Archive for April, 2010

Manufactured Housings 2010 Triumvirate

Sunday, April 25th, 2010

MANUFACTURED HOUSING’S 2010 TRIUMVIRATE

Housing Production & Sales, the Trade Press, & Landlease Communities

Preparing a weekly blog affirms a pithy observation by Maya Lin, designer of the Vietnam Veterans Memorial WALL in Washington, DC:

“Sometimes I think creativity is magic, it’s not a matter of finding an idea,
but allowing the idea to find you.”

This posting is a convergence of events from the MHCongress two weeks ago, recent conversations with MHIndustry peers, and knowledge of upcoming trade events. And, if you read through to the end of this blog, I’ll share ‘A Personal Reflection Upon My First Visit to the Vietnam Veterans Memorial’.

I.

Housing Production & Sales. Earlier this year (2010), I outed what many in the manufactured housing had been quietly discussing, but not addressing publicly. It had to do with whether the MHIndustry is indeed the target of a Grand Conspiracy, planned and orchestrated by one or more quarters within and about the housing business; or simply, the hapless victim of a Near Perfect Storm brought about by discordant events and disparate happenstances. While the answer to that question remains unanswered, it’s widely agreed, given continued unchecked year to year shipment declines of late (i.e. by dint of continued paucity of third party chattel financing of new and resale home sales transactions), we could see as few as 250 new HUD Code homes manufactured and shipped during year 2020! (I hope this is proven wrong!) But it was confirming to hear MHI’s recent past board chairman, now retired, Barry McCabe make reference to this Grand Conspiracy & Near Perfect Storm scenario within his opening address to the 5th annual National Communities Council FORUM in Las Vegas two weeks ago.

Where’s all this going to date? Nearly nowhere. MHI and HUD continue to endure internal personnel shakeups and reorganization; housing factories have retrenched to handle their lowest production levels in half a century; and, with these same manufacturers not siting more new HUD Code homes in landlease (nee manufactured home) communities, property owners/operators are looking elsewhere for affordable, compatible housing alternatives, e.g. small modular units, 400 square foot ‘park models’, RVs for a season, even stick – built homes constructed on – site to look like manufactured homes. No wonder a retired MH executive recently opined: “Guess the tradition of the egocentric manufacturer continues.”

The only hints, and that’s all there’ve been to date, of genuine concern for the future of the MHIndustry, have been too few quiet inquiries as to possibility of a third NSAC caucus among just HUD Code home manufacturers. This relates to the National State of the Asset Class caucus conducted 2/27/08 in Tampa, FL., among LLCommunity owners/operators only; and, the NSAC caucus – sponsored Historic SUMMIT Meeting, 2/27/09 in Elkhart, IN., that brought MHIndustry manufacturers and LLCommunity folk together, productively, for the first time in decades! NOW some believe, and I agree, answers to our industry/asset class survival dilemma might only be realized in a closed door session among the relatively few stakeholders still active in the MHBusiness. It’s even been suggested, by members of both national advocacy bodies, for such a meeting to be successful, it’d have to be conducted sans association/institute staff. What do you think? Should there be a third NSAC type caucus? (317) 346-7156.

Did you know?! On 2 June 2010, an historic Manufactured Housing Finance Roundtable will occur in Elkhart, IN! Hosted by Congressman Joe Donnelly, with special guest David H. Stevens, Assistant Secretary for Housing & Commissioner of the FHA at HUD, they’ll meet with MHIndustry leaders and financiers, to identify sources of chattel (personal property) financing for the HUD Code manufactured housing industry. Follow this blog for a firsthand account when the time arrives….

II

The Trade Press. Speaking of the trade press, do you realize how depleted one industry resource (print media) has become, and how superabundant (online media) another has grown?

During 2009, we saw the demise of MHI’s Modern Home magazine and venerable Manufactured Home Merchandiser. So far this year, 2010, we’ve seen Automated Builder and Upwardly Mobile magazines cease printing monthly and quarterly issues, and go 100% online.

At present, three healthy print publications serve the information and news needs of the MHIndustry and LLCommunity asset class; supplemented by roughly seven online ezines, newsletters and this blog; plus, a plethora of websites claiming affinity with every possible aspect of, as they put it, ‘mobile homes’ and ‘mobile home parks’. Frankly, I find it unfortunate and incongruent for ‘cutting edge’ modern technology – enabled communication to be victimized by individuals opting for vestigial and stereotype perpetuating, rather than contemporary and image – enhancing, trade terminology. Chalk that up to stupid, albeit free, speech online!

OK, so who’re the Official Manufactured Housing PRINT MEDIA Resources these days? In alphabetical order, the Allen Letter professional journal @ $134.95/year via (317) 346-7156; the Journal = ‘free’ to MHIndustry aficionados via (706) 655-2333; and the Allen CONFIDENTIAL! business newsletter @ $950/year, or only $750/year with an Allen Letter professional journal subscription, via same phone number cited earlier.

Official Manufactured Housing ONLINE MEDIA Resources? Automated Builder via (805) 642-9735; Chattel Finance Newsletter via (217) 971-3968; Community Connections newsletter for NCC members via (703) 558-0678; INDUSTRY PERSPECTIVES (MHRetailers) via (901) 872-4446; Manufactured Home marketing Sales Management via (847) 730-3692; this Official Blog for MHIndustry & LLCommunity Asset Class! via (317) 346-7156; and The Grissim Report @ $150 – 300/year, via (360) 683-1458. Then, of course, there are the manufactured housing – related websites.

If you’d like a copy of the two – sided, single page comprehensive directory of the above print and online media resources, as well as the MHWebsites, subscribe to the Allen Letter professional journal! The new Official Directory of All Print & Online Media Resources & Websites, will be included as a lagniappe (‘freebie’) with May 2010 issue of the newsletter. FYI; unique monthly enclosures with every issue of this newsletter, including the 21st annual ALLEN REPORT in January; List of HUD Code Business Development Managers or BDMs in February; annual RE Lender’s Registry in March; and, annual ‘Who Ya Gonna Call in 2010?’ list of freelance consultants in April. How can you afford not to be on the receiving end of such timely and helpful news and information month after month? That’s probably why paid subscriptions, to the Allen Letter professional journal are up 25 percent in 2010! (317) 346-7156.

