George Allen / EducateMHC Blog Mobile Home & Land Lease Community Advocate & Expert

October 30, 2011

“Shh! Be Quiet.” or No, “Be a MHActivist!”

Filed under: Uncategorized — George Allen @ 6:26 am

“Shh! Be Quiet, and it all might go away.”

MHI’s ‘Sprinkler Proposal’ to the MHCC, & the NSAC – III Caucus cum MHInitiative, ‘How to Save Our Industry?!’, likely 27 February 2012.


“Step up & do ‘your part’ as an MHActivist!”

It is not too late to 1) tell HUD know what you think their Research Policies should be, going forward; 2) attend the first National Summit for Independent ‘street’ MHRetailers & in – Landlease Community Home Sales Center Operators; and, 3) participate in the 23rd annual ALLEN REPORT, a.k.a. ‘Who’s Who Among Landlease Community Portfolio Owners/operators Throughout North America!’ And all that’s ‘just for starters….’

But FIRST, important Breaking News!

If you’re a lender or financier, of any sort or to any degree, relative to self – finance methodologies (i.e. ‘buy here – pay here’, ‘captive finance’, maybe even lease – option) of the chattel (personal property) capital variety, you’ll likely want to acquire a copy of the Rishel Consulting Group’s digest of the recently released CFPB Examiner’s Manual. This digest contains material relating only to manufactured housing. As the Consumer Finance Protection Bureau (‘CFPB’) recently opined, ‘Non – depository lenders (i.e. those described in the previous sentence) will conform to the same rules, regulations, and standards that banks and credit unions are currently subject to.’ To order this $500.00 resource, phone Donna Rishel @ (217) 899-9268. Credit card orders only.

OK, now onto the gist of this week’s blog…


Last week’s BEBA (Blast Email Blog Alert) read, in part: ‘Own landlease community (ies)? MUST READ MHARR’s 10/21 Update, & MHI’s 10/21 Week in Review, to learn why MHCC ‘sprinkler proposal’ puts YOU at risk of future liability…’

I’ll admit that’s a sketchy lead – in, but it was worded to spur you to action, i.e. to contact either or both national manufactured housing advocacy bodies, to request and read copies of their respective communiqués, then ponder the consequences of said ‘sprinkler proposal’ on your own. How many of you did so?

In any event, here’re excerpts from one of the subject communiqués and an email exchange I had with a representative from one of the aforementioned bodies late last week, the same day I effected the final edit to last week’s blog posting and composed the aforementioned BEBA:

• From MHARR’s Washington Update. “In a move that could ultimately open the door to an across – the – board federal fire sprinkler mandate, the Manufactured Housing Consensus Committee (‘MHCC’) at its’ October 18 – 20, 2011 meeting, voted to accept and recommend to HUD a Manufactured Housing Institute (‘MHI’) – proposed federal standard that “establishes the requirements for the installation of a fire sprinkler system in a manufactured home.” Interestingly, “The vote in favor of the sprinkler proposal came just one day after the National Fire Protection Association (‘NFPA’) was forced to concede that today’s manufactured homes are as fire – safe, and even safer, than site – built homes.”

• From an email received from MHI’s National Communities Council division VP & Executive Director Lisa Brechtel: “…there is no mandatory requirement to install fire sprinklers in manufactured homes. In fact the proposal explicitly preempts fire sprinklers. …the proposal provides a uniform, voluntary design and construction standard for fire sprinklers should a consumer choose to purchase a home with this option.” Unfortunately, this response clearly ‘misses the point’, where LLCommunity folk are concerned; if not now, likely sometime in the future.

• From an email sent, by this industry observer (and landlease community owner) to MHI and NCC executives: “This new federal statute, and the related publicity, will potentially affect those of us ‘with skin in the game as landlease (nee manufactured home) community owners’. Sure, I don’t see an immediate impact on my property. But now, if I’m prudent – and I think I am, MHI, the NCC and MHCC have collectively, put me in the position of ‘further screening’ every home move – in, whether new or resale, as to whether it has a built – in sprinkler system. And in my case, warning them my otherwise attractive, functional rental property probably can’t support their ‘fire safety system’s need for higher water volume and pressure’; in effect saying, “Would you please sign this waiver, acknowledging the inferiority of my property’s infrastructure design and capability, and accept the increased liability potential to your home, in the event it catches fire while sited here?”

Bottom line? IF the MHCC’s fire sprinkler standard remains unchanged, characterize this serious advocacy misstep to being another unfortunate, self – immolation example of the Law of Unintended Consequences!

POSTSCRIPT. As late as Friday, 26 October 2011, MHI communications continue to ignore the issue of probable consequences of having fire sprinklers in manufactured homes sited in older landlease communities.


