveraged equity from earlier wins to expand my portfolio and lowered my interest costs in the process.

The Reality of the Deal

At first, things seemed fine. The homes rented, cash flowed, and the demand in Rocky Mount was strong. But cracks started to show.

The property managers weren’t keeping good maintenance records. I’ll never forget the frustration of fixing the same leaky toilet three months in a row — and nobody on the ground realized it was the same issue (I could have had 2 new toilets installed for the price of the 3 repairs!) The owner statements were messy, hard to read, and I found myself micromanaging from afar just to stay on top of what was happening.

I also came to a bigger realization: these homes were sitting on someone else’s land. They cash flowed, but they weren’t appreciating. Manufactured homes without land simply don’t build wealth the way single-family homes or multifamily properties do.

The Hard Lesson

By January 2020, I’d had enough. Between the weak management, the lack of appreciation, and my growing sense that these didn’t fit my long-term strategy, I sold both homes.

The result? A $20,000 loss. That one stung.

But it also taught me one of the most important lessons of my investing career:

👉 I will never own mobile homes again without owning the park too.

Looking Back

Was it a mistake? Yes. But it was also a turning point.

• I learned how to creatively leverage equity and refinance for better terms.

• I saw firsthand that cash flow alone isn’t enough — appreciation and control of the land matter.

• I experienced how poor management can kill what looks like a good deal on paper.

That $20K loss bought me wisdom that’s paid off many times over since. Not every deal will be a winner, but every deal can be a teacher.