When the Illinois Manufactured Housing Association (‘IMHA’) hosts it’s annual meeting in Springfield, IL., on 28 & 29 April, representatives from at least five of the aforementioned PRINT and ONLINE publications will be present to discuss the future of the MHIndustry & LLCommunity asset class’ trade press! Who knows, maybe as was attempted – but failed, nearly 20 years ago, we’ll see a trade press consortium rise from the ashes of failed publications, to ensure even better newsgathering and purveying to you during months and years to come! If you’ve a strong and abiding interest in MHTrade journalism, plan to be present at 3PM, the afternoon of 4/28. To register for the IMHA event, phone (217) 528-3423. Let me know of your interest and or plans to participate in the trade press conversation.

III.

Landlease Communities. Following are ‘not so random thoughts’ about our asset class’ heritage, ongoing intrinsic value, and somewhat uncertain future. Recently, I was asked by a major national real estate valuation franchise to identify significant emphasis areas, relative to landlease communities, deserving in depth attention at some point in the future. Here’s what I described to them…

Heritage. How and why has the moniker or label for this unique income – producing property type evolved from trailer camp (1960s) to mobile home park (1970s), to mobile home community (1980s), to manufactured home community (1990s) – though some would say manufactured housing community; to now, landlease community (2010 & beyond). Think about it. What do YOU call or how do YOU refer to this investment property alternative? By now, you should know why many of us opt for the landlease community label, i.e. no fewer than six different types of factory – built housing are routinely cited in the typical LLCommunity; no longer just pre & post – HUD manufactured homes!. If you don’t know what these six housing types are, scroll back through the archives at this blog site.

Ongoing intrinsic value; or why it’s almost always a ‘seller’s market’ where well – managed landlease communities are concerned. Do you know the drill? Goes like this: scarcity (hard to get new ones zoned and developed, thanks to NIMBY, her sister LULU, and fruity brother BANANA! See past blogs for acronym explanations); low annual turnover of homes and residents (e.g. 5 & 10 percent respectively, compared with conventional apartments at 60%+/-); low operating expense ratio(s) or OER @ 40 percent national average (again, compared with conventional apartments at 55%+/-); max opportunities for AITR (Alternative Income to Rent) on – site; and, ability to add value (e.g. either site& rent ‘repo’ homes, and or sell & self – finance new & resale homes on – site). The last of the five points is segregated from AITR, since it’s a specialty application, usually set up as a separate, if not independent, profit center.

Coincidentally, the now decade long penchant for on – site, sales and self – financing of new and resale homes has spawned three new sets of trade terminology and trends: Business Development Managers or BDMs who market new HUD Code homes to LLCommunity owners/operators; Community Series Homes or CSH, describes specially designed and equipped homes for LLCommunity siting; and, the Super Symposium & Showcase of Homes…usually a state MHAssociation planned and hosted two day program of seminars teaching LLCommunity folk how to sell and self – finance on – site, with opportunity to tour and buy new CSH homes on display at the event.

Somewhat uncertain future. Succinctly put: ‘Will chattel (personal property) financing return anytime soon to the HUD Code MHIndustry and LLCommunity asset class?’ The answer to that question, along with this one: ‘What will be the near and long term effects of the federal S.A.F.E. Act (Safe And Fair Enforcement of Mortgage Licensing), once implemented at the sate level – along with other impending financial regulatory measures, have on the industry and asset class?’ will either dispel or increase uncertainty for the two sister Business Models!

One of the first attempts to bring ‘rhyme & reason’ to this uncertain milieu of chattel finance, relative to LLCommunity operations (i.e. especially on – site sales & self – finance practices) has been recent publication of the Manufactured Housing Finance Primer, edited by this blogger, but containing definitive writings by no fewer than 24 MHIndustry & LLCommunity $$$ experts! Subtitled: ‘Almost everything you’ve wanted & needed to know about manufactured housing finance but didn’t know who to ask!’, it includes the MHIndustry’s Official Lexicon (dictionary), lists of sources for home finance, and much much more! How popular has it been since released two weeks ago? More than 100 copies were sold at the MHCongress, and mail orders have been brisk to date. Available for $29.95 (postpaid) via this blog website, or phoning the MHIndustry HOTLINE: (877) MFD – HSNG or 633-4764.

If you’re actively involved in selling and self – financing new and resale homes on – site in one or more LLCommunities, consider availing yourself of one or another of the training and consulting resources helping owners/operators and MHRetailers ensure their ‘paper’ is compliant with existent regulations; how to effectively set – up on – site operations to support this activity; and or use outside resources. These resources and matters are covered in the aforementioned book. However, also know there’s a Captive Finance Workshop scheduled for 18 & 19 May 2010 in Dallas, TX. For general information, and to register, telephone (217) 971-3968.

*****

This concludes the review of Housing Production & Sales, the Trade Press, & Landlease Community contemporary challenges, and what’s in store for the immediate future, even out to year 2020.
*****

As promised, here’s ‘A Personal Reflection Upon My First Visit to the VIETNAM VETERANS MEMORIAL Wall’ on July 15th, 1984.

Damn black wall!
Why do I cry so before you?
I’m alive – ‘Thank God’ for that
But what of these friends I knew?

Many years have passed
But now – ‘I’m really there again’
With the same strong emotions
And memories flooding back again…

‘God, I hate to cry!’
But that’s all I’ve done today
Out of gratitude – grief – and pride
For these my comrades, where’er they lie.

Damn black wall!
But I’m oh so glad you’re there…

GFA, Jr.
*****

George Allen, Realtor®, CPM®, MHM; Consultant to the Factory – built Housing Industry; Box # 47024 Indianapolis, IN. 46247 (317) 346-7156

Numbers, Attitudes, Books & Errors all ‘UP’ at MHCongress!

Sunday, April 18th, 2010

Numbers, Attitudes, Books & Errors, all ‘UP’ AT MHCongress!

Just about ‘anyone who’s anybody’ in the MH business was in Las Vegas

I.
First the numbers! According to Manufactured Housing Institute (‘MHI’) exec Thayer Long, overall attendance at the recently concluded 2010 Manufactured Housing Congress, in Las Vegas, NV. was up from 690 in 2009, to 730 last week! That’s progress; hopefully on our way back to the ‘thousands’ of a few years ago.

Just as impressive, was the jump in the number of landlease (nee manufactured home) community owners/operators participating in the Fifth Annual National Communities Council (‘NCC’) FORUM. Here, attendance rose from the 150 present last year, to 200 this time around. And no wonder; ‘everyone’ opined this year’s joint program with Urban Land Institute’s (‘ULI’) highly regarded Manufactured Housing Communities Council (‘MHCC’) was a Winner, from start to finish!

