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Posts Tagged ‘land lease’

George Allen Fact Check: 6 Errors/Contradictions in one section alone (290/1)?

April 1st, 2014 Comments off

Caesar-Palace-main-fountain-at-night-in-Las Vegas-NV-WikiCommons-posted-on-mhpronews-comThe Washington Post famously hands out “Pinocchios” for false or misleading statements made by public officials they fact check, including notables such as U.S. President Barack Obama, Russian President Vladimir Putin and other foreign or domestic public figures.

Since the MHIndustry’s George F. Allen boldly proclaims himself weekly to be a “reporter” and “communications resource,” let’s see in just one of the three parts (not counting his standard introduction, or “end notes”) in his recent post how many errors or contradictions this alleged “reporter” makes.

1) The first error/contradiction is found in the very first sentence in George F. Allen’s blog post (#290, section I); which is a typo of one of his own publication’s name.

2) When George Allen wrote;

“…NEVER EVER ENGAGE IN PUBLIC BACKSTABBING of MHBusiness associates online or anywhere else!”

…does Allen realize he violated that principle in that very paragraph, in his own blasting of the Manufactured Housing Institute’s (MHI’s) popular Congress and Expo? Is it ‘Do as I say, not as I do?’ for Allen in Indy? Does Allen hold himself and his friends to this standard, or not?

3) The early bird special for Congress and Expo runs through Friday, April 4, so Allen has 2 fact errors in his second bullet point, and once more violates his own stated principle of “…NEVER EVER ENGAGE IN PUBLIC BACKSTABBING of MHBusiness associates online or anywhere else!” As a side note, when has MHI ever attacked Allen’s so-called Roundtable or other “meetings” publicly?

4) Allen’s paragraph five states registrations for MHI’s Congress and Expo in 2014 “…are up 30 percent over last year!” An MHProNews source at MHI puts that at up 39% increase over last year, as of 3PM ET, 3/31/2014. Doesn’t that fact-error contradict his bullet point 3, which boldly claims his location has become “the hub…” “…of 1) research, 2) resources, 3) communication, 4) networking, 5) deal-making, 6) PM training & certification, and when need be, 7) national advocacy…” What Allen himself has said in a prior blog post, that he agitatesagainst MHI seems accurate. If MHProNews grades errors and contradictions on the curve, that would be a sixth fact/contradiction error. But if you look at the fact that accurate research, business building resources, more (…and more accurate…) communications, some 5 times more networking at the Congress and Expo event alone, true testing and certification through MHEI’s ACM (Accredited Community Manager), those first 6 claims are all errors/contradicted, because he is clearly not “…the hub…” based solely on Allen’s own missive. As to Allen point 7), when has Allen last engaged in “national advocacy” on an issue with Congress, the CFPB, HUD or other Washington based regulatory agency? Should that self-proclaimed “reporter” get a total 6 or 13 fact errors/contradictions for that one section of his blog? Does the Scripture-quoting Allen recall Exodus 20:16?

With so many obvious errors in just section “I” of a single Allen post – a pattern of errors which allegedly occurs routinely with this self-described “reporter” and “community-investor” – is it any wonder that the New York Times has not called George Allen to have a reporter spend a week in his “land lease life style community?”

For those wishing to learn the facts about the MHI/NCC 2014 Congress & Expo to be held on April 29 – May 1, 2014 at Caesars Palace in Las Vegas – or to save $200 on early bird special for the hottest ticket in the manufactured housing industry ‘business building, educational, networking and deal making’ with an estimated 1000 +/- attendees from companies of all sizes – please click here by Friday April 4 for the discounted rates.

MHI organizers say similar events in the home building or real estate industry often cost more, and tell us they have arranged for discounted room rates ‘while they last,’ but MHProNews – which will have a paying attendee of the event – encourages readers to check out the facts for yourself. ##

(Image credit of Caesar’s Palace main fountain at night in Las Vegas, NV: WikiCommons. Editor’s note: by way of disclosure, MHProNews’ parent company was hired by MHI to help promote this event, but we were not asked to comment or fact-check this George Allen article.)

