Archive

Posts Tagged ‘manufactured home retailers’

John Grissim Guides Author Finger Pointed at 21st Mortgage Corporation, Notorious Tim Williams Letter Cutting Off Retailers

May 29th, 2019 Comments off

JohnGrissimGrissimGuidesPhotoManufacturedHome21stMortgageTimWilliamsLetterCuttingOffManufacturedHousingLendersMHProNews

Since its inception in 2003 this part of my web site has offered a mix of consumer news, excerpts of reports about manufactured homes, miscellaneous ideas and suggestions, Q&A snippets, updates, consumer alerts, and commentary from yours truly,” said John Grissim, author of the Grissim Guides in a Summer-Fall 2018 announcement.

 

Grissim notes he’s published 90,000 words in his various blog postings over the years, calling that book-length.  He’s perhaps best known for the research-volume aimed at consumer by that name, the Grissim Guide.

Grissim wasn’t necessarily praised by many professionals, as he was both pro-manufactured homes, but also tough on of HUD Code manufactured housing.

A quote from him dated February 2009, helps make the point why not all industry pros loved him.

After outlining a concern out of Utah, he said as follows: “Comment: With this story gaining momentum and national attention, once again HUD-ville takes a big hit to its image. It’s hard not to believe that its homes are nothing more than cheaply constructed, poorly designed housing for the working poor.”  Note to our growing numbers of new or first-time readers, MHProNews often turns quoted text bold and brown to make it pop, but otherwise the text is as in the original.

Grissim went on to say, Last summer the buzz was all about formaldehyde out gassing from travel trailers and single-section HUD-code homes used for temporary housing by hurricane victims. This is absolutely the last thing this industry needs to experience.”

It should be noted that Grissim’s audience was a blend of potential consumers and manufactured housing industry professionals. Part of his business model was selling his Ratings Guide, a book that purported to rate the quality of the various builders of HUD Code manufactured homes.

Industry purists, such as our publisher, frankly thought the very premise of the Ratings Guide to be problematic for manufactured housing. Why?

Because if a HUD Code manufactured home builder meets the construction, energy, safety standards, and all the relevant inspections, certifications, etc., that was Number One.  HUD Code homes have significant consumer protections, most notably since the Manufactured Housing Improvement Act (MHIA) of 2000.  That was the period Grissim was publishing such columns in.

So, of course there would be differences in fit and finish between entry level, mid-range and upscale or residential style manufactured homes. But Grissim, who could claim being an experienced journalist, was lawfully able to publish what he wished. That’s America and the right to free speech and freedom of the press.

The above tee’s up a sense of the author, because thousands of manufactured housing professionals today would otherwise be unfamiliar with Grissim. Having set the table, it’s the following quotes at length from that report of his that are the focus of this fact-check and analysis.

Let’s begin by noting that by Grissim covering this as he did, albeit incompletely, he did so well before others, most of whom to this day have ignored the topic all together.

What follows is word-for-word from his post – linked here. We’ve screen captured this page too, as a documentary reference should the site go down or be otherwise changed, which Grissim himself suggests he plans to modify his content. Following the content between the — lines, there will be an MHProNews analysis. Typos are in the original.

 

— start of extended quote —

TheGrissimGuideHeaderWebsiteManufacturedHousingIndustryDailyBusinessNewsMHProNews

As recession deepens, MH plant closings mount. Industry production capability could shrink 30% by summer. What this could mean for home buyers.

Figures released early this month by the Institute for Building Technology & Safety (IBTS), the Washington, DC-based organization that tracks numbers for HUD, show a total of 169 production facilities around the U.S. are currently engaged in building HUD-code homes. That figure is down from 180 in October of last year.

But the worst may be yet to come. Some plants shut down over the holidays due to lack of orders, which are typically low during the winter months. With many retail dealerships struggling to make ends meet, and with sources drying up for so-called inventory flooring loans (loans to pay for lot models until they’re sold), orders from retailers for model homes may drop dramatically. This in turn could trigger a corresponding increase in plant closings.

One industry professional familiar with these trends told me he would not be surprised if by summer the total number of still-operating plants was in the 125 range, amounting to a roughly 30% contraction since last fall in the MH industry’s total production capacity.

Put another way, by this summer another 43 plants could be idle. For many companies, this will be catastrophic, forcing them into bankruptcy or sale. This is particularly true of builders that produce only HUD code homes, versus a mix of HUD and modular code dwellings. Unfortunately, the MH industry is generally weak, with very few players strong enough to buy their competitors, or even assume their debt.

Companies that are able to produce, in addition to HUD code homes, modular-code homes and RVs (especially park models), should fare better during the crunch, but the outlook is still grim. Adding to the challenge, some parts and materials suppliers to the RV and factory-built home industry are themselves in survival mode, and may go under.

In late January, Liberty Homes, the Goshen, IN-based builder, announced it was closing its Statesville, NC plant, laying off 90 workers. Patriot Homes, also HQ’ed in Indiana, has closed its Texas plant, and another facility in Indiana, and reportedly laid off its entire engineering staff before last Christmas. And Fleetwood, as reported last month, is closing seven of its plants.

For its part, industry stalwart Palm Harbor Homes reported company sales for the fourth quarter of last year were $89.6 million, down from $140.6 million during the same quarter a year previously. PH’s shipments to its most important markets–Texas, Florida, Arizona and California–were down nearly 38%. Larry Keener, Palm Harbor’s CEO said they expect this downward trend to continue through calendar 2009. The company is looking to free up some working capital by leveraging some of the more than $100 million in unleveraged assets on its books.