II.
Borrowed from a chapter title in Chapbook of Business and Management Wisdom, here’re ‘Scintillatingly Salient – but – Salacious’ observations gleaned from three days of ‘goings on’ at this year’s MHCongress. *1

Historic! This was first time in ULI history, for one of its’ several dozen ‘product councils’ to meet independent of the institute’s major membership meeting, this year occurring near simultaneously in Boston, MA. Why important? MHCC is widely regarded as MHIndustry’s de facto Think Tank. This joint meeting cements a key working relationship between MHI and ULI. No ‘attitude adjustment’ needed here!

The (Mobile Home) Park Girl debuted at this year’s MHCongress, offering property management services to LLCommunities in Texas. Contact Ms. Acosta via (877) 565-3444. When she gets the MHIndustry lingo right, and adds a PM credential or two to her name and firm, look for that team to be a ‘professional’ property management force to contend with in Texas and possibly elsewhere.

Spectrum Utilities Solutions recently acquired Edison Micro – Utilities, and Water Saver Systems, giving it a presence in 24 states – from New Jersey to California, offering utility submetering equipment, installation, and billing services. Contact: Fred Rice and Dave Eversole, respectively, at (614) 214-777 & 738-9996.

Dick Bessire of Bessire & Casenhiser circulated a list of ‘43 Useful Ways to Use DW-40’. Want a copy? Call (909) 594-0501. ‘Keeps flies off cows’, ‘attracts fish when sprayed on bait’, and much much more! WD-40 that is, not the list!

SUNSTONE manufactured housing consultants also debuted at this MHCongress. ‘Think’ Bob McBroom, Christopher Nortley, and Kolman Bubis. (312) 479-1200. Had planned to ‘do a story’ describing their transition from CBRichard Ellis, but we never got together….YOU can though, by phoning (312) 442-4402.

Nearly 100 copies of the just released Manufactured Housing $$$ Primer were sold, at a special show price of $20.00, at the MHCongress! The 100 page compendium contains ‘Almost everything you’ve wanted and needed to know about manufactured housing (chattel) finance but didn’t know who to ask!’ Now available to the MHIndustry and LLCommunity asset class at large, for only $29.95 (postpaid), by phoning (317) 346-7156 or via the website posting this blog: community-investor.com Contains the Official MHIndustry Lexicon (glossary), two ways to value manufactured homes, sources of MH chattel finance, finance service & consulting firms, federal programs, regulatory reform, and ‘How to sell & self – finance new & resale homes in LLCommunities’, list of all BDMs, description of Community Series Homes or ‘CSH’, and much much more!

Paul Bradley’s ROC – USA made a splash at the MHCongress! How so? A dozen members of his LLCommunity team attended FORUM & Congress seminars, networked with new and old peers at social events, manned an Information Booth on the show floor, and generally interacted with MHIndustry and LLCommunity businessmen and women – explaining their unique Business Model, converting this income – producing property type from private to cooperative ownership.*2

Susan Gargano of Creative Haven Media & Marketing, and Lauren Shippy of The DeSimone Group, both from Cherry Hill, New Jersey, were present and actively seeking creative but practical ways to assist the MHIndustry & LLCommunity asset class in a soon and joint recovery from their ‘now decade long’ economic malaise. If YOU have ideas, contact them, respectively via (609) 351-6043 & (856) 702-6007. Tell ‘em ‘George sent you!’

Lou Vela, now with iCAP Michigan, as senior director, was as busy as ever, lining up real estate mortgage clients. (248) 539-7800. Do YOU have a copy of the 12th annual ‘Lender’s Registry of Real Estate Loan Originators & Lenders’? Was enclosed as a lagniappe with the March issue of the Allen Letter professional journal. Call (317) 346-7156 to request a FREE copy. Speaking of RE lenders, Brian Mills (727) 374-6040 was present, as were the DiMarco brothers (585) 423-0230, Charlie Williams (602) 284-8772, Dan Armstrong (205) 991-6700, Lew Grace (949) 477-1545, John Jacobs (813) 829-5061, Bruce Tolchin (310) 442-8400, and Cary Monroe (813)229-5055.

The Jerry Gowans, present at the MHCongress sans wife Donna, have a new book out, Take the ‘E’ out of EGO and ‘GO’! Check it out via www.EoutofEGO.com

Did you pick up one or both the FREE books Don Westphal distributed at his booth? If not, and you’re anticipating the rejuvenation of an aging or abused LLCommunity, YOU need these useful and timely resources! Contact him via (248) 651-5518.

And, if you’re at all into social networking, either as a novice or regular, contact Suzanne S. Felber via TrailerDiva.com and request a copy of ‘A Do – it Yourself Guide to Social Media’ produced by The Home Idea Factory. Or phone (214) 941-8341.

Speaking of books. If you didn’t get a FREE copy of the fourth edition of Tony Petosa, Nick Bertino & Creighton Weber’s Manufactured Home Community Financing Handbook, go to wellsfargo.com/mhc Frankly, this real estate mortgage How To text, and survey of present day lending trends, should be on every LLCommunity owner/operators book shelf, to be read before acquiring or refinancing another property!

At CPM® candidate Candice Hocomb’s excellent seminar on ‘Managing LLCommunities in Tough Times’, there were no fewer than six Certified Property Managers® on hand to hear and give her moral support: Michael Sullivan, CPM®; Allan Alt, CPM®; Bill Cramer, CPM® & MHM; John Rogosich, CPM® & MHM; and George Allen, CPM® & MHM. Can’t even recall the last time there were that many CPMs® in one room at a manufactured housing or landlease community function!

III.
And now for some ERRORS. Here’s a general one: If you or your firm have any intention of being or becoming a significant ‘player’ on the MHIndustry and or LLCommunity business scene, it’s an obvious ERROR for YOU not to participate in the annual MHCongress. For example; ask yourself (if present at said event), ‘What print trade publications were present?’ Answer: At least three FREE and subscriber – supported business newsletters (e.g. Allen Letter professional journal @ 317/346-7156), but no trade magazine(s) whatsoever! And, ‘What online trade publications were present?’ Answer: Several, but not all! Keep that in mind when product and service vendors vie for your business. Ask them, ‘What are you doing to keep MHBusiness segments healthy and growing in today’s difficult economy?’ Special Announcement: If you’d like one of the first copies of Official Manufactured Housing PRINT MEDIA Resources, ON LINE MEDIA Resources, and SOCIAL MEDIA Resources Contact List, being readied for distribution, as a lagniappe, in an upcoming issue of the aforementioned Allen Letter professional journal; SUBSCRIBE TODAY!

