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cup1) Who, What and Where: (Your name and your formal title at UMH).

Sam Landy, President UMH Properties, Inc., Freehold, N.J..

2) Background: (Educational/Professional snapshot before entering the factory-built housing arena. Specifically mention any prior work experience prior to UMH).

I worked at Sandy Hook Concessions when I was 15 and 16. I worked for Ken Segal who is mentioned in Steve Jobs’ book for putting the “i” in “iPhone.” I trained horses while I was in college and law school. I renovated a farm and trained horses from 1978 until 1983. I worked as a lawyer from 1985 until 1987 working for other community owners. In 1987 I started working with my father at UMH Properties.

sam-landy-umh-ceo1-posted-mhpronews-com-3) When and How: (When and how with UMH, which could include a recap of the years since UMH began and what the UMH abbreviation means.)

UMH was formed by my father, Eugene Landy, in 1969. It was called United Mobile Homes, Inc. My father bought his first community in about 1962 and started United Mobile Homes when he was building 250 lots now known as Southwind Village in Jackson, N.J..

My brother Mike and I were always aware of what my father was working on. On any family vacation we stopped to look at real estate of some kind. My father’s philosophy has always been that there are times to acquire, times to build, and times to only manage what you have. He is truly a master of understanding where the business cycle is and acting upon it.

UMH is now in acquisition mode. We are acquiring because our industry is the victim of Fannie Mae and Freddie Mac. We are the most bread and butter business ever invented.

In the 1970’s Art Decio was on the cover of Time Magazine for bringing affordable housing to the masses. In the 1980’s and 1990’s Jim Clayton became a billionaire in this business.

Only the economic distortions caused by well intended but out of control government programs could have made our industry such a loser for the last decade.

But UMH stayed as strong as a company could stay in such a storm and we are now buying based on our view that manufactured housing provides the finest housing at the fairest price of any housing sector.

In the past five years UMH has doubled in size from 6,000 sites to over 12,000 sites. Equally important to the people, properties and product, is timing and my father’s timing is fantastic.

4) What are your personal interests or hobbies? How do you like to spend non-work time?

My wife of 25 years, Laurie has created a non-profit called Special Strides on our farm. She provides therapy to 140 children on horseback. Her program is nationally known and I’m on the board.

My son Jeremy is creating a business, Strap'd-Up, involving his passion; snowboarding.

Harry, my number two son, is the fifth leading harness racing driver at Freehold Raceway and a top trainer.

Daniel my youngest was just accepted early decision to Babson, and is the 8th ranked 17 and younger slope style snowboarder in the nation. On top of that he got a 100 on a physics test.

We have used our farm for a 300 child charity summer camp, spent our weekends in the winters skiing with the kids, built Special Strides, and hopefully helped UMH and MREIC become New York Stock Exchange companies.

5) Can you give us a snapshot of UMH before and after it went public?

Prior to being public, UMH owned communities in partnerships. Being public provides access to capital which allows us to grow by acquisitions. Further it allows us to rapidly purchase rental units and to finance our own sales.

6) While some see doom and gloom, UMH has continued its acquisitions in the Manufactured Housing Community (MHC) space. Please tell our readers what it is that compels you confidence in the MHC sphere?

If a person was in this business anytime but the last ten years they would say this is the best business there is. People need quality housing at a reasonable price. We provide that. We provide a better product than apartments, townhouses, condo’s and single family homes for our customers. Apartment rents have been increasing. Single family home buyers now need down payments once again.

Given these changes and assuming that job growth returns, our sales will be far higher than today’s paltry 50,000 units and may even exceed the old records of three or four hundred thousand shipments per year.

7) UMH has attracted the attention of a number of mainstream media sources. For our readers who don't know the extent of that coverage, please give us a sense by naming some of the media outlets who have done stories on your company. Beyond media, what recognitions and awards that UMH has earned would you like to mention?

UMH has been written about in the Wall Street Journal. My brother Mike was recently on CNBC in regards to MREIC, an industrial REIT my father founded in 1968. UMH has been recognized by the Boy Scouts for our support of scouting.

8) What do you think sets UMH apart from others in the industry who are buying MHPs and MHCs today?

UMH is able to take a long-term view on communities. Our access to capital allows us to look at a potential acquisition envisioning what it could be as opposed to what it currently is. Many of the communities we are buying are great as is and we are buying based on our belief that we can add some sales income and finance income to enhance our returns on these investments.