Also hanging in there is Cavalier Homes, a publicly held builder HQ’ed in Addison, AL. On January 27, 2009, Cavalier agreed to sell its in-house finance company, CIS Financial Services, Inc., to Jacksonville, FL-based Triad Financial Services, one of the industry’s oldest (and consistently successful) manufactured home lenders, for $750,000 cash plus CIS’s loan portfolio. According to the company’s CEO, “Bobby” Tesney, the transaction was in no way an indication of any change in Cavalier’s fortunes. “We think we will be here for the long run,” he explained in a subsequent phone call. In fact, Cavalier has excellent cash reserves and no long term debt, so the builder looks to be in good shape to weather a long downturn.

For home shoppers, the good news is this remains a buyer’s market with retailers bending over backwards to sell you a home, and at a very competitive price. But be certain the manufacturer from whom you’re contemplating buying is still in business and will be there to take care of your warranty needs. And don’t completely rely on your retailer for assurances. Verify all dealer claims. Visit this site for the latest news, and don’t hesitate to email me if you have any questions.

With some big banks moving to block mortgage brokers from offering their loans to consumers, home buyers may have fewer choices.

 

In its February 1, 2009 edition, the New York Times reported that some large national banks, such as JPMorgan Chase, are no longer accepting home loan applications processed by mortgage brokers. [See also the story that follows this item.] Ostensibly the reason is, during the go-go subprime home loan years, many independent mortgage brokers played fast and loose with the documentation criteria they used to qualify borrowers, allowing many to obtain loans way beyond their ability to pay. The banks in turn suffered the losses, not the mortgage brokers who pocketed their origination fees and incurred no further liability.

There is much truth in that argument, but regrettably a decrease in the number of reputable independent mortgage brokers (who typically offer a wider variety of loan products than the local bank) means home buyers will have less choices and may be obliged to borrow from local institutions who often charge higher interest rates.

For their part, the mortgage brokers counter that it was the lenders, not the brokers, who determined the submitted loan documentation was satisfactory and thus it was the banks’ sloppy standards that ultimately were the source of so many subprime loans going south.

The brokers certainly have a point. In my view both parties are to blame. For several years there, the banks were busy selling their brokered loans to Wall Street’s masters of the universe for big money and they, like the brokers, could have cared less how bad the loans were because they, too, were off the hook if the loans went south. But that’s another story.

This said, I recommend my clients talk to a reputable mortgage broker as part of the process of shopping for the money before shopping for a home. For more on working with mortgage brokers, please see the discussion on mortgage brokers in chapter 4 of The Grissim Buyer’s Guide to Manufactured Homes & Land.

 

Speaking of mortgage brokers, Clayton Homes’s subsidiary finance company, 21st Mortgage Corporation will cut them off as of March 1, 2009. But wait, there’s more….

Pity the nation’s independent MH dealers. As I reported in the Grissim 2009 Report, last month the Clayton-owned subsidiary finance company, 21st. Mortgage Corp., announced that due to lack of funds to lend, it was largely pulling out of the inventory flooring business for dealers who sold homes other than those built by Clayton and Clayton-owned subsidiary manufacturers. Then, on January 30, the other shoe dropped.

Tim Williams, 21st’s president, sent an email “to all MH retailers and mortgage brokers” announcing that due to the bank’s inability to find money to lend indie dealers to finance retail home sales, effective March 1, 2009 the bank will limit its financing programs to the following (I’m quoting here):

  1. We will no longer offer any of our programs to Mortgage Brokers.
  2. We will offer FHA Title I financing for any brand home subject to retailer meeting FHA requirements.
  3. All other finance plans will only be offered for sales of the following homes:
  4. 21st Mortgage repossessions
  5. New homes built by Clayton Homes, Karsten Homes, Southern Energy or any other Clayton Homes subsidiary. The dealership must be a 21st Mortgage approved retailer.
  6. For any brand of home floor planned with 21st Mortgage prior to March 1 2009
  7. For any brand of home sold from a retailer’s inventory provided the retailer replaces the inventory with a home built by a Clayton Homes subsidiary.

 

Williams’s letter went on to say:

“We will continue to seek adequate funding so we can once again become an active lender meeting all your needs. You need to take appropriate action to apply for financing with alternative lenders, including CU Factory Built Lending, Triad Financial, and US Bank. Many retailers have found the FHA a viable alternative and I urge you to talk with your credit manager and become familiar with the terms available.”

This announcement was directed to independently owned MH dealerships that have long used 21st Mortgage’s lending programs for homebuyers. But Clayton Homes’ also owns a second finance company, Vanderbilt Mortgage, which offers similar loan programs exclusively through Clayton Homes-owned dealerships. If 21st. is having difficulty raising capital to lend, it would make sense that Vanderbilt is also dealing with the same problem.

At this writing, there has been no change in Vanderbilt’s program. However, I have learned from a reliable source that an executive at one of the alternative lenders mentioned above recently received over a two week period calls from the credit managers of 18 Clayton-owned dealerships asking about the availability and terms of both his company’s chattel and home mortgage programs. Do they know something we don’t?

The above developments will not impact homebuyers who intend to pay cash or otherwise obtain financing from their local bank or credit union. The rule here is: dealer arranged financing for your home purchase should be absolutely your last resort. The interest rates are almost always higher than you will find elsewhere in the private sector. Shop carefully for the money before you begin shopping in earnest for the home of your dreams.