Some specific ERRORS. One speaker opined, though treated this as a fact, “More LLCommunities are going into foreclosure these days than ever before!” NOT! Ask any LLCommunity (nee ‘mobile home park’) veteran who was around when the HUD Code went into effect in 1976. Not only did home shipments plunge from 575,940 in 1972 to 49,789 in 2009, but physical occupancy didn’t rise much above 50 percent ‘way back then’ until we hit our historic 95 percent high in the late 1990s, and to have now dropped off to 88.2 percent! There’s ‘no valid comparison’ between foreclosure volumes during the late 1970s with what’s happening today!

And this: “More LLCommunities are being bulldozed today than are being built!” NOT! Just read the last several annual ALLEN REPORTS. While not replicating the ‘new development’ volume of the early 1970s (again; when 575,940 homes/per year, with 80+ percent going into ‘mobile home parks’) and late 1990s, during our mini – renascence, there’ll still a healthy number of new LLCommunities being built every year, and existing properties being expanded.

And this: “Past industry standard OERs *3 no longer apply to contemporary LLCommunity operations!” NOT SO! All the ‘old OERs’ still apply; it’s simply prudent, in some instances (e.g. when dealing with older properties and deteriorating infrastructures), to add a new line item labeled ‘capital reserves’, and with a percentage allowance relative to anticipated need for near and far future on – site capital expenditures.

The BIGGEST ERRORS of all did not occur at this year’s MHCongress, but they were indeed addressed. What are they? Too high rental homesite rent rates in particular local housing markets, and the consequences thereof! First; here’re two ‘real life examples’ of too high rental homesite rates. In central Florida, a large LLCommunity charges more than $600.00/month site rent in a local housing market where 2BR2B conventional apartment units rent for $800.00/month. Using the 3:1 ratio, (Where site rents are 1/3rd apartment rents), target site rent is $260/month; so, present site rent is nearly 2 ½ times what this Rule of Thumb suggests! Result? To sustain occupancy, the owner/operator allegedly puts prospective homebuyers into resale homes for as little as $75.00, if they’ll sign a homesite lease at the above – referenced $600/month rate. And in central Indiana, a 1BR1B apartment on a golf course goes for $426/month rent, while a mile down the road, a large LLCommunity, with declining occupancy, continues to charge $446/month site rent in this local housing market where the 3:1 Ratio suggests site rent should be $300/month or less. (Based on $900/month for 2BR2B conventional apartment). Bottom line ERRORS? Giving homes away to get site rent, and leasing vacant rental homesites for nearly the same amount one can move into a 1BR1B apartment on a golf course! Those are just two of the horror (error) stories circulating these days….

So, how were these and other out of balance site rent situations addressed at this year’s FORUM and MHCongress? In a variety of ways. Some LLCommunity owners/operators actually (finally) recommended lowering rental homesite rent rates! Others decline to do so, preferring to make up for losses in physical occupancy by ‘renting’ homes on – site, and expanding existent home sales and self – finance programs. Not sure if the NCC FORUM ‘book’, containing Power Point Presentations on this topic, is available for purchase, but you might call (703) 558-0678 and ask Thayer Long if they are. And while you’re at it, find out how to become a direct member of MHI in general, the NCC in particular!

But, for the first time in many years, LLCommunity owners/operators, in general, are clamoring to learn 1) How to decide the appropriate site rent in any given local housing market (Think 3:1 Ratio described two paragraphs earlier), and 2) How to calculate ‘affordable’ and ‘risky’ price points for new and resale manufactured homes in any given local housing market. If you’d like a copy of the handout used for the 1 ½ hour class: ‘Is Your LLCommunity Really Ready to Sell & Self – finance New & Resale Homes On – site?’, phone (317) 346-7156 and request it. And, while you’re at it, consider ordering a copy of the aforementioned Manufactured Housing Finance Primer for only $29.95 (postpaid). Why? Because the seminar syllabus is part of chapter # 7, and includes several helpful forms, including the EQUALIZER, and the ‘Ah Ha! & Uh Oh!’ formulae.

IV
In closing, I owe you an update regarding remarks made at the conclusion of last week’s blog posting. Yes, some HUD Code housing manufacturers are interested in ‘finally getting together’ to talk about our industry’s Business Model and how to best weather the ‘Near Perfect Storm’ we’ve been in now for a decade. More approached me – confidentially, about this, in Las Vegas. So, if you have a real and vested (i.e. ‘skin in the game’) interest in seeing HUD Code manufactured housing survive threats of a Grand Conspiracy, and thrive, then let me know by email, phone or whatever. Just since last week’s blog posting, I’ve received several such inquiries, but need more, to decide if and when to proceed with planning a third NSAC caucus type event for this segment of the MHBusiness.*4

*****

End Notes.

1. Chapbook of Business and Management Wisdom, by George Allen, is available for $10.00, per copy, from PMN Publishing. (317) 346-7156.

2. ROC = resident – owned communities

3. OER = operating expense ratio(s)
4.
5. NSAC caucus. Two have been held to date: 2/27/08 in Tampa, FL., attended by 100+ LLCommunity owners/operators; and, 2/27/09 in Elkhart, IN., attended by 100+ HUD Code home manufacturers & LLCommunity owners/operators.

George Allen, Realtor®, CPM®, MHM
Consultant to the Factory – built Housing Industry &
The Landlease Community Real Estate Asset Class
Box # 47024
Indianapolis, IN. 46247
(317) 346-7156

A Little Bit of MHIndustry History!

Sunday, April 11th, 2010

Welcome to a Little Bit of Manufactured Housing History!

‘How many books have been penned describing MHIndustry chattel finance?’
Answer: ‘None before today!’

Manufactured Housing Primer debuts at the Manufactured Housing Institute’s annual Manufactured Housing Congress, this week in Las Vegas, NV. The eight chapter, 100 page, spiral bound reference resource answers ‘Almost everything you’ve wanted and needed to know about manufactured housing finance but didn’t know who to ask!’ (subtitle). The mini trade tome is comprised of writing contributions from no fewer than two dozen manufactured housing industry executives, MHRetailers, consultants, financiers, service providers, landlease (nee manufactured home) community owners/operators, and national advocacy association leaders.

Copies of the new book will be sold during the MHCongress for only $19.95 apiece; but will be available thereafter, from PMN Publishing for $24.95 post-paid. To order your copy(ies), simply phone the MHIndustry HOTLINE: (877) MFD-HSNG or 633-4764, or email: gfa7156@aol.com Credit card orders welcome; or, mail check to PMN Publishing c/o Box # 47024, Indpls, IN. 46247.