Our Chief Financial Officer - Anna Chew, Attorney - Allison Nagelberg Vice President of Engineering - Jeff Yorick, Vice President of Sales - Chris Lindsey, Vice President of Operations - Jeff Wolfe. Our Vice President of Acquisitions is Bret Taft" Robert Hanlon is Vice President of Consumer Finance and all of our regional managers, managers, and staff deserve awards!

While we did not receive any awards for our expansions at Fairview Manor, Highland Estates, Whispering Pines, and Allentown, they are all deserving of them.

9) There are an estimated 250,000 to 500,000 vacant home sites in manufactured housing communities. While your firms is not vacancy free, you are doing better than many others. What do you see as the root causes of the vacancies that began to crop up in the early 2000s? How has your firm been navigating them?

Real Estate remains critically dependent upon location, location, location. The Midwest was the land of coal and steel. When NAFTA came and those jobs went overseas, some of our best communities experienced vacancies. Those same areas are now situated in the Marcellus Shale region and occupancy is growing strongly.

Vacancies are related first to local economics. If there are people working and looking for housing they will come to the manufactured housing communities and the vacancies will be filled.

Occupancy declines as communities age, unless the demand is strong enough to make the lots valuable enough to remove the old home and replace it with a new home.

In market peaks I have seen people pay over $30,000 for an old house in New Jersey or Eastern Pennsylvania then junk it to put a new home on the lot. When things are bad people will not pay lot rents for thirty year old homes.

I have watched condo converters and home builders in down-cycles and there are times when you just cannot sell your product. The past four years have really been like that for us. Rental demand has remained strong and UMH has the capital to add rentals and fill lots that way. Our sales dropped from a peak of $16,000,000 in 2007 to under $5,000,000 in 2009. They are slowly improving. But I think we will one day exceed $16,000,000 in sales.

10) What do you consider the largest challenges facing the industry in general today?

In the 1990’s, Greentree and our manufacturers were heroes. Then the government went into affordable housing and didn’t invite our industry. They would have done much better with us than with conventional homes and financing gimmicks.

If we can buy lots for $30,000 and add brand new 980 square foot rentals for $40,000 we can provide a brand new three bedrooms with two baths home for a cost of $70,000. No apartment builder or home builder can compete with that which is why our rentals do so well.

People understand value. My rental customers could be buyers but the laws don’t allow us to finance them. When you rent a house, 100% of your payment will increase when the rent increases. When you own the house and rent the lot you only receive a rent increase on the lot rent. Generally that’s less than $25 per month as compared to an apartment where the monthly rent increase would be $50 or more. At the end of five years year our home owner pays $125 less per month then the apartment renter. And the savings grow every year.

Financing and marketing are the two issues our industry has to address. How do our customers get affordable financing and how do we market the benefits of our product? I’ve come to the conclusion that we are all responsible for our own marketing. If you want to be a great retailer you have to pay the bill for the marketing. Why should anyone do it for you, and all markets are local anyhow.

The legal issues however, require a united industry and none of us can fight the regulators alone.

11) UMH had at least two team members at the February 2013 MHI Legislative Conference. You and/or your firm routinely has team members at the MHI/NCC Congress and Expo, or at major events like the Louisville Show. For those in the industry that don't attend such events, please explain why you think it is important to attend and participate in association and industry functions?

MHI and the state associations are the ones who can address legislative issues on behalf of the community owners, manufacturers and retailers. I am involved in the horse industry and have seen what happens for the good when industry representation is strong and for the bad when it is weak. We need a loud, strong, unified voice supporting our industry.

In addition to legislative issues the industry events are networking opportunities. We are looking for acquisitions, great sales people, community managers and other potential staff members as we grow. There is no better venue for meeting these people than industry functions. Additionally, our corporate office heard Jim Clayton sing “King of The Road” in front of all of the attendees at MHI, now that was special!

12) In spite of what HERA 2008 called fornamely, the Duty to Serve manufactured housing, first the GSEs and now the FHFA have failed to implement what the law seems to require. What steps, if any, should the NCC/MHI or other industry groups and players take in addressing such issues?

From my perspective if the government just removes the provisions of the Safe Act and Dodd-Frank that stop us from selling homes to people who can afford them I’d be happy enough.