— end of extended quote from Grissim website —

JohnGrissimGrissmGuideRainshadowPublicationsManufacturedHousingProfessionalMHProNews

Collage by MHProNews, provided under fair use guidelines.

 

That statements and views by Grissim are interesting on several levels.

  • First, not that it was every doubted, it nevertheless reaffirms that the 21st Mortgage Corp document signed by Tim Williams and previously published by MHLivingNews and MHProNews reads as the copy of an original that we’ve published, which is hereby reposted again, below.

 

21stMortgageCorpLogoLetterheadJan302009TimWilliamsRetailersBrokersCutSpecifiedLendingMonopolisticPloyConcernManufacturedHomeDailyBusinessNewsMHProNews

This document was provided as a news tip to MHProNews. 

 

  • If there is any record of Clayton’s ‘captive’ lender Vanderbilt Mortgage and Finance (VMF) having any such issues funding issues, we are unaware of it at this time. Clayton, VMF, and 21st have all been repeatedly invited to respond to our published articles, and at each turn, they have declined.  The same invitation has been given to the Manufactured Housing Institute (MHI), which is widely seen as dominated by Omaha and Knoxville.  The Arlington, VA based MHI has declined to respond or comment as well to the concerns surrounding the 21st letter and related
  • Grissim says those messages were sent out by email, and we have sources that say it was sent by U.S. mail too. That’s significant for reasons that attornies at Berkshire, Clayton, 21st, MHI and possibly others should understand the ramification of legally.
  • Grissim published this prior to the video interview published by MHLivingNews at the link below, wherein Kevin Clayton says in a past-present-and-future sense, that “Warren” assured them they have ‘plenty of money.
  • Grissim published that prior to the Warren Buffett annual letter, which seems to directly contradict they key claim made by Williams, namely, that they were cash strapped, and that is what allegedly forced their cutback.

The most complete report on this topic is found at the link below, which includes the quotes from Warren Buffett, and the complete video interview with Kevin Clayton, where he lays out the Buffett vision for the strategic “moat” and being a ‘tough competitor.’

 

SmokingGunEvidenceOfAntiTrustMonopolisticCollusionMoatClaytonHomesKevinClayton21stMortgageTimWilliamsWarrenBuffettMHLivingNewsMHProNews

In a series of direct quotes in context, a document from 21st Mortgage signed by Tim Williams, and video recorded comments by Kevin Clayton, these all line up to demonstrate how independent retailers, communities, and producers – among others – where purportedly harmed by action that could be deemed an antitrust violation.  https://www.manufacturedhomelivingnews.com/bridging-gap-affordable-housing-solution-yields-higher-pay-more-wealth-but-corrupt-rigged-billionaires-moat-is-barrier/

 

Restated, while there is more analysis that could be done on what Grissim wrote, the above is sufficient to reaffirm concerns that Berkshire Hathaway owned brands purportedly colluded in a fashion to rig the marketplace, tipping manufactured home retailers and more producers out of business.

Newer industry readers, investors, public officials, and other researchers should keep in mind that some who received that 21st letter from Tim Williams – and survived – recall the document, and have confirmed having received it.  Several of those have thanked MHProNews for not letting this topic slide, as they knew some put under by that document, and they recognize that if it happened before, something like that can occur again.

In the light of more recent revelations published in MHProNews and MHLivingNews, there are numerous reasons for Congress to investigate in a public setting what occurred, why, and how that impacted thousands of independent businesses that may have been marginal, but had survived up until that point in time.

The role of MHI, if any, in the matter also bears scrutiny.

If their paid staff grasped the reality, and hid it, what liability or legal exposure do they have?  One might wonder, why former MHI President and CEO Chris Stinebert left as and when he did, – well prior to the events related to these 21st financing cut-off letters – and why he waited until leaving to publish a letter that politely chided his own MHI trade association on issues, including financing.  See that at the link from his name, above.

To learn more about or review the related macro issues – all of which must be grasped to understand why manufactured housing is underperforming – see the related reports, further below the byline and notices.

 

That’s this predawn hump-day edition of “News through the lens of manufactured homes, and factory-built housing” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)

 

ManufacturedHousingProNewsMHProNewsConfidentialTipsDocumentsNews

To report a news tip, click the image above or send an email to iReportMHNewsTips@mhmsm.com – To help us spot your message in our volume of email, please put the words NEWS TIP or Comments or Letter to Editor in the subject line.

NOTICE: You can get our ‘read-hot’ industry-leading emailed headline news updates, at this link here. You can join the scores who follow us on Twitter at this link. Connect on LinkedIn here.

NOTICE 2: Readers have periodically reported that they are getting a better experience when reading MHProNews on the Microsoft Edge, or Apple Safari browser than with Google’s Chrome browser. Chrome reportedly manipulates the content of a page more than the other two browsers do.

(Related Reports are further below. Third-party images and content are provided under fair use guidelines.)

1) To sign up in seconds for our MH Industry leading emailed news updates, click here.

ManufacturedHomeIndustry#1HeadlineNewsMHProNews

To see a sample of our emailed news update, click here. To sign up for the factory-built home industry’s #1 headline news, click here or the graphic above.

2) To pro-vide a News Tips and/or Commentary, click the link to the left. Please note if comments are on-or-off the record, thank you.