Want a taste of this historic text, authored specifically for the HUD Code manufactured housing industry and landlease community (‘LLCommunity’) real estate asset class? Well, here’s the first chapter, penned by Dick Ernst, president of FINMARK, in Dallas, TX., and George Allen, Realtor®, CPM® Emeritus, & MHM, of Indianapolis, IN.

Chapter 1

Introduction to HUD Code Manufactured Housing Chattel (personal property) Finance in General, and within the Landlease (nee manufactured home) Community Real Estate Asset Class.

In 1994, Manufactured Housing Institute’s in–house specialist on manufactured housing finance, William J. (Joe) Owens, writing in Development, Marketing, and Operation of Manufactured Home Communities, co-authored by George Allen, David Alley, & Edward Hicks, offered this clear and helpful description of chattel (personal property) financing in the HUD Code manufactured housing arena.

Because of its’ origins in the vehicle industry, financing for manufactured housing is still largely similar to automobile financing. In other words, the home does not (generally) become a permanent improvement to the real estate on which it is located. Rather, it remains a separately titled piece of personal property. Personal property finance of manufactured homes has remained the norm through the years because, historically, the majority of manufactured home have been placed on property not owned by the homeowner, either in a landlease community, or on private land owned by someone other than the homeowner. Therefore, acquiring a real estate title to the home and land is not possible, nor is acquiring a (realty–secured) mortgage. This practice is slowly changing, with some manufactured homes being made a permanent part of the land on which they are located, and financed as real estate, just as site – built houses are. P.130

*****

Dick Ernst, president of FINMARK in Dallas, TX., has long been considered one of the mavens of manufactured housing finance; at one point in his long and distinguished career, serving as interim president of the aforementioned Manufactured Housing Institute (‘MHI’). At this point, he picks up where Joe Owens leaves off.

Rather than repeat the history of manufactured housing chattel (personal property) finance from its’ inception 60 years ago, the following remarks focus on one of the most volatile and challenging periods of our industry’s history, from 1998 through 2009. The relevance of that decade, is that it presages the explosive growth of site–built housing and the realty mortgage market between 2001 and 2007 – and its’ subsequent meltdown, bringing our national economy to its’ knees. While dollar volume of the latter’s ‘sub prime’ meltdown far exceeds what happened in manufactured housing circles, ten years earlier, the consequences for both markets have been dire.

Let’s go back to those ‘go–go days’ of the 1990s, when the HUD Code manufactured housing industry was enjoying strong growth year after year. At the time, our industry was a darling of Wall Street. Large amounts of capital were chasing pubic (housing manufacturer) companies’ stock, driving up housing prices, and giving these firms ‘play money’ with which to buy–up other firms to expand their retail distribution networks. The new buzz within the industry was ‘vertical integration’. Led by Champion Enterprises, large retail sales operations were acquired for big bucks. Other manufacturers, like Fleetwood Enterprises, and American HomeStar, tried to keep up with Champion, as they saw their retail distribution networks going to competitors.

Retail (chattel) financing was plentiful and financially attractive, because lenders were paying MHRetailers a premium for their loans, and were very aggressive with their underwriting practices. While some lenders were portfolio lenders (i.e. keeping the chattel loans on their books), the bulk of financing, at the time, came from active participation in the Asset Backed Securities Market. Lenders were originating $100’s of millions in loans, packaging them, and selling them, while retaining servicing. Green Tree Financial was the largest ‘player’ at the time, with more than 30 percent of market share. Other lenders tried to ‘out do’ them, by buying more marginal business and or paying more for the loans purchased. Beginning to see the clear similarities between that period, in manufactured housing finance history, and the more recent ‘sub prime’ meltdown with stick – built housing?

The peak of manufactured housing’s gluttony occurred in 1998, when 372,843 HUD Code homes were shipped to MHRetailers and landlease communities. Marty Lavin, a veteran manufactured housing finance consultant, determined as much as one third of the industry’s chattel loans were made to homebuyers having a FICO score of less than 600! The soon result was a default frequency of more than 30 percent on loans originated during that time. The industry ended up with a glut of repossessed homes that took three years to absorb and resell. Now the parallel is complete! Plenty of Wall Street money chasing an industry; plenty of financing with an appetite to do even more securitizations; and, home sellers and finance companies willing to put consumers into homes with loans they likely wouldn’t be able to pay.

So, what has transpired since then? The asset–backed security business continued to operate, but the cost of doing securitizations became very expensive. Green Tree reorganized under bankruptcy protection, and stopped originating new loans. Clayton Homes, one of the largest securitizers in the manufactured housing industry, ended up selling to Berkshire Hathaway. Clayton had always been one of the most disciplined lenders in the business, but they were painted with the same brush as everyone else, and the cost of securitizaitons became untenable. As an example, if Vanderbilt (Clayton’s in–house finance subsidiary) had $ 1 billion in loans to securitize, they would be required to put up as much as $200 million in additional collateral (over–collateralization) to get the deal done. It does not take a mathematician to realize this is not a workable long-term strategy. Ultimately, when the sub prime fiasco hit, the capital markets were shaken to the core and closed down the asset backed security market completely. Even today, in 2010, there is no such market for manufactured housing. As a result, many chattel lenders went out of business.

The manufactured housing industry, and chattel (personal property) financing, look nothing like they did ten years ago. The number of lenders financing ‘home only loans’, or at least the majority of such loans, can be counted on one hand. The big four: Triad Financial Services, 21st Mortgage Corporation, CU Factory Built Lending, L.P., and U.S. Bank – Mfd. Housing Finance; plus, Clayton’s in–house arm, Vanderbilt Mortgage and Finance, Inc., provide the bulk of chattel financing, along with local community banks, along with an increasing trend toward self–finance of on–site home sales transactions by landlease community owners/operators. And since the heyday in 1998, loan underwriting and credit requirements have tightened considerably, with a minimum of a 650 FICO score required of would–be homebuyers.