It’s important to understand manufactured homes in land-lease communities are no longer the generic “affordable housing” some people think. Nor do I think it should be. We have sold manufactured homes in land-lease communities for almost $200,000 in communities with lot rents over $500 per month. Although that is a great value, many people would say that is not affordable housing.

In our 55 and older communities people care more about quality and comfort than “affordability.” Our best buyers were selling their conventional homes for over $300,000 in 2006 and buying homes from us for over $100,000. Getting away from being known as “affordable housing” may actually increase acceptance of our product. Manufactured housing can provide the greatest housing value for whatever type of housing it chooses. In Connecticut there was a company Modular Mansions building million dollar modular homes. Our product is quality housing at a great value.

If we emphasize that factory built housing is the most cost effective quality housing and that we can provide families with the best living space for their dollar, maybe the government can give us a level playing field with other home-builders in the lending market. In New Jersey “Affordable Housing” is anything under $300,000. In Ohio it can mean something completely different. When we are proposing a development the last thing the town fathers seem to care about is whether the product will be “affordable.”

We may be better off aligning ourselves as home-builders than as an affordable housing specialty. We are the most efficient providers of housing. Our factory built houses are better quality and cost less per square foot than equivalent site built homes. Land-lease communities provide amenities that cannot be found in residential neighborhoods. Land-lease communities reduce the buyer’s required down payment and monthly payment by reducing the cost of providing individual water, sewer, road access and amenities.

Manufactured home communities can be affordable housing developments entitled to special government programs, but stick built housing can also be affordable housing. I think rather than asking for special treatment we should stick to asking for just equal treatment.

13) Closing thoughts or comments, sir?

Individual community owners should consider selling their communities to UMH at this time even though it may be the bottom of the real estate market. We are interested in keeping management. We want to provide capital to add inventory of homes for sale and rent, we want to provide marketing.

I believe an individual or partnership owner of communities could sell their community to UMH and find themselves making more money selling new homes for us than they were making operating on their own.

We can upgrade communities, add rental and sales inventory, provide marketing, and retail sales financing. We can provide management seminars and the best legal and engineering representation when necessary.

Entrepreneurs may be surprised to find the access to capital and consulting we provide can free up their time to be more productive and make more money. We understand that people want empowerment and freedom to do their job. We try to give them that. We are patient and understand you can’t sell homes when no one is buying them. Our time will come and when we win, we want the whole UMH family to win. ##

Daily Business News Briefs

Drama in Ohio: Fake News, Facts and Myths

Drama in Ohio: Fake News, Facts and Myths

The ongoing battle between the Ohio Manufactured Housing Association (OMHA) and Ohio Governor John Kasich over the status of the Ohio Manufactured Housing Commission (OMHC) has been taken to a whole new level, with what informed sources  are calling “fake news.” According to a story from WOSU, Gov. Kasich wants to merge the OMHC with the […]...

26 Apr 2017

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As the Daily Business News covered recently, President Donald Trump’s first 100 days have been a whirlwind of movement, including doubling down on his promises for immigration and building the border wall. At the heart of the conversation about building the wall is the cost, estimated to be $28 billion. While that price has raised […]...

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Triad Financial Services Creates New Program Manufactured Home Dealers

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Triad Financial Services, Inc. tells MHProNews that it has formed the Triad Manufactured Home Risk Purchasing Group (RPG) for manufactured home dealers. Triad says that it created the program in response to the increasing demand for affordable liability insurance for manufactured home retail dealers. In addition to the insurance savings, the...

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UPDATE: MHC Future in Doubt, the Other Side of Rent Control

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In an update to the story that the Daily Business News originally covered here, residents at the Thetis Lake Campground community in View Royal, British Columbia, Canada, are facing an imminent threat. According to Western Investor, assessments on the community are threatening the viability of the most affordable housing option in the province,...

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President Trump at 100 Days: Numbers, Polls

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As President Donald Trump reaches the magic 100-day mark in office, new polling and statistics show that many American’s believe he’s getting the job done. According to Lifezette, approximately 73 percent of American voters approve of President Trump’s performance in fighting for American jobs in an ABC News/Washington Post poll released this past...

25 Apr 2017

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Modular Housing Visions are Looking Up in New York’s Big Apple

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In an effort to tackle the affordable housing challenges in New York City, two designers have looked up, but not to build skyscrapers. According to Dezeen, Instant City: Living Air-Right, a plan created by designers Beomki Lee and Chang Kyu Lee, calls for using vacant airspace over existing New York buildings to create affordable modular […]...