3) Marketing, Web, Video, Consulting, Recruiting and Training Re-sources

SoheylaKovachDailyBusinessNewsMHProNewsMHLivingNewsSubmitted by Soheyla Kovach to the Daily Business News for MHProNews.com. Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

Related Reports:

You can click on the image/text boxes to learn more about that topic.

Senate Democrats – Including 2020 Presidential Contenders – Ask CFPB Protect Consumers Against Predatory Lenders — Point Finger at Clayton Homes, Berkshire Hathaway Lending

Shocking, True State of the Manufactured Housing Industry, plus Solutions for Profitable, Sustainable Growth – May 2019

“Game On” – “Fighting Discriminatory Zoning” “Moral Obligation” Fix “Worsening Nightmare” – State Associations Entering Spotlight

Clayton Homes, 21st Mortgage Corp, Vanderbilt Mortgage and Finance – Investor Lessons Learned

“Mobile Home Militia,” Retail/Production Sources, Sound Alarm Against Clayton Homes, CMH, New “Anti-Competitive Practices” Allegation

Clayton Homes and 21st Mortgage’s Manufactured Housing “Spies”

 

Warren Buffett, Charlie Munger Video Interview at Berkshire Hathaway Annual Meeting on GSEs Lending for Affordable Manufactured Housing and Clayton Homes

Prosperity Now, Nonprofits Sustain John Oliver’s “Mobile Homes” Video in Their Reports

 

Duty To Serve, “Complete Waste of Time” per Tim Williams, CEO/21st Mortgage; POTUS Trump, Warren Buffett Insight$

“Lead, Follow … Or Get Out of The Way”

“The Illusion of Motion Versus Real-World Challenges”

HUD Code Manufactured Home Production Decline Continues, May Updates

 

 

 

 

 

 

 

 

What Just Happened, to Cavco, Independent Communities, Retailers, and Manufactured Housing?

November 25th, 2018 Comments off

 WhatJustHappenedCavcoIndustriesIndependnetMHCommunitiesRetailersandManufacturedHousingSundayMorningRecapMHProNews

Every Sunday morning for several years, we provide this popular week in review.

 

It helps answer the question, ‘What Just Happened?’ It will also suggest a few answers to a question that hasn’t been asked, what’s coming up in this week ahead?

Drama.

Some of it is ‘manufactured drama.’

Some of it was arguably avoidable drama, as in the case of Cavco Industries, whose stock has tumbled over an SEC subpoena over trading by Joe Stegmayer, MHI’s Chairman and now ex-Chairman and CEO at CVCO.

On the plus side, there are more details linked about the Legacy Housing (LEGH) IPO below.

If you were out of town, you might have missed the MH Whistleblower…its both fun and serious.

Then there’s local drama, like the story about a manufactured home community owner who’s property is threatened with closure, but who is fighting back. That story includes local news video, and numerous exclusive comments from the targeted owner, and is linked below.

There’s a new move called NobleHomes, and #NobleNotMobile.  That report is likewise linked below.

Then there’s the MHIdea, a blast at MHI from veteran manufactured housing independents in the retail sector.  They’ve publicly said in their own words, enough of the failed leadership and monopolistic games by the big boys and their Arlington-based trade association. That interesting – historic – move and report are among those listed further below.

There are things to be thankful for, and in the spirit of the season, there’s a nice nugget we’ve published about MHI in a thanksgiving story found below.

There are good things shared from and about MHARR too.

Then there’s a report yesterday that will have thousands saying, ‘what’s that all about?‘ Facts are facts. One reader was laughing when he called, but another was ‘you’ve got to be kidding,’  No joke, the facts are what they are.  And that report spotlighted facts, the money trail, and evidence that Omaha and Knoxville may have a hard time explaining away.

Stunning.

Then there’s a new Masthead on truth detection 101. If you want to learn how to spot a lie or a con job, it’s insightful, practical – and even inspirational – reading.

Among the vexing topics reported below is one about homelessness, because it is arguably being fostered by flawed policies.  Our industry could be part of what fixes that problem.  When the needs are so great, and one solution is obvious, why are manufactured homes bucking so many headwinds?

What just happened?

Discover it all for yourself.  It’s awaiting your gaze and professional curiosity. The headlines of the week from Sunday 11.18.2015 until 11.25.2018 are  all found below in the broadest, deepest, most read, trade media in all of manufactured housing.

A special word of acknowledgement to the Dick Jennison, from MHI, and Timothy W. Williams, of 21st Mortgage Corp.  Yes, that’s code, but they should get it, and so will numerous others who are thoughtful readers of this report and what follows below.

Our thanks to you, and our thousands of readers who faithfully logged on daily during a holiday week for many.  We thank our sponsors, clients, news sources, and all for making and keeping us #1 for MHVille “Industry News, Tips, and Views Pros Can Use.” ©

With no further adieu, discover what just happened in over 20 linked reports from the week that was, all found below.

NOTICE: the page routinely displays better using a Microsoft Edge web browser or Apple’s Safari browser than in Google’s Chrome browse, which manipulates a website and content more. 