What can we look forward to in the future? First the challenges. Despite specific legislation, commonly referred to as ‘Duty to Serve’, requiring government sponsored enterprises (‘GSE’), like Fannie Mae (‘FNMA’) and Freddie Mac, to finance larger shares of the manufactured housing market, we’ve seen little movement in this direction. And, FHA Title 1, passed with sweeping changes that have potential to help the industry, particularly landlease communities; but, until GNMA (Ginnie Mae) lifts their 20 year moratorium on approval of new (loan) issuers, it’ll have little impact on home sales. The good news? There’s optimism GNMA will lift said moratorium, and many more lenders will come into the manufactured housing market. Even with recent changes to FHA, increasing the front end fee and higher credit scores, those are changes the industry can live with today. Furthermore, 21st Mortgage Corporation recently received a fresh commitment of capital, which should keep them among the industry leaders in chattel financing. Finally, there will be a recovery of the financial markets; and the performance of the loans originated since 2001 has been excellent, and should attract investors looking for quality and yield!

*****

Now for a change in perspective. While landlease (nee manufactured home) communities have long been known and popular, among income–producing property investors, for their ‘recession proof’ nature, low annual turn-over, and low operating expense ratios and general scarcity (i.e. relatively few developed anew since the mid–1970s), little has been written about the asset class’ unique ability to ‘add value’ by bringing investor–owned homes on-site to be used as ‘rental units’ and or ‘for sale’ as contract sale units. This dormant practice resurfaced right at the turn of this century, when physical occupancy in landlease communities plummeted (i.e. from its’ historic high of 95 percent in 1998) and hundreds of thousands of next to new repossessed manufactured homes came on the market. Savvy landlease community owners/operators, particularly property portfolio ‘players’, led the way…but first, a retrospective look at the past…

For much of manufactured housing history, landlease communities – and before that, ‘mobile home parks’, eschewed (avoided) wholesale placement of rental homes and ‘contract sale’ homes on vacant rental homesites. Why?

As profitable as such practices can be in the short term, the presence of what are often referred to as ‘park–owned homes’, whether they be rental, contract sale, or lease–to–own units, tended to affect the property owner’s disposition strategy in a negative way; specifically, reduced pre ‘closing’ value of rental homesites so encumbered, as well as replacement versus income value, when pricing the homes themselves. Would–be investors were frequently wont to say,

‘I/we don’t want the added management headaches and increased operating expenses associated with park–owned homes!” An attitude that frequently reversed after ‘closing’, when seller nunc buyer now views the same units as being potential ‘cash cows’. Believe it. Happens that way frequently.

There’s also the difficulty, even today, of getting mortgage originators and lenders to accept more than a very small percentage of ‘park–owned homes’ in new real-estate secured loan.

Much of that changed around year 2000, when the HUD Code housing chattel finance bubble burst, continuing in a deflated state to this day (2010). Now however, besides enjoying the widespread reputation for being ‘recession proof’ investment property, landlease communities (‘LLCommunities’) have the unique ability, unlike most other types of income–producing property, to ‘add value’, by siting resale and new ‘park–owned homes’ to be used as rentals or sold on contract to homebuyers/site lessees. What effects have this singular change in operational philosophy had on the asset class and manufactured housing industry? Recycling of hundreds of thousands of repossessed homes, from the chattel finance bust between 1998 and 2005; increased and more stable physical and economic occupancy levels, certainly among the 500+/- known portfolio owners/operators in North America; and the manufacturing and marketing of tens of thousands of new HUD Code homes that would not have been built and sold otherwise, especially since late 2008, throughout 2009 and 2010!

The latter point is particularly noteworthy, in that rarely before year 2005 did LLCommunity owners buy new HUD Code homes to site and sell in their properties. Why? Because these homes were going onto leased land, they tended to depreciate in value, over time, unless kept in immaculate attention by the homeowner, and were sited in an exceptionally well–located and operated LLCommunity. An exception to this observation occurs when developers operate in strong enough markets to allow them to control the dynamic interrelationships among wholesale and retail home prices, loan terms, and rent level of homesites.

Bottom line in historical dollars? Here’ two paragraphs from the 21st annual ALLEN REPORT (a.k.a. ‘Who’s Who Among Landlease Community Portfolio Owners/operators in North America!’), available from PMN Publishing via the website: community-investor.com or by phoning the MHIndustry HOTLINE: (877)MFD-HSNG or 633-4764, or (317)346-7156.

“As was first pointed out in the 20th anniversary edition of the ALLEN REPORT, ‘Most LLCommunity portfolio owners/operators (now) market, sell, and self–fiancé new and resale manufactured and modular homes on – site.’ So much so, this year, 49 portfolio owners/operators reported 28,642 contract sale and or rental units on – site in their LLCommunities. When six firms reporting more than 1,000 contract sales apiece, were removed from the total mix, the resulting average, among remaining 43 firms, was 185 such transactions/rentals per portfolio or a total of 7,955. The six deducted firms claim an average of 3,447 contract sales per property portfolio.”

“The estimated value of above housing transactions? While impossible to estimate precisely; 27 or the 49 firms reported $221,600,000 in personal property loans carried on their or an affiliated company’s books. And given an arbitrary average new/resale home value of $30,000/unit, that total could account for 7,387 such homes (i.e. $221,600,000 divided by $30,000/home), relatively close to the 7,955 units reported in the previous paragraph (43 firms @ 185 homes apiece). Is it possible there’s nearly a billion dollars in self–financed chattel loans on homes presently sited in all 49 reporting LLCommunity portfolios? Yes, at 28,642 homes, if $30,000/unit. Certainly ‘begs the question’ relative to number of contract sales/mortgages among all 500+/- known portfolio ‘players’, beyond the 49 of 125 reported in this year’s ALLEN REPORT. A simple extrapolation of this data suggests between $2 ¾ and $3 ½ billion dollars among portfolio owners/operators alone.”

Keep in mind, it’s estimated the 500+/- portfolio owners/operators control maybe 15-25% of the national inventory of LLCommunities. But since their property size of this year’s ALLEN REPORT respondents averages 234 rental homesites per location, the remaining 75–85% of the national inventory are generally smaller properties, ranging in size from 100 rental homesites down to only three or four apiece, in the dozen or so states where this property type is even regulated. Point? The majority of non–portfolio LLCommunity owners/operators tend to be Mom & Pop–sized investments, often passively managed, and sans the resources and experience to create a new profit center to engage in self–finance of the ‘captive finance’ or ‘buy here–pay here’ methodology.

All this brings us to today, 2010 and beyond. What’s the year ahead hold for:

• HUD code manufactured housing production and shipment?
• Manufactured housing chattel (personal property) finance?
• Landlease community operations

Your guess is as good as the folk contributing their knowledge and experience to this primer. And helping you prepare for this vague future is part of the purpose of this book. Our intent is to equip the reader with enough knowledge about various aspects of chattel (personal property) finance, and various segments of the industry/asset class, to effect considered decisions about these matters going forward.

