Highlights
from the International Networking Roundtable
for Manufactured Home Community Owners and Operators.
Randy Rowe, Chairman and CEO of Green Courte Partners
and co-founder of HomeTown America was the opening
speaker and made the following comments that resonated
well with the group.
Randy said we need to:
1 Increase the pay, benefits, training, professionalism
and stature of our onsite managers. Make it
an exciting career path for younger couples.
2 Increase information flow by supporting the CAS
(Community Attributes System), and MH Village (national
multiple listing system).
3 Protect the home lender from excess losses with
REASONABLE community owner/chattel lender agreements.
4 Upgrade marketing and sales of homes in communities.
Examples include Northwest Pride, the need for enhanced
industry training programs and a true national multiple
listing service, a national marketing effort and
break down barriers between us and realtors.
5 Improve the customer value proposition when buying
a manufactured home by offering a comprehensive
warranty, home appreciation, long-term leases and
better financing.
Randy was followed by a passionate speech from Terry
Decio, Vice President of Marketing and Sales for
Skyline and the son of Skyline’s founder.
He wants everyone to know that Skyline is dedicated
to the land-lease community business long term and
wants to build products that make sense for our
communities. Terry disagrees with the trend
toward Modular housing and feels the land-lease
business will improve as the site-built business
begins to suffer.
Robert Toothaker, The President of IREM (the Institute
of Real Estate Management) was our noon speaker
on Thursday and he has me motivated to make it a
requirement that all Commonwealth Property Managers
become a Certified Property Manager (CPM) in the
next 36 months. At Commonwealth Craig Hills
is a CPM, John Cox and Susan Cadell have their CCIM
(Certified Commercial Investment Member), Craig
is close to finalizing his CCIM and Christine Mays
is close to completing her CPM. Having your
CPM is the gold standard in the industry and your
CCIM is as highly regarded.
Green Tree and Origen Finance talked about the future
and how MH repossessions are declining significantly.
Randy Shannon of Green Tree said Repo inventory
outstanding was at 22,000 and is now at 5600 today.
The 22,000 was only the Green Tree portfolio, 5600
today includes Green Tree, GreenPoint and Bombardier
portfolios. Green Tree highest default year
was 54,000, repos taken in. (not repos in
inventory) Only repo refi's from 1999-2000
have a high unit default rate of close to 60 %.
This is small part of Green Tree portfolio!
He wants to know if his guys in the field aren’t
playing by the books and shared his telephone number
at the Tucson office– 1-800-544-8056 x43617,
or direct line 651-293-3617. He also said
community owners should be getting first chance
to buy repo homes in their communities when the
home is being wholesaled, and the bid process should
start ONLY after the community has not been able
to negotiate a mutually acceptable sales price.
Kevin Brady of Origen said they have $1.5 Billion
in MH loan servicing and they are asking for
a very simple Preferred Community Agreement to be
signed by community owners. They will also
offer loan origination and servicing help for any
community owner who wants to make loans and carry
contracts. John Briggs of Palm Advisors (he
has been soliciting our business) said his PMH Financial
Co. will buy MH loan contracts from community owners
at 70-90 cents on the dollar. Single loans
or large portfolios.