 

What’s New on MHLivingNews

mhlivingnews-improvedlivingforle-logo

Giving Thanks for Mobile Homes, Manufactured Homes, Classic “Mobile Home Parks” and Manufactured Home Communities

Giving Thanks for Mobile Homes, Manufactured Homes, Classic “Mobile Home Parks” and Manufactured Home Communities

 

 

The Latest from MHARR

HUD Publishes Final Revised RV Exemption Rule

HUD Publishes Final Revised Rv Exemption Rule

 

 

What’s New on the Masthead of MHProNews

TheMastheadCommentaryLATonyKovachMHProNews

Failure, Success and Profitable Truth Detection for Manufactured Housing

Failure, Success and Profitable Truth Detection for Manufactured Housing

 

 

What’s New on the Daily Business News on MHProNews

1DailyBusinessNewsLogoMHProNewsLogo-1

 

Saturday 11.24.2018


Center for Public Integrity – Stunning Clayton Homes-Warren Buffett-Berkshire Hathaway Manufactured Home Lending Truth Outs

Center for Public Integrity – Stunning Clayton Homes-Warren Buffett-Berkshire Hathaway Manufactured Home Lending Truth Outs

 

Friday 11.23.2018

Are Flawed Policies Fostering Homelessness, Crime? What Happens When Affordable Housing, Including Manufactured Homes, Are Lacking

Are Flawed Policies Fostering Homelessness, Crime? What Happens When Affordable Housing, Including Manufactured Homes, Are Lacking

Dow Falls 178+ Points, Worst Thanksgiving Week Since 2011, Plus MH Market Updates

 

Public Official, ABC News, Manufactured Home Community Owner Clash Over Resident Concerns

Public Official, ABC News, Manufactured Home Community Owner Clash Over Resident Concerns

Take One – Data Driven U.S. Outlook in 2019 and MHVille

Take One – Data Driven U.S. Outlook in 2019 and MHVille

 

Thursday 11.22.2018

Yes, Thankfully There’s Times Manufactured Homes Earn Bipartisan Praise in Washington, D.C. Metro

Yes, Thankfully There’s Times Manufactured Homes Earn Bipartisan Praise in Washington, D.C. Metro

Giving Thanks for Manufactured Housing Independents, Applauding “MHIdea!”

Giving Thanks for Manufactured Housing Independents, Applauding “MHIdea!”

MH Silver Lining? Residential Construction Report, Oct 2018, per HUD, Census Bureau

MH Silver Lining? Residential Construction Report, Oct 2018, per HUD, Census Bureau

Fascinating Thanksgiving Factoid, Socialism Preceded Thanksgiving in America

Fascinating Thanksgiving Factoid, Socialism Preceded Thanksgiving in America

 

Wednesday 11.21.2018

MH Marketing Insights – Where are Americans Moving? U.S. Moves, by State – Charts, Video

MH Marketing Insights – Where are Americans Moving? U.S. Moves, by State – Charts, Video

Market Woes? No Recession, Says Goldman Sachs, Plus MH Equities Updates

Market Woes? No Recession, Says Goldman Sachs, Plus MH Equities Updates

#NobleNotMobile, New Contest and Video Program Launched, Exclusive Details

#NobleNotMobile, New Contest and Video Program Launched, Exclusive Details

What’s the Truth About Thanksgiving in MHVille?

 

Tuesday 11.20.2018

Manufactured Housing – MHVille, It’s Not a Matter Open to Interpretation

Manufactured Housing – MHVille, It’s Not a Matter Open to Interpretation

 

FAANG – Increasingly Tied to Factory-Home Building – Takes $1Trillion Tumble, Drags Markets – Plus MH Equities Updates

FAANG – Increasingly Tied to Factory-Home Building – Takes $1Trillion Tumble, Drags Markets – Plus MH Equities Updates

Builder Confidence Drops, Post Midterms, Affordability Concerns Rise

Builder Confidence Drops, Post Midterms, Affordability Concerns Rise

MH Communities Reminder, Assistance Animals – HUD Order Levies Landlord Fine

MH Communities Reminder, Assistance Animals – HUD Order Levies Landlord Fine

 

Monday 11.19.2018

Investor Fright Bites FAANG, Drags Equities, Plus MH Market Updates

Legacy Housing IPO, Lending Tree, & New HUD Ruling Updates

Legacy Housing IPO, Lending Tree, & New HUD Ruling Updates

16 Tons, and MH Whistleblowers

16 Tons, and MH Whistleblowers

Beautiful, Harsh, Priceless Realties from a Master Builder, Monday Morning Marketing, Sales, Meeting

Beautiful, Harsh, Priceless Realties from a Master Builder, Monday Morning Marketing, Sales, Meeting

 

Sunday 11.18.2018

Hedge Fund’s Cavco Move, and More from Inside MHVille

Hedge Fund’s Cavco Move, and More from Inside MHVille

Together with thousands of honest MHVille pros of good will, we can make our industry achieve its great potential. That’s done by making American lives better, together. “We Provide, You Decide.” © ## (Sunday Morning, weekly headline news review, analysis, and commentary.)

NOTICE: You can join the scores who follow us on Twitter at this link. You can get our ‘read-hot’ industry-leading emailed headline news updates, at this link here.

(Related Reports are further below. Third-party images and content are provided under fair use guidelines.)

1) To sign up in seconds for our MH Industry leading emailed news updates, click here.

ManufacturedHomeIndustry#1HeadlineNewsMHProNews

To see a sample of our emailed news update, click here. To sign up for the factory-built home industry’s #1 headline news, click here or the graphic above.

2) To pro-vide a News Tips and/or Commentary, click the link to the left. Please note if comments are on-or-off the record, thank you.