Good Reading, Good Luck, and hopefully, a very Good Future!

*****

What else is covered in the following seven chapters? Valuation of manufactured housing; sources of chattel (personal property) finance, finance service & consulting firms, federal programs, regulatory reform, LLCommunity – related matters, and resources not specifically described in previous segments of the primer. Another historic aspect of the primer is that, at the end of chapter # 1, it features the first Official Lexicon (a.k.a. Glossary) of MHIndustry & LLCommunity trade terms ever published. The Lexicon alone, is worth the price of the primer!

Hope you decide YOU want to read the entire work. This is a limited print run of 500 copies; so, when they’re gone, that’ll be all that’s available, for the time being. Don’t be without your handy, helpful Manufactured Housing Primer. Buy one or more at the MHCongress; use the ordering contacts listed earlier herein; and or phone (317) 346-7156. Leave a message if necessary….

*****

So, what else is going – on, in and around the MHIndustry & LLCommunity asset class these days? A lot! Not the least of which, is significant reorganization taking place within HUD, relative to the department’s manufactured housing regulatory responsibilities. You owe it to yourself to stay abreast of these, and other timely developments, re: FHA Title I, and implementation of the S.A.F.E. Act, to name a couple. Do so, by becoming a dues – paying direct member of the Manufactured Housing Institute via (703) 558-0678 (Thayer Long); and, asking to be put on MHARR’s email newsletter distribution list, by phoning (202) 783-4087 (Danny Ghorbani).

Better yet, become a paid subscriber to the Allen Letter professional journal, also available from PMN Publishing, for $134.95/year (12 monthly issues)! And, if you’re ‘the top executive’ with any factory – built housing – related firm, or LLCommunity property portfolio, join your peers in reading the Allen CONFIDENTIAL! business newsletter (a.k.a. TAC!) the first of each month ($950.00/year, or only $750.00/year if an Allen Letter subscriber). The ‘insider’ and oft confidential trade and national news featured in each issue of TAC!, if ever learned at all by other trade publications, will generally not appear until 30 – 60 days later. This is probably one reason why no TAC! subscribers to date, after 10+ years of publication, have experienced business failure! They oft know, before their competitors, what’s happened, happening, and about to happen; so can make appropriate strategic business planning decisions in a timely and forthright fashion. Maybe these two monthly print publications are what you’ve been needing to help YOU make right business decisions during the months ahead….

*****
George Allen, Realtor®, CPM®, MHM
Consultant to the Factory – built Housing Industry &
The Landlease Community Real Estate Asset Class
Box # 47024
Indianapolis, IN. 46247
(317) 346-7156.

SAVE YOURSELF; NO ONE ELSE WILL!

Sunday, April 4th, 2010

SAVE YOURSELF; NO ONE ELSE WILL!

- a simple but serious Four Step Plan for owners/operators of landlease (nee manufactured home) communities during these economically trying times -

It occurred to me, while Mystery Shopping landlease communities (‘LLCommunities’), engaging in some expert witness introspection, and attending a Super Symposium & Showcase of Homes, we – as owners/operators, continue to be our own worst enemies, when it comes to managing, selling, installing & financing new and resale homes within our valuable income – producing properties!

That’s right; no, I mean, that’s ‘wrong’ – that in property after property, homebuyers/site lessees see evidence of unprofessional property management (‘PM’); experience lackadaisical selling & leasing by phone and during interviews; suffer homes poorly sited and installed; and, probably worst of all, endure sub prime chattel (personal property) financing procedures, or lack thereof, that’ll might (Think impending S.A.F.E. Act implementation) get note holders in trouble!

So, what’s one to do about ‘poor rules enforcement, lax curb appeal, & lousy resident relations’ indicators; consultants who increasingly default to their firm’s website rather than sell; homes twisting and turning on insecure foundations; and, ‘buy here – pay here’ loans that’re unintentionally non – compliant with state and federal regulations?

Here’re four places to start the corrective process through education:

I.

Ensure every on – site property manager (a.k.a. administrator, caretaker, resident manager) is provided an opportunity to receive professional property management training & certification, preferably outside the company. Why? First; training is an educational and sharing experience; second, certification is the reward for, and indicator of superior PM performance! Furthermore, it’s unlikely a firm’s homegrown program was prepared and articulated by a Certified Property Manager ® member of the Institute of Real Estate Management (‘IREM’). Why is this important? During 30 years of experience and observation in this business, the best LLCommunity PMs almost always are professional CPMs®. So, why settle for less, when training your best?

What’re the professional property management training and certification alternatives available to LLCommunity owners/operators today?

At the entry level, whether a new or experienced on – site manager, or new owner of a LLCommunity, is the Manufactured Housing Manager (‘MHM’) one day PM program, available in classroom format (hosted by state MHAssociations & LLCommunity portfolio firms) or correspondence course. Contact PMN Publishing for details, via the MHIndustry HOTLINE: (877) MFD-HSNG or 633-4764. There’re 1,000+/- MHMs to date, all trained by a veteran LLCommunity owner and CPM®

At the intermediate level, is the Manufactured Housing Education Institute’s (‘MHEI’) nearly 20 year old Accredited Community Manager ® (‘ACM’®) program. This is a three course program (two days each session), culminating in preparation of a property management Plan. Classes are usually held annually in Michigan and Florida. For more information, contact Manufactured Housing Institute via (703) 558-0678. There are approximately 200 ACM®s in place today.

And then there’s the Certified Property Manager® member of IREM program, that serves as a quasi – ‘graduate degree’ in professional property management. CPMs® are trained in all types of income – producing property, and to date, 250+/- CPMs®, nationwide, claim affinity with the LLCommunity real estate asset class. For information, contact IREM® via (312) 329-6000.

II.

Real estate licensure. Few three word combinations stimulate more fear, prejudice, and distinction, in the minds of HUD Code manufactured housing aficionados and LLCommunity ‘players’. Why? Some ‘fear’ the day when, as marketers, sellers and installers of (factory – built) housing, on building sites conveyed fee simple and or into LLCommunities, they’ll have to become educated and licensed as real estate salespersons and brokers, to perform their presently uneducated and unlicensed realty – related jobs.

Then there’s the prejudice. Rarely, if ever, have real estate licensees given more than minimum lip service to the HUD Code manufactured housing type of factory – built housing. And only since the recent U.S. Supreme Court’s decision, allowing MHIndustry access to local realty board multilisting services, has the industry begun to enjoy a viable means of establishing a working, ongoing secondary market for its’ unique type housing.