MHInitiative®. Gotten used to that new Allenism term yet? By way of review of last week’s blog posting announcement, MHInitiative® is the creative moniker given the evolving scope of two National State of the Asset Class caucuses, first held 2/27/2008 in Tampa, FL., attended only by landlease community owners/operators; and one held 2/27/2009 in Elkhart, IN., attended by a near – equal number of HUD Code home manufacturers and LLCommunity folk. This time around, likely on or about 2/27/2012, and somewhere in the southern Sunbelt, an MHInitiative® is being planned, and will be hosted as a national caucus for ‘anyone in the manufactured housing industry and landlease community asset class who are bona fide business owners and senior executives’ – willing to invest personal and corporate resources (i.e. time and travel expenses) to spend 1 ½ days, or 2 ½ days if necessary, in a brainstorming session focused solely on ‘How to Save Our Industry?!’

Based on heavy reader response to last week’s blog posting debut of the MHInitiative®, along with individuals previously committed to participate, we could hold the MHInitiative® ‘tomorrow’, and count on more than 100 seriously – concerned MHIndustry & LLCommunity businessmen and women MHActivists being present!

Speaking of MHActivism….


Did YOU respond to HUD’s request for Public Comment on HUD’s Research Agenda, described in last week’s blog posting? Well, several of you did! You sent me copies of your correspondence. Thank You for following my ‘lead’ in this effort.

I prepared three separate commentaries; one each on the ‘Homeownership & Finance’ category, with this focus: “It’s Time for HUD to Overtly Promote the very Factory – built Housing type it has Regulated since the mid – 1970s, i.e. HUD Code Manufactured Housing!”. This was my response to ‘Rental Housing’: “Before HUD addresses this timely goal, it should step to the fore and launch a nationwide initiative, seeking consensus among housing providers, lenders and regulators, regarding ‘affordable housing’ & ‘housing affordability’ definition, description, and means of measurement.” And finally, re: ‘Communities’, I opined, “Does HUD even know what a landlease (nee manufactured home) community is? If not, now is the time to learn, as HUD seeks a ready supply of inclusive and sustainable, affordable housing communities, free from discrimination.”

And here’s the Good News for you, loyal blog floggers (readers). The deadline for ‘your submission’ is 4 November 2011. So, as soon as you’re done reading through this posting, sit down and knock out a letter to HUD USER c/o Box # 23268, Washington, DC. 20026-3178. What to say? While it’s certainly ‘up to you’, why not parrot my suggestions, that HUD not only regulate our unique factory – built housing type, but for the first time in 35 years, start to overtly promote it, as our nation’s most affordable type housing; that before HUD talks and writes about ‘affordable housing’, they should know how to define, describe and measure it; and finally, ‘discover’ LLCommunities for the desirable, even affordable lifestyle, they provide!


Do YOU market and sell HUD Code manufactured homes via an independent ‘street’ MHRetail salescenter and or an in – landlease community home sales center? If so, seriously consider participating in the first ever, maybe even historic, National Summit for Independent ‘street’ MHRetailers and in – Landlease Community Home Sales Center Operators. This 2 ½ day event is being held 13 – 15 November 2011, at the Drake Hotel in downtown Chicago. For registration information, contact Bill or Chad Carr @ (800) 336-0339. I hope to see YOU there!

By the way, join me for some informal, no host, interpersonal peer networking, in the coq d’ or lounge (downstairs from the lobby) at the Drake Hotel, between 3 and 5PM Sunday afternoon, 13 November. It doesn’t matter whether you’re attending the aforementioned National Summit or not; if you happen to be in downtown Chicago that day, stop by to socialize and ‘talk shop’ with friends in the MH & LLCommunity business!

Also remember, the first public release of an extensive White Paper, on manufactured housing sales, prepared as a ‘backgrounder’ for participants in this national event, will appear as part of the November 2011 Allen Letter professional journal. To subscribe, phone, (317) 346-7156.

Hey, is it starting to get downright exciting around here, or is it just me?


Research and compilation of the 23rd annual ALLEN REPORT, a.k.a. ‘Who’s Who Among Landlease Community Owners/operators in North America!’ is well underway. We’re now making follow – up phone calls to portfolio ‘players’ listed in the 22nd edition, to ensure they’re ‘not left out’. SO, if YOU and or your firm owns and or fee manages five or more LLCommunities and or a total of 500+ rental homesites (in one or more properties), then YOU qualify for inclusion in this seminal collection of benchmark statistics, description of present day trends, and ‘all you ever wanted to know about our unique income – producing property type’ but didn’t know who to ask!

