- the MHC weekend
- Posts
- The Empire Strikes Back
If you’re a “New York hedge fund” in the manufactured housing space, people will naturally look askance at your involvement. You would think then that the hedge funds would tread carefully. Apparently, not everyone got the memo. Three separate news pieces addressing Homes of America and one detailing Lasso Capital’s malfeasance came out this week (links here, here, here and here). Meanwhile, I know for a fact that some legitimate private equity operators (Inspire Communities) make it a point to stay out of the news.
Enjoy!
What We Are Reading
The Goods - Manufactured Housing
Homes of America operates ‘eviction mill’ — Minot, ND
The Homes of America office in the Parkview mobile home community had its “Open” light turned on Tuesday afternoon. The New Jersey-based company has initiated 30 forcible detainers against its residents since the end of 2022.
Rent goes up for Shreveport mobile home park — Shreveport, LA
Rent is going up for a mobile home park, but that's not all residents are unhappy about. Residents at Pinecrest Mobile Home Village on Jefferson Paige in west Shreveport showed KTBS a letter they received. It states they'll all equally split a pro-rated share of the total community utilities bill on the next cycle. That includes water, sewer and trash.
Mountain State Justice files second lawsuit on behalf of mobile home residents — Princeton, NJ
A lawsuit has been filed in Mercer County on behalf of mobile home residents facing big increases before Christmas in their lot rents with little hope of finding new locations or raising the money needed to move their homes.
'Built on lies': Mobile home park residents claim rent-to-own agreements, down payments 'disappeared' — Mt. Washington, KY
When Dianalyne Mills moved to Live Oaks Mobile Home Park in October 2021, she hoped the home would be her legacy — a place to someday pass down to her son.
Pines mobile home park owners proffer $16M sale to HOA — Bradenton, FL
The clock is ticking on the future of a bayside community in Bradenton Beach. Homeowners in the Pines Trailer Park, 103 Church Ave., Bradenton Beach, must decide: Will they buy the park?
Lightner Creek Mobile Home Park owner faces lawsuit over rotting bridge — Durango, CO
A bridge leads into the Lightner Creek Mobile Home Park. John Henry Thompson has filed a lawsuit against the park owner after becoming injured while walking across the bride.
Initial plans at Cedarwood Mobile Home Park site call for 6-story apartment complex — Layton, UT
The first phase of a proposed development on and around the Cedarwood Mobile Home Park site in Layton calls for a six-story apartment building and a pair of two-story buildings meant for commercial development.
‘Probably the worst roads here in Abilene’: Mobile home park potholes cause problems for residents, city & delivery drivers — Abilene, TX
Some Abilene residents are speaking out about the entrance of Westgate Mobile Home Park on Pioneer Drive being so full of potholes that many companies will not deliver there, and CityLink drivers are having a hard time picking up their clients with disabilities.
Cheney City Council discusses zone change, possible mobile home park closure — Cheney, WA
On Tuesday, the Cheney City Council unanimously voted to table the first reading of a proposed land zone change ordinance that could be a precursor to closing the North Cheney Mobile Home Park.
Two Investment Bankers Met At A Bar And Launched A New Funding Option Designed for Manufactured Housing Owners And Investors — Dallas, TX
You’ve undoubtedly heard stories about how some successful entrepreneurs launched a business on a cocktail napkin at a bar. But for two guys who walked out of a successful gig at one of the world’s largest investment banking firms, that story is a reality. And now the two former banking colleagues have turned that bar discussion into a unique fintech company helping people get loans for manufactured homes.
A woman tried to sell a Clearwater home. It wasn’t hers to sell, cops say — Clearwater, FL
Clearwater police have arrested a woman detectives said stole thousands of dollars from a man by drafting paperwork to sell him a mobile home she didn’t have the legal authority to sell.
Camping union warns new law could give Denmark a trailer park culture similar to the US — Køge, Denmark
March 1 brought a reprieve for winter campers served an eviction notice in Køge, but will the proposed new rules be enough to save them next winter?
Missoula considers turning mobile home park into resident-owned community — Missoula, MT
Public comment is now open on a proposal to turn a mobile home park into a resident-owned community in Missoula. The area is Bonnie's Place in the Franklin to Fort neighborhood.
‘Up in the air’: TriWay mobile home park residents still uncertain about future — Langford
Remaining residents at the TriWay Mobile Home Park in Langford, a 55+ plus community, are still in the dark about their future more than three years after work started an affordable housing building at 2782 Spencer Road.
Local View: Rent control makes for healthier communities — Woodland, CA
When my husband and I carefully planned for our retirement, we didn’t anticipate rent gouging. I have been a nurse for 43 years. I’m still working for Veterans Affairs as a nurse case manager. When my husband retired from his career as a business owner in 2019, we sold our home in Salmon Creek to downsize and cut back on our expenses, in anticipation of the need to make ends meet on a fixed income.
General Real Estate News
New Jersey woman fighting eviction blows herself up in house full of cats. (Link)
Apartment Rents Fall as Crush of New Supply Hits Market. (Link)
Two Office Landlords Defaulting May Be Just the Beginning. (Link)
MultilyticsSM Rent Forecast Report | January 2023 – January 2024. (Link)
Amazon Pauses Construction on Second Headquarters in Virginia as It Cuts Jobs. (Link)
Regulatory and Affordability
Charts Making Us Smarter
Public Markets Corner
UMH Properties, Inc. Reports Results For The Fourth Quarter And Year Ended December 31, 2022
UMH Properties, Inc. (NYSE:UMH) (TASE:UMH) reported Total Income of $195.8 million for the year ended December 31, 2022 as compared to $186.1 million for the year ended December 31, 2021, representing an increase of 5%. Total Income for the quarter ended December 31, 2022 was $48.7 million as compared to $46.0 million for the quarter ended December 31, 2021, representing an increase of 6%. Net Income (Loss) Attributable to Common Shareholders amounted to a loss of $36.3 million or $0.67 per diluted share for the year ended December 31, 2022 as compared to income of $21.2 million or $0.45 per diluted share for the year ended December 31, 2021. Net Income Attributable to Common Shareholders amounted to $283,000 or $0.005 per diluted share for the quarter ended December 31, 2022 as compared to $9.4 million or $0.17 per diluted share for the quarter ended December 31, 2021.
Attorney General Opens Inquiry Into Beechwood Park
Attorney General William Tong has sent a letter to Sun Communities, Inc. management, opening an inquiry into longstanding property management concerns at Beechwood Community mobile manufactured home park on Route 81, according to a release issued by his office. The manufactured home park has been the epicenter of complaints by residents who claim a steady rise in rentals fees and the reduction of services has placed many residents on fixed incomes in a position where they may not be able to afford to stay in their homes.
Recent Acquisitions
Just Closed! | Tuscaloosa County MHC Portfolio & 71.20 Acres Vacant Land
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Residents say roads in Riverview Park are 'a safety concern'
Blissfield mobile home residents stranded by flooding from rain
Pickaway County residents work to fix homes after EF0 tornado
I hate landlords. I hate landlords. I hate landlords.
'The Fed screwed up': Real estate billionaire Sam Zell just warned that hot inflation isn't going away anytime soon — here are 3 shockproof assets to help protect your wealth
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