25 Apr 2017

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Acquisition, and Rumors of a Billion Dollar Acquisition, for Hometown Ameri…

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In Australia, manufactured home builder and community owner Gateway Lifestyle Group has seen significant growth since the Daily Business News reported a potential deal with Hometown America last August to purchase National Lifestyle Villages (NLV), Western Australia’s largest operator of manufactured home communities. At the time, the proposed d...

25 Apr 2017

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Keith Olbermann on Trump Supporters – Industry Reacts – When “Trailer Trash…

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In what is quickly becoming known as the “tweet heard ‘round the manufactured housing world,” former ESPN and MSNBC host Keith Olbermann’s reference to President Donald Trump supporters — former Presidential candidate Sarah Palin and musicians Ted Nugent and Kid Rock during their White House visit — as “trailer park trash” has set off a...

25 Apr 2017

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Manufactured Home Community Residents Reach Settlement In Legal Action

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In Massachusetts, residents of the Chelmsford Commons manufactured home community have reportedly reached a six-figure settlement in a class action lawsuit against community owner, Michigan based RHP Properties. According to the Lowell Sun, the suit alleges that RHP improperly raised rents on residents over the last five years. As a result of the...

24 Apr 2017

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New Sponsors

Featured Articles and Reports - April 2017 Vol. 8 No. 7

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MARKETING

*** Price Reduction *** North Tampa Portfolio - MH & RV | 380 Sites | Flori…

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What’s the Truth About the Manufactured Housing Industry’s Potential?

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Manufactured Home Community’s Outsider Sparked Water Issues

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State Agency to Assist Low Income MH Residents

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State Law Forces City Decision on Manufactured Home Zoning

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Want Manufactured Home Community Voluntarily Rent Control, Anyone? Anyone?

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City Turns to Manufactured Homes in Project

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Live Oaks & Blue Oaks MHP Portfolio | 170 Sites | Topeka, Kansas

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FINANCING

Security Mortgage Group Setting Hot Pace in First Quarter of 2017

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by Pierce Redmond Security Mortgage Group, a national award-winning MH Community lending broker, is pleased to have financed $78,632,000 thus far in 2017 for several manufactured home communities nationwide. NSP_READMORE

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NFIB Provides Vital Small Business Guide

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Moves In U.S. Home Price Index

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Media, MHI Members Welcomed, Industry Warned

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Cavco’s Buyout

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by RC Williams Cavco Industries Inc. (NASDAQ:CVCO) tells MHProNews that it has signed a Letter of Intent, and has reached an understanding, on terms to acquire Lexington Homes, Inc. NSP_READMORE

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April Fools? – MHVille’s Complicated Politics, 2017

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ELS’ Sam Zell Sounds Off on Trump’s Wall

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GENERAL MANUFACTURED HOUSING INDUSTRY TOPICS

City Residents Make Unexpected Moves – Opportunity for MH?

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Chicago’s Mayor Favors Massive Modular Project

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Developers Going MOD in Housing Crisis

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Barry and “Be the Change!” Doing Good, Pays

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Is What You Say Always Consistent with What You Believe?

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PERSONAL REFLECTIONS, MOTIVATION and INSPIRATION

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Classifieds

Press Releases

Triad Financial Services Inc., Announces…

Triad Financial Services Inc., Announces Formation of Triad Manufactured Home Risk Purchasing Group for Manufactured Home Dealers

Jacksonville, Fla. (April 21,2017) – Triad Financial Services, Inc (Triad) has been providing services to the manufactured home industry for over 50 years. During this time, Triad has incorporated various services to better assist those in the manufactured home industry. In 2016, Triad created a Risk Purchasing Group (RPG) in response to the increasing demand for affordable liability insurance for manufactured home retail dealers. In addition to insurance savings, the program will provide periodic loss prevention and risk management tips and information. In addition to the general liability program, Triad’s insurance division provides competitively priced inventory open lot coverage, commercial property coverage, commercial auto insurance, coverage for contractors equipment, as well as access to a national homeowners program for manufactured housing. Recent changes in the manufactured home general liability insurance markets have...

the MHMSM Team 26 Apr 2017 Corporate Press Releases

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Call for Nominations for the RV/MH Hall …

Call for Nominations for the RV/MH Hall of Fame Class of 2018

ELKHART, Ind., -- It's still six months until the October 31, deadline for nominations for the RV/MH Hall of Fame Class of 2018, and Darryl Searer, president of the RV/MH Heritage Foundation (Foundation) wanted to remind those considering nominating someone that they should start working on their nomination. Searer said, "Even though we are intensely planning for the induction dinner celebration for the Class of 2017 on August 7, 2017, it's really not too early to start the process of nominating a deserving individual to the Hall of Fame for the Class of 2018. It's a lengthy process that should not wait until the last minute, so I urge those who are considering a nominee to download the guidelines and forms so their nominee can be considered for the Class of 2018." The nomination...