3) Marketing, Web, Video, Consulting, Recruiting and Training Re-sources

SoheylaKovachDailyBusinessNewsMHProNewsMHLivingNewsSubmitted by Soheyla Kovach to the Daily Business News for MHProNews.com. Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

 

 

Related Reports:

The Coming Breakup of Berkshire? MHI? Plus Sunday Headline Recap 10-14-2018 to 10-21-2018

 

 

Manufactured Home Retailers, Communities, Is Your Merchandising Nordstrom’s or Salvation Army? Monday MH Marketing, Sales Meeting

September 3rd, 2018 Comments off

ManufacturedHousingRetailersCommunitiesMerchandisingNordstromsOrSalvationArmyMHMarketingSalesMeeting

One of the things my husband Tony and I like doing together is merchandising – staging – a home. That’s fun, not a pitch – because there are plenty of pros in MH decorating that you should call before us.

 

But let’s tell a quick story from this woman’s viewpoint, that can help you sell more manufactured and modular homes.

Some 90 percent of the public, per third party research and sources, that can’t imagine what an empty home looks like furnished.

That’s why good staging – merchandising – is important.

StillfromVideoMHLivingNewsSUnshineHomesRedBayALDailyBusinessNewsMHproNEws

A still from one of the many manufactured home interiors shown in the video below.

Like millions of other women in America, I love shopping. Online or in stores, shopping is a pleasure.

But observing what retail store merchandisers do can be – for the observant and motivated manufactured housing professional – a routine source of useful inspiration and information.  That’s especially true for those who wants to sell more homes.

4NordstromsInternationalMallTampaFLDailyBusinessNewsMHProNews

Nordstrom’s at the International Mall, in Tampa, FL.

I’ve not been to nearly the number of states and locations as Tony has for business. But in a variety of locations, we’ve both seen more homes in various stages of merchandising than the vast majority of Americans. Tony occasionally reminds me that over the years, he’s been to 47 states. Plus, he’s toured manufactured home locations in Canada too. He says the Canadian manufactured and modular homes are impressive.  The point is he’s been to locations from coast to coast, border to border, and beyond.

5NordstromsInternationalMallTampaFLDailyBusinessNewsMHProNews

Even the mirrors behind the mannequins are part of the staging at this Nordstrom’s at the International Mall, in Tampa, FL.

Anyone who’s work takes them to multiple communities or retail centers knows this.  There are some locales – pardon me – that look like the a page out of the Grapes of Wrath.  They may or might not be a step above the look of the Salvation Army stores in merchandising. Not knocking it, because every kind of retail outlet has an audience, or it wouldn’t be in business.

So it is what it is.

3NordstromsInternationalMallTampaFLDailyBusinessNewsMHProNews600

Traffic at the mall was busy, and the upscale retailers were busy too. Nordstrom’s at the International Mall, in Tampa, FL.

But there’s also MHVille retailers and communities that are merchandising like you might see at retail stores such as Nordstrom, Dillard’s, and Macy’s. Even Kohl’s or Belk has a different, classier look than Burlington Coat Factory does. Again, not knocking less expensive stores, but that’s all to help you visualize and grasp the following point.

Tony snapped some pics while our family was shopping Saturday. The merchandising sets a tone in a store. The store’s merchandising – and pricing – also tends to attract a certain type of clientele.

In the emerging Trump economy, malls and retailers in several markets are making a comeback.

Sears/Kmart may still be in trouble, but other retail-connected sales and stocks are rising. Even Amazon is putting kiosks in malls now. With the change in sales tax online, and more money for businesses to invest due to tax cuts, its common sense to expect some level of bump in retail, at least for a time.

Now, apply those lessons to MH retail and communities.  For those who have the budget and can afford to make the investment, good merchandising – good decorating and displays – pays off.

If you don’t have a budget for staging, at a minimum, you should make sure that your model homes and the sales display surrounding your models are neat and clean.

A properly staged home, combined with the right sales and marketing, will routinely sell faster and for more money. That’s why so many factories invest in décor for a manufactured home trade show.

If you take an entry level, mid-range or upscale home – and all other things being equal – the well-staged home sells faster and for more than an empty or poorly staged one.

This Labor Day or later on, as you shop, ask yourself honestly this question. What does your MH merchandising say and attract? What does your MH marketing or sales methods say and attract?

Sunshine Homes is an example of good merchandising and staging. In the video below, you’ll see a blend of interviewing, but also brief clips of staged homes, or homes being built.

That’s a powerful mix for attracting and selling well qualified customers.

To get more turns every year at retail, the right combination of training, motivation, marketing, merchandising, sales, and follow though pays rich dividends. Want to learn more?  Click this link here. “We Provide, You Decide.” © ## (News, analysis, and commentary.)

(Third party images and content are provided under fair use guidelines.)

1) To sign up in seconds for our MH Industry leading emailed news updates, click here.

ManufacturedHomeIndustry#1HeadlineNewsMHProNews

To see a sample of our emailed news update, click here. To sign up for the factory-built home industry’s #1 headline news, click here or the graphic above.

2) To provide a News Tips and/or Commentary, click the link to the left. Please note if comments are on-or-off the record, thank you.

3) Marketing, Web, Video, Consulting, Recruiting and Training Resources

SoheylaKovachDailyBusinessNewsMHProNewsMHLivingNewsSubmitted by Soheyla Kovach to the Daily Business News for MHProNews.com. Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

Related Reports:

Becoming a Standout Performer, Monday Morning Sales, Marketing Meeting

Life Hack Success Tip-Any Pro Can Do This-Monday Morning Manufactured Housing Sales, Marketing Meeting

Power & Profit$ from Factual Sales & Marketing, Monday Morning Manufactured Housing Meeting – Part 1

“Keep our Rights,” “Come Hell or High Water” says Resident

April 5th, 2018 Comments off

ResidentsVowKeepOurRightsComeHellorHighWaterYouTubeGreensboroManufactuerdHousingIndsutryDailyBusinessNewsMHProNews500

A recent story involving MHVille included a threat to life and limb directed at a manufactured home (MH) resident.