UMH Properties Receives a Strong ‘Buy’ on its Stock

September 24th, 2013 Comments off

Brad Thomas documents the annals of UMH Properties, Inc., (UMH:NYSE) since its beginning in 1968 to its election to REIT (real estate investment trust) status in 1982, and being publicly traded in 1985 after issuing an IPO, as reported in seekingalpha.com. Although it is considered a small REIT because its market cap is $184 million and has assets of $384 million, Thomas notes since 2009 the number of land lease communities it owns has risen from 28 to 68, and the homesites nearly doubling to 12,800. The company owns 37 manufactured housing communities (MHCs) in the Marcellus Shale region where energy companies are expected to be drilling, attracting possibly thousands of job-seekers who will need housing. UMH also has a financing arm that sell homes to consumers. Revenue is expected to surpass last year’s, he says, and UMH pays a higher dividend yield at 7.38% than either Sun Communities, Inc., or Equity LifeStyle Properties, its two closest peers, as MHProNews knows. After driving near every angle of financing through a fine tooth comb resulting in many charts, graphs and formulas, Thomas initiates a buy on the stock at $9.75 a share.

(Photo credit: UMH Properties, Inc.)

Stunning 2 Million dollar manufactured home, but TMZ and media struggle to ‘get it’

August 30th, 2013 Comments off

betsy-russell-saw-star-1,999,999-manufactured-home-'mobile-home'-credit-redfin-mls-posted-daily-business-news-Saw star Betsy Russell recently listed her lavish, custom manufactured home overlooking the Pacific Ocean in ritzy Malibu for just a buck under a cool 2 million. TMZ and other media outlets both raved and ranted. “On top of the nearly $2 million price tag, the HOA fees will run the new owner a whopping $3,565 a month. That’s another $42,780 a year.” The media has little notion of the advantages that millionaires such as Russell, or more millions of owners of more modest means have with modern manufactured homes, including those placed in land lease communities. What sounds like a lot of money for site fees (aka “lot rent”), in many jurisdictions means you have little or no real estate taxes, and may have little or no personal property taxes. This is why the listing agent can correctly boast that it is the most amazing home-with-a-view value under 2 million dollars in Malibu, CA. For those who don’t know that market, another manufactured home sold in the same community for 1.1 million. ManufacturedHomeLivingNews.com will showcase Russell’s manufactured castle as a “featured home” as part of an article which will include 17 photos. Check back for a link here once its posted, or sign up for our popular, free twice weekly emailed news and tips alerts to get the link to that upcoming story. ##

(Image Credit: MLS/Redfin)

High Demand for Manufactured Homes in Manitoba, but limited spaces in MH Communities

August 23rd, 2013 Comments off

credit-cbc-news-Demand for Canada’s version of manufactured housing is rising rapidly in Manitoba, at the very time spaces in provincial land lease communities are scarce. With single family home sales in the region averaging $285,000, a new manufactured home in Manitoba for $115,000 looks very reasonable. So it is no surprise that sales rose 11% in 2012 over 2012, and sales are up some 20% in 2013 over 2012. However, the sad reality of the impact of rent control measures are playing out here in a dramatic fashion. Manufactured home community (MHC) owners are limited in their options for development due to laws that place a 1% annual caps on rate increases. Choking off return on investment options for MHC owners causes some to sell their property for other uses, which then displaces residents who are unable to find a space in another land lease MH Community. One such community is Kingsway Kort in Brandon, where resident Colleen Weisbrodt is one of 140 households forced to move due to the park’s closure. Weisbrodt can’t find a vacancy in another community, which Glendale MHC owner Kenny Choy, explains to CBC News is common. Choy’s community has 230 home sites on 30 acres of land and has been full for 10 years. Current law creates disincentives to develop, in spite of the market demand for affordable manufactured homes. ##

(Video credit: CBC news)

New Hampshire’s Community Loan Fund converts MHC #106

August 21st, 2013 Comments off

nh-community-loan-fund-logo-posted-daily-business-news-manufactured-home-pro-news-Residents of Lamprey River and Railroad Street land lease communities in Newmarket, NH recently purchased their communities. Heron Point Estates Cooperative, New Hampshire’s 106th manufactured-home cooperative forged through the work of the state’s Community Loan Fund, will manage both communities.  Education, technical assistance and funding were arranged by the New Hampshire Community Loan Fund, which allowed Lamprey River and Railroad Street residents to organize and form Heron Point Estates Cooperative, Inc. in June 2012. The coop then negotiated with the Wajda Family Trust – the communities private owner- for the final purchase price of $1.295 million before finalizing with mortgages from the Community Loan Fund and Profile Bank. Fosters says the Community Loan Fund converted its first manufactured home community (which it refered to as “mobile home parks”) in Meredith, NH in 1984. Their strategy is being applied in other parts of the U.S. by what Fosters calls a spinoff organization, ROC USA.  Cooperative President Susan Robshaw said: “We own it, we manage it and we will never have to worry about someone coming in and taking it away from us. It has brought a lot of us closer together and formed or renewed friendships. We will now work together to make it an awesome place to live because it is ours! It is my hope that everyone will take pride in ownership.”  ##