Soheyla Kovach 21 Apr 2017 Corporate Press Releases

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*** Price Reduction *** North Tampa Port…

*** Price Reduction *** North Tampa Portfolio - MH & RV | 380 Sites | Florida

Portfolio Overview The North Tampa Portfolio consist of 3 communities in which 2 are located in Port Richey while the 3rd is located in Hudson, FL. All the communities have very desirable locations and convenient for an owner to have centralized management to create economies of scale. The trailing cap rates as a portfolio are in the 6.06% to 8.09% range while the year 1 pro-forma cap rates are in the 7.09% to 8.58% range.  This portfolio is a perfect opportunity for an investor to capitalize on the strong demand and growth occurring in Florida while being able to create economies of scale with a purchase of 380 sites. Portfolio Summary Investment:              3 Property Portfolio Star Class:               2-3 MH Sites:                 70 RV Sites:  ...

the MHMSM Team 04 Apr 2017 Corporate Press Releases

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SECURITY MORTGAGE GROUP Finances $78,632…

SECURITY MORTGAGE GROUP Finances $78,632,000 in the First Quarter 2017

ROCHESTER, N.Y. – Security Mortgage Group, a national award-winning MH Community lending broker, is pleased to have financed $78,632,000 thus far in 2017 for several manufactured home communities nationwide. The most recent March closings included the following: Managing Director, Gerard D. DiMarco, Jr., secured acquisition financing for two manufactured home communities totaling 192 sites in Wyoming. The $4,750,000 loan featured a limited prepayment penalty and flexible lending terms. Gerry also helped negotiate financing for a repeat client’s purchase of a 184-site mobile home and RV park in Corpus Christi, TX with a non-recourse loan of $2,445,000.  Anthony J. DiMarco, the other managing director, helped negotiate financing for a repeat client’s Ohio and Kentucky MHC Portfolio with over 700 sites. The $26,025,000 non-recourse loan featured a long-term fixed rate.   In addition, Anthony closed a...

the MHMSM Team 04 Apr 2017 Corporate Press Releases

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Live Oaks & Blue Oaks MHP Portfolio | 17…

Live Oaks & Blue Oaks MHP Portfolio | 170 Sites | Topeka, Kansas

Property Overview MHRE Inc is pleased to present Live Oaks and Blue Oaks located in Topeka, Kansas. The communities are situated just 4.2 miles away from each other. Together, there are 170 MH sites. Blue Oaks has 8 park owned homes, of which 5 are occupied. It has strong employment next door with two distribution centers for Target and Home Depot. Live Oaks has 11 park owned homes, of which 4 are occupied. This community is in an excellent location with great road frontage and heavy traffic count, and it is near the university and other various businesses. The current owners have put in time and effort to clean and fix up the communities. They repaired and replaced the underground utility lines and fixed up the roads. The market for rentals is available,...

the MHMSM Team 04 Apr 2017 Corporate Press Releases

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Sizzling Sunshine Homes! @ Tunica Show …

 Sizzling Sunshine Homes! @ Tunica Show = Exclusive “Total Package” for More Sales for Retailers, Communities, and Builder/Developers

Business is BOOMING at Sunshine Homes!  Retailers, communities, and builder/developers are watching homes sell fast and at good margins.  Let’s review some of the reasons. As important as great homes are, what we do to support our independent retailers and communities that compliments those sizzling model homes in your inventory can mean the difference between okay sales, and homes that turn several times a year. First, if you’re ready to attract more customers that pay cash or has good credit, look no further than Sunshine Homes.  Our Energy Star ™ rated homes are residential designs that impress and sell previous owners of conventional homes.  You can have floorplans ordered either as a HUD Code manufactured home, or as a state coded modular home. Award-winning Stan Dye of Star Homes says that 99% of...

the MHMSM Team 24 Mar 2017 Corporate Press Releases

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