 

The MH resident – per local media – decided to prepare.  He was “locked and loaded,” when the alleged perp approached the manufactured home with the stated intent to do harm. The home owner opened fire, killing the man.  At last check, after an investigation, no charges have been filed against the manufactured home owner, presumably a case of self-defense.

 

In the wake of shootings like Parkland, Vegas, and YouTube incidents, perhaps the most serious push in years is underway to limit the use of firearms, including – but not limited to – AR15s.

Passions run high on both sides of the topic. Former Supreme Court Justice John Paul Stevens, per MarketWatch and numerous other media, has gone so far as to urge the repeal of the Second Amendment. Ouch.

That’s a bridge too far for millions.

Against that backdrop, the Daily Business News takes a look at one of the biggest controversies rocking the country, guns.  The video below features two speakers, both of which make interesting points.  The seemingly slow starting second speaker on the video – once he gets going, has a dramatic finish – attendees at the meeting break into applause. The video below was suggested by a veteran industry reader asked for an example about the passions tied to the 2nd Amendment/gun control topic.

 

 

Pickup Trucks, Gun Racks and Manufactured Homes…?

MHProNews notes what retailers and some communities in various parts of the U.S. have said.  Home shoppers coming to MH sales centers sometimes come in pickup trucks, which may include gun racks and weapon(s) on proud display.  Naturally, industry pros include gun owners who are pro-2nd Amendment too.  Clearly, there are those in the industry who promote gun control.

In doing home owner videos for MHLivingNews, several manufactured home owners have had:

  • gun racks,
  • gun safes,
  • visible firearms on a table or dresser,
  • bows and arrows,
  • hunting trophies,
  • gun related photos,
  • military, law enforcement or other examples of how deeply the ties are between gun ownership and millions of manufactured home owners.
JohnHowardInsideMHRoadShowJohnHowardRetiredPfizerExecutiveDailyBusinessNewsMHProNews

One of several gun owners – and an avid hunter – interviewed for the MHLivingNews Inside MH Road Show series.  Note the batten strip below the bear’s left forearm.

 

How Hot Topics Like Guns Can Create Useful Connections for the MH Industry

There isn’t a single issue that one can think about that doesn’t find an echo among manufactured home professionals and/or MH home owners. Guns are just one of them. The gun issue is – potentially – one with far more practical importance to the industry than many professionals may first realize.

Part of the purpose of the MHLivingNews Inside MH Road Show series of videos was crafted precisely with the idea of helping potential buyers connect with others “like them.”

When you see a retired Pfizer executive – a proud gun owner, and along with his wife, an avid hunter – talk in a matter-of-fact-manner about their interest(s), connections with potential home owners are created.  Note the bear in the photo that the gun-toting couple proudly display, above.

GunRackPickUpTruckManufacturedHomeRetailer

That type of interview is best done, as millennial and 3rd generation manufactured home community professional Tom Fath said, by third party trade media. Otherwise, it comes off as staged and as a commercial.

The bottom line is that whatever your views on the gun and 2nd Amendment issue, it offers an opportunity in disguise for savvy professionals

ConfidentialNewsTipsOKTipsIreportMHNews@MHMSM-comGraphic

For feedback on this topic, or to report a news tip, click the image above or send an email to iReportMHNewsTips@mhmsm.com – To help us spot your message in our volume of email, please put the words NEWS TIP in the subject line.

in the manufactured housing industry. Whatever side of the topic you happen to be, there are millions like you who would self-select and be drawn like a magnet to your place of business. That’s “News through the lens of Manufactured Housing.” © “We Provide, You Decide.”  © ## (News, analysis, and commentary.)

(Third party images are provided under fair use guidelines.)

Video, Marketing, Recruiting, and Training Resources

SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.

Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

Controversies Erupt as FEMA Presses HUD Code Builders, Manufactured Home Retailers, Industry Pros React

September 16th, 2017 Comments off

FEMAmanufacturedHousingUnitsFEMADailyBusinessNewsMHProNewsFEMA threaten to force manufacturers to put them in front of retailers [sic] orders. The threat is real but keep my name out of it. I will shut my plant down and they will have to nationalize before we build them sh-t,” said a reliable source to MHProNews.

The allegation includes the statement that this demand came in a written document, and was also confirmed by phone.

A FEMA contact of MHProNews, as well as the FEMA press office was contacted Friday evening for comment and reaction, but as of 11:54 PM CT, no response has been obtained.

DefiningSICinJournalismDailyBusinessNewsMHProNews-com

A manufactured housing association contact tells the Daily Business News (DBN) on MHProNews that, “It is my understanding that if there is an emergency declaration that FEMA can require manufacturers that they have contracts with to provide them with priority production.  I don’t know the details.”

DBN Hears from Stressed, Angry Retailers

The email below, forwarded to the DBN was circulated among retailers, HUD Code producers and their owners.  As the original sender has not as of the time this story was drafted OK’d the use of their name in this article, that is being withheld at this time.

The bulk of the veteran retailer’s message read as follows.

HurricaneHarveyUSATodayDailyBusinessNewsMHProNews

Hurricane Harvey flooding, credit, USA Today.