(Image credit: NH Community Loan Fund)

 

Two California Land Lease Communities Obtain Financing

July 16th, 2013 Comments off

Working exclusively on behalf of Wynne Corporation to seek financing for two manufactured home communities (MHC) north of Los Angeles, HFF (Holliday Fenoglio Fowler, L.P.) secured acquisition financing for La Maria MHC in Santa Maria, Calif. and refinancing for Ojai Oaks Village in Ojai, Calif. La Maria is a 158-site senior MHC which received a ten-year, $8.5 million fixed-rate loan from Aegon USA Realty Advisors, LLC. HFF arranged an $8.3 million fixed-rate loan from Lincoln Financial Group for Ojai, a 125-site, 96 percent occupied all-age community 25 miles east of Santa Barbara. La Maria is 98.1 percent occupied. As nreionline informs MHProNews, HFF will also service the loans.

(Photo credit: Arnaldo Abba/psmag–Pismo Dunes MHC in Calif.)

Delaware General Assembly Passes Rent Justification for Land Lease Communities

June 21st, 2013 Comments off

Following a story MHProNews last covered June 11, 2013 regarding the rent justification bill in the Delaware General Assembly, lawmakers passed SB 33 but removed the requirement that increases be greater than the average annual increase in the Consumer Price Index (CPI) for the last three years. The Delaware State Housing Authority will still consider the request for a raise in rents if the landlord states it will be used to improve the community. If the residents and owner cannot agree on an increase, the matter will go to non-binding arbitration. Another amendment to the Senate version, as delawarenewszap says, is the arbitrator must submit a written decision within 15 days of the arbitration.

(Photo credit: capegazette/Ron MacArthur–land lease community near Rehoboth Shores, Long Neck, DE)

Iowa Measure will Reduce MH Property Taxes

May 22nd, 2013 Comments off

As follow-up to a story we posted April 18, 2013 concerning property tax rates in Iowa, Joe Kelly of the Iowa Manufactured Housing Association (IAMHA) informs MHProNews if SF 295 passes, property taxes on land lease communities will fall. The current rate is 100 percent of assessed value. With passage, the new measure would take effect Jan. 1, 2015, with the discounts being applied in the fall of 2016. The first discount will be 86.25 percent of assessed value beginning in 2015, and the rate drops roughly four percent each year until 2022 when it will be equivalent to residential rates.

(Image credit: Wikipedia–Iowa State Seal)

MHC Owner Busy Selling Homes

May 20th, 2013 Comments off

Having re-branded 18-year-old SSK Communities as “You Got it Homes,” co-founder Nathan Smith says the company sold no new manufactured homes in 2011, 60 in 2012, and they are already ahead of last year’s sales, due to aggressive TV ads. As the owner/operator of 22 land lease communities with 4,900 homesites in Indiana, Kentucky, and Ohio, Smith says they are one of the first companies in the country to build a vertically-integrated business model—they sell the manufactured homes, arrange or provide financing, insure the home and manage the communities. Cincinnati reports Smith, who is also chairman of the Manufactured Housing Institute (MHI), says people like the streamlined one-stop shopping approach, and the company’s website, yougotithomes.com has generated over 4,000 sales leads. MHProNew has learned SSK is the largest MHC owner in Kentucky and one of the top 30 in the country.

(Photo credit: Carie Cochran/enquirer–Nathan Smith with one of the homes for sale.)

UMH Moved to Buy

May 16th, 2013 Comments off

According to utahpeoplespost, real estate investment trust (REIT) UMH Properties, Inc. was upgraded by analysts at TheStreet from a hold to a buy position, as reported by AnalystRatingsNetwork. The company has strong growth in revenue and net income, good return on equity and earnings per share, and reasonable valuation levels. AnalystsRatingsNetwork says, “We feel these strengths outweigh the fact that the company shows weak operating cash flow.” A quarterly dividend scheduled for June 17th will yield a return of $0.18 per share to share holders on record as of May 15, 2013. UMH stock (UMH:NYSE) closed at $11.01 Wed., May 15. As MHProNews knows, UMH owns and operates 68 land lease communities in seven states comprised of 12,800 homesites, as well as a portfolio of REITs.

(Image credit: UMH Properties, Inc.)