But there are enlightened MHIndustry and LLCommunity professionals – I can think of at least a dozen; who know firsthand, the value, benefits and distinction of achieving real estate licensure – from training, networking, and access perspectives – to maintain active real estate brokerage licenses, and in some cases become Realtor® members of the National Association of Realtors (‘NAR’)..

So, what to do? Contact your state’s real estate licensing board and request guidance relative to licensure in your state. Then take the appropriate classes (They’re not easy!), pass the necessary tests, and become licensed. Frankly, you’ll be surprised how much you’ll learn about the profession (i.e. real estate) with whom you’ve rubbed shoulders over the years, but never really understood before. And, be assured, you’ll walk away from the experience with concepts and ideas, you wouldn’t have otherwise learned, to apply to your own organization.

III.

Installation of HUD Code manufactured homes. Why take your state’s official or sanctioned manufactured housing installer class? Ask yourself: ‘Who does the homeowner and lawyer call first, and whose money is most at risk, when something appears to go wrong with the installation of a new or resale manufactured home?’ YOU, as LLCommunity owner/operator! So, why not mitigate potential financial loss by being better prepared. There’s that old Seven ‘P’ Rule again: ‘Proper Prior Planning (i.e. Preparedness!) Prevents Pitifully Poor Performance! For information, call (302)645-5552 or MHRConsuolting@juno.com, or your state manufactured housing association executive. You’ll be very glad you did!

IV.

Captive finance and ‘buy here – sell here’. Which of these is your preferred process for providing self – finance (a.k.a. owner – assisted financing) on – site in your LLCommunity, when marketing and selling new and resale homes? By way of refresher, here’re the definitions of both concepts:

‘Buy here – pay here’, has been around MHIndustry circles since the 1970s; and occurs, when the same business entity that sells a new or resale manufactured home also effects and services the chattel loan on said home. While a simple approach, it also carries the potential of opening home seller/financier to otherwise avoidable finance – related liabilities, and complicates licensing under the S.A.F.E. Act.

Captive finance, also a lending process, occurs when home selling business entity forms a separate, but related, finance entity; removing finance – related liabilities from the selling party, and makes S.A.F.E. Act licensure less complicated. Captive finance also eliminates public disclosures of information by the selling entity, facilitates raising funds, and enhances liquidity.

Related to both previous descriptions, is the concept of ‘third party servicing’. Some LLCommunity owners/operators chose to use an independent third party to perform all or some of the duties associated with a captive finance operation; and or, for that matter, the ‘buy here – pay here’ scenario as well.

So, which is your preferred and or actual business model? Do you know where to go for training and assistance with each? First, obtain a copy of the Manufactured Housing $$$ Primer, published by PMN Publishing. Use contact information provided with the aforementioned MHM professional property management and certification description, or among the salmagundi ‘news items’ at the end of this blog posting. Another good reason to obtain this new, valuable resource, is it’ll help you decide how to best ‘value’ homes in your LLCommunity, when readying for sale and or finance. There’re chapters on that subject, as well as ‘captive finance’ and ‘buy here – sell here’ business models.

If interested in ‘captive finance’ training, consider attending a two day seminar facilitated by Precision Capital Finance. For information, phone (217) 971-3968 or Jim Keller, MHM: jkeller@captivefinance.net Next scheduled program will be in Dallas, TX on 18 & 19 May 2010.

If ‘buy here – pay here’ is preferred business model, contact ManageAmerica for information on their broad array of services on this timely and critical subject, as well as revenue management, integrated utility billing, and property management tools. Phone (760) 770-6500 or via sales@manageamerica.com

That pretty well covers the Four Step Plan promised in this weekly blog. Don’t hesitate to contact me, via this website, or phone: (317) 346-7156, if you have questions and comments to share.

FINI

Now for some SALMAGUNDI new: ’a little of this and a little of that’ These are some of the exciting and interesting initiatives afoot in the MHIndustry & LLCommunity asset class these days:

ANNOUNCEMENT! Manufactured Housing $$$ Primer will be available for purchase! The 100+ page, spiral bound book is the first ever written about chattel (personal property) finance as it pertains to the HUD Code manufactured housing industry. Contains the writings of no fewer than two dozen industry and asset class executives and consultants. Available from PMN Publishing via phone, at: (317) 346-7156. Price is only $19.95 plus shipping & handling, for a total of $24.95. Every HUD Code home manufacturer and retailer, along with LLCommunity owners/operators will want this handy ‘reader friendly’ resource close at hand during these trying economic times!

HAVE YOU HEARD THE WHISPERINGS? I’ve received confidential requests, from HUD Code home manufacturers on both sides the infamous MHARR/MHI fence, to plan and host a third NSAC caucus – like meeting later this year. *1 What’s on their minds? A desire (need?) to convene, then examine our industry’s present business model(s); also discuss and decide what needs to be made anew, renewed, or tweaked, to better face an uncertain future! One recurring theme goes like this: ‘Let’s seize what’s become the ‘low income (subsidized) housing = affordable housing’ societal nor; and through united effort, a clear redefinition of ‘affordable housing’, followed by a national media branding campaign, return homebuyers’ perception to where it was during 1970s & 1980s: ‘affordable housing = manufactured housing‘!’ If the idea of a third NSAC caucus excites you, let me know via the MHIndustry HOTLINE: (877)MFD-HSNG or 633-4764. Personally, I think MHFinanciers and LLCommunity owners/operators should be involved in this historic, high level strategic planning session….

TONI GUMP, publisher of the California – based Upwardly Mobile magazine, told this industry observer there’d be no more print copies of her popular publication; all is going online. So, strongly recommend you visit umhmag.com

INTERNATIONAL NETWORKING ROUNDTABLE. Am in the midst of compiling the annual ’24 speakers and topics’ list for this Fall’s stellar event (15 – 17 September). Do you personally have, or want to hear, compelling subject? Let me know ASAP @ (317) 346-7156. Remember, this is the sole annual, international event designed primarily for LLCommunity owners/operators, and HUD Code home manufacturers of late, so don’t be left out. As this is a ‘by invitation only event’ ensure your name is on the mailing list!

End Notes.

1. NSCA caucus. ‘National State of the Asst Class’ caucus. Two to date; first in Tampa, FL @ 2/27/08 for LLCommunity owners/operators; second in Elkhart, IN. @ 2/27/09 for HUD Code manufacturers & LLCommunity folk.

George Allen, Realtor®, CPM®, MHM
Box # 47024
Indianapolis, IN. 46247
(317) 346-7156