We wanted to share this with all of those who aren’t on our email list.
Filling vacant lots in your mobile home park is capital intensive – until now. Warren Buffet has just changed the playing field with the introduction of the CASH program, which allows you to fill vacant lots with potentially zero out of your pocket. New homes are brought in, and customers buy those homes and move in, and you simply donate the use of your manager to show the homes. Of course, there’s more to it than just that, but it’s easily the hottest topic right now among park owners, as it may be the one solution to solving the affordable housing crisis without park owners spending huge amounts of capital.
If you have any vacant lots in your mobile home park, or are looking at buying a mobile home park with vacant lots, then you definitely do not want to miss this webinar. You will be amazed at what will be discussed. We feel so strongly about this program that we have already placed an order for almost 400 homes.
To sign up for this free webinar, visit this page and fill out the registration form.
We will be recording this event. If you would like to receive the recording, please fill out the form on the above page.
Let us have Mt. Buffett take it where the rubber meets the road and have Clayton homes sponsor major sales ads promoting the sensibility of mobile home parks with his homes and low interest loans. Mt. Buffet will never get to that point since it is easier to have park owner indebted with that problems vr. selling to questionable low score people although the repos are high priced. Apparently there are many parks with vacancies or old rent to own homes that need an infusion of new homes and Mt. Buffet did not become the billionaire helping the average Joe. What Mt. Buffet does is ALWAYS what is best for Mt. Buffet-- yes our families were in the same country club so we have some experience–His dad was a great man in many ways and worked hard in the grocery business.
I’d be glad to help anyone who is looking to fill parks using the Cash program.
My name is Darren Oliver and I am the community specialist for Southern Homes in Alabama. We offer low end houses and can customize homes to fit your needs. Anything from 14x40 up to 16x90s. Double wides as well.
We are high volume and I can get you your houses in under 2 weeks. No waiting for 2 months and losing that rent money.
My contact information is
Darren Oliver - firstname.lastname@example.org - 256-277-7223.
Sounds like this program is gaining some traction. Follow up questions:
SAFE Act and Dodd Frank, etc prohibits sales person from “steering” customer to a certain lender. How do you tell the shopper that the 4.5 % rate only applies to 21st without violating that rule? Would be nice to be able to advertise this program but same problem - it favors one lender.
I have heard that 21st charges some steep closing costs and fees. What are all the fees associated with each loan?
Noticed this subject has over 2,000 hits and the next with over 1,000 hits direct mail soliciting. With many years of experience most of the parks with high vacancies and in existence over 35 years were FULL at one time. What is maybe not mentioned is when the last economy downturn 07-09 many parks experienced a tremendous loss of homes and tenants. The present economy has many sticky issues and one that is very troubling is the lack of net income increase for workers for the last 30 years. It sound great to fill empty spaces but with your own money being in jeopardy with the Cash Program think smart. When we have another troubling downturn spaces will empty again–whose money is at risk. We buy parks with plus 90% tenant owned occupancy and presently we have parks we are adding spaces to but are not using any incentives for tenants to bring homes in–we have had 10 new homes brought in the last 8 months. It is good business sense to buy into very strong economic areas.
My name is John Gainer and I work in our Community Park Program at Legacy Housing. Sitting at the nexus of where community owners and manufacturers, I get quite a bit of feedback on the CASH program. There are several elements that can be strengths or weaknesses depending on a given park owner’s circumstances and strategy.
Legacy offers an alternative finance program and access to any of our lines of homes that has helped many community owners increase the scale of their revenue without having to break the bank.
John thank you for taking time to indicate your availability. We have bought both from Legacy (only good thing to say) and Clayton homes and most know in the past what I have said about Mr. Buffett. It would be fantastic to have a round table discussion of all companies sitting at one table showing why they have the best program for park owners and better learn what most park owners need the most as per new homes. We have buying power but wonder how to be more effective for ALL park owners to fill empty spaces and increase their cash flow. As a group we have strength but as individual park owners??? Farmers have pooled their money to create ethanol plants why has not the park owners pooled to develop their own plants since from experience farmers are VERY INDEPENANT unless they see a common good. We are suppose to be in business to make money–sometimes we need to WORK TOGETHER. Just my thoughts–since I know Mr. Wonderful is probably the best business man on earth and at this point he is only passing out scraps (why 9% interest rates)??? I would be glad to loan our money out for 6% interest as would many other people.
Don’t know if I should capitalize your name or not:-)
I find your comments about the loss of residents during the last downturn most interesting. The same thing happened to me and I can’t help but think that it may happen again when the next downturn hits. I live in China and I can easily see this country’s truly frightening economic problems becoming the world’s really, really soon. Then what happens to our occupancy? MH parks were supposed to be the be all and end all solution to people losing their homes, but it sure didn’t work out that way. My business partner and I will soon be dealers and able to take advantage of Mr. Buffett’s generosity, but we are troubled by the same thoughts that appear to be bothering you.
Rolf, We have owned only one family park out of the twelve we owned and presently own I am just trying to help those with family parks to recognize the weakness of the working class as per wages since there has not been a net increase in wages since 1970. Generally when owners are operating with great ROI’s little thought is given to a major downturn. During 07-08 we were owner operating over 200 spaces and did not lose one resident to foreclosure since we moved to a great niche market and we had friends who lost over 3 parks since the banks pulled their loans. Presently if a decent park comes up for sale it is like a bunch of flies on honey–be careful when the crowd is pushing aggressively in certain direction as opposed to buying in 09–11 where buyers were scarce and sellers abundant. We have been putting parks under contact but during DD throwing them under the bus.
Thank you for the reply Carl. It’s not uncommon for a lot of my clients to utilize both Legacy and the CASH progam and I love hearing their feedback. I believe very strongly that limited access to financing is a major obstacle for a lot of owners and am grateful to be a part of a company that offers a solution to that problem. There are several differences between our programs but having options on the table for owners to take advantage of is a step in the right direction.
As for your roundtable idea, that would be a sight to see! Interestingly, awareness of alternative programs like Legacy’s is relatively low and something like that would likely increase exposure. I’ve been reading “Too Big To Fail” about the banking crisis of '08 and a large part of stemming the downturn in the market was the result of 8 different banks pooling a fund together that cover trades lost with the downfall of Lehman. Thoughts about the banks aside, reading your comment of working together, even while being in competition, truly resonates. It’s the old saying that the rising tide lifts all boats.
I just talked with a Legacy sales rep. Interesting program and rather unusually sized homes. They don’t even require that you have a dealer’s license. The problem is that they want a huge (for a small park) commitment and that involves a LOT of money. It is not a bad program by any means, but it won’t work for me or probably most small operators. I think Carl’s suggestion for park owners to work together has merit. Perhaps if there was some sort of buyer’s co-op where a bunch of park owners, small and large, bought a chunk of homes together, we could negotiate better solutions for everyone. We are all just out there doing our own thing and not getting very far unless you are one of the big boys like Frank, et. al.
I’m in NE Ohio and in need of homes, just not all at once like Legacy’s program requires. If there is interest from other operators in buying together in bulk, I would certainly be interested in participating.