The industry is experiencing unprecedented backlogs, the likes of which I have not seen in my 45 years in the industry; and this was before the hurricanes.

 Manufacturers who take FEMA orders direct are hurting their existing dealer base.  FEMA should have to buy from Retailers just like everyone else.  They will get just as many homes, and you factories will get just as many orders, and your licensed Retailers should be the ones selling them, instead of being left out.  A factory that takes FEMA orders is hurting their dealers by longer backlogs and/or being cut out of the sales and profits.  It’s like letting people hook into a Exxon pipeling [sic] to buy gas instead of going to a station.

I’m already being told some of my orders are being pushed back because of direct FEMA sales.  They are being treated like RSO, instead of the [sic] WHOLESALE sold orders.

Ask yourselves this: When FEMA quits buying direct, who are you gonna sell to?

We retailers are licensed and bonded so we can buy from you and sell to UNLICENSED buyers.  Yes, FEMA has asked for a list of small homes in our inventory (which most dealers only have a few).  I have 3 between 2 lots.  That’s not a lot compared to what I’m hearing FEMA needs.”

IReportMHNewsTips@MHMSM-comMHProNews

To report a news tip, click the image above or send an email to iReportMHNewsTips@mhmsm.com – To help us spot your message in our volume of email, please put the words NEWS TIP in the subject line.

Comments with similar passion have been heard by MHProNews from other retailers in various states effected by Hurricane Harvey’s demands. Updates to this story will be planned when FEMA provides their comments.

A prior DBN report on FEMA’s call to retailers to sell certain sized homes is linked here. ## (News.)

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.

Urgent Call from FEMA for Manufactured Homes, Calling All MH Sellers

September 5th, 2017 Comments off

FEMAFedBizOpsManufacturedHomesWantedDailyBusinessNewsMHProNewsThe Federal Emergency Management Agency (FEMA) has issued an urgent call for manufactured homes.

Some of the details

Manufactured Home Units Off the Lot

Solicitation Number: HSFE70-17-I-MHOTL

Agency: Department of Homeland Security
Office: Federal Emergency Management Agency
Location: Response Branch

Click the below for details, and act quickly as the need and deadline are urgent. 

https://www.fbo.gov/?s=opportunity&mode=form&id=dfdc12c8e36f159f200f2450723b8d4a&tab=core&_cview=1

Industry professionals can submit their responses to the Contract Specialist, Kimberly Coakley at Kimberly.coakley@fema.dhs.gov. Responses are due by2:00PM EST Wednesday, September 6, 2017.

For a recent article on FEMA and manufactured homes, click here. ## (News, Update – As the need will be ongoing, and may become evident in Florida and the Southeastern U.S. due to Hurricane Irma, MHProNews suggests to those industry professionals that they if see this notice past the federal ‘deadline’ – and if you can spare the time – you should consider sending your inventory information in anyway.  It will not be a surprise if the deadline is extended or a new, similar FEMA request is made.)  

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.

 

 

 

MH Retailers – FEMA “urgently” needs Single Section Manufactured Homes within 1000 miles of Louisiana Flood

October 6th, 2016 Comments off
singlesectionmanufacturedhomesurgentlyneededfema-postedmanufacturedhousingindustrydailybusinessnewsmhpronews

FEMA logo is the property of that federal agency, used here under Fair Use Guidelines.

The Manufactured Housing Institute (MHI) has been contacted by the Federal Emergency Management Administration (FEMA), with an “urgent request” on the availability of existing new single-section HUD Code manufactured homes for sale on retail lots within 1,000 miles of Louisiana.

The Daily Business News is told that the Louisiana flood has virtually depleted FEMA’s existing stock of HUD Code “temporary units” used for disaster recovery.

FEMA is working on developing an emergency plan in the event of additional disasters in Florida, parts of Georgia and the Carolinas due to Hurricane Matthew.

Although several thousand new HUD Code manufactured home units are now in the pipeline for construction by FEMA’s manufacturer contractors, the clear concern is that those homes may not be finished in time for FEMA to meet the current demand in Louisiana and potential demand from Hurricane Matthew.

louisianafemamanufacturedhousingunits_wafb-postedmanufacturedhousingindustrydailybusinessnewsmhpronews

Photo credit, WAFB.

TMHA says, that “FEMA has asked MHI to provide a list of retailers who would be willing to sell their existing inventory of single-section homes to FEMA.”

Should FEMA move to purchase those single section homes, they will directly contact retailers on the list to be gathered by MHI.  TMHA says that it is “our understanding that FEMA will pay market rates, and retailers should be assured that there is no obligation to sell.”

If you are interested in adding your name to the list, please send the following information by 4:00 p.m. TODAY, Thursday, October 6, to:

Ann Parman at aparman@mfghome.org

Email the following:

  • Name of Company
  • Point of Contact
  • Contact Information
  • Number of single-section homes available

tmhacaitlinnauert-postedmanufacturedhousingindustrydailybusinessnewsmhpronewsMHI needs this information by 4:00 p.m. TODAY, Thursday, October 6th to meet FEMA’s timeline,” said TMHA’s Caitlin Nauert. ##

(Image credits are as shown above.)

l-a-tony-kovach-daily-business-news-mhpronews-

L. A. ‘Tony’ Kovach is the publisher of MHProNews.com, MHLivingNews.com and MH Consultant.

Submitted by L.A. “Tony” Kovach to the Daily Business News, MHProNews.