How to participate? Best NOW, to phone the MHIndustry HOTLINE: (877) MFD-HSNG or 633-4764 or (317) 346-7156 or email: What happens? I’ll fax you the standard questionnaire; you complete it ASAP; and fax it back to me via (317) 346-7158. It’s as simple as that! Hope to hear from YOU soon!


George Allen, CPM®Emeritus, MHM®Master
Consultant to the Factory – built Housing Industry &
The Landlease Community Real Estate Asset Class
Box # 47024, Indpls, IN. 46247 (317) 346-7156.

October 23, 2011

Input HUD’s Agenda; MHRetailers & LLCommunity Home Sales; NSAC Caucus = MHInitiative in 2012?

Filed under: Uncategorized — George Allen @ 4:37 am

Input HUD’s Agenda; MHRetailers & LLCommunity Home Sales; and, NSAC Caucus movement to become MHInitiative® in 2012?


Your Opportunity to Input HUD’s Research Agenda!

Thanks to Bob Brophs (pronounced Bross), retired Missouri MHRetailer and landlease community owner/operator, for bringing the following timely opportunity to our attention.


“Over the next 5 – 10 years, what we need to know to improve knowledge gaps that are affecting the execution of good housing and community development policy and practice? HUD’s Office of Policy Development & Research (‘PD&R’) is in the process of formulating its’ research agenda for the next 5 – 10 years, and would like your input. We invite you to think critically about the above question as it relates to four targeted topic areas:

Homeownership and finance. HUD’s goal = “Strengthen the Nation’s Housing Market to Bolster the Economy and Protect Consumers.”

Rental housing. HUD’s goal = Meet the Need for Quality Affordable Rental Homes.”

Housing as a platform. HUD’s goal = “Utilize Housing as a Platform for Improving the quality of Life.”

Communities. HUD’s goal = “Build Inclusive and Sustainable Communities Free From Discrimination.”

To ensure appropriate consideration, be sure to submit your ideas and suggestions in writing, no later than November 4th, 2011. Send your input to HUD USER c/o P.O. Box # 23268, Washington, D.C. 20026-3268.”

Don’t know ‘bout you, but the areas I’m seriously considering commenting on have to do with the following:

Affordable Housing. This still needs an industry – country – government wide ‘official’ working definition and description – especially if ‘more than one’ methodology (there’re presently a half dozen alternatives) is to be codified and widely communicated within and outside HUD. For more on this variegated subject, read HOUSING AFFORDOGRAPHY.

HUD Code manufactured housing. It’s way past time for HUD to actively promote the type factory – built housing it regulates! Today, HUD Code manufactured housing is the most cost effective, quality, energy efficient, non – subsidized BUT under promoted housing type in the U.S.! Again, HUD does little to popularize manufactured housing.

Landlease (nee manufactured home) communities. Given the affordability of HUD Code manufactured homes, particularly Community Series Homes (‘CSH’) designed for placement in this unique income – producing property type, AND given rental homesite rates in sync with other forms of multifamily rental communities in the same local housing markets, there is no more affordable housing lifestyle than LLCommunities!

So, are YOU now inspired to write and comment on HUD’s Research Agenda for the year ahead? I surely hope so. Remember, the DEADLINE is soon: 4 November 2011.

I also challenged an eclectic mix of the ‘five most forward – thinking and influential leaders I know’, in the HUD Code manufactured housing industry and landlease community asset class, to comment on HUD’s Research Agenda. Even offered to publish their commentaries and recommendations (to HUD) in an upcoming issue of the Allen Letter professional journal, or this weekly blog posting. Well, guess what? I’m making the very same offer to you, blog floggers (readers)! Send me your commentary to HUD on its’ Research Agenda, and I’ll do my best to get you published as well! Send your input via FAX (317) 346-7158 or email: or via ‘snail mail’: GFA c/o Box # 47024, Indpls, IN. 46247.


Coming Soon: the first ever, National Summit for Independent ‘street’ MHRetailers & in – Landlease Community Home Salescenter Operators!

Yep, you read the headline right! On 13 – 15 November 2011, at the historic Drake Hotel in downtown Chicago, independent ‘street’ MHRetailers and landlease community owners/operators selling new and resale homes on – site, from throughout the U.S., will convene for 2 ½ days to…

Understand, negotiate, even compromise with one another, to market and sell more HUD Code manufactured homes, as well as enhance the potential for additional bottom line profits throughout both segments of the industry!

To this end, National Summit organizers and sponsors, Rainmaker Consulting, of Davenport, Iowa, researched and prepared a comprehensive eight page White Paper, identifying issues and trends keeping these parties (home manufacturing/distribution & realty development/investment) apart, rather than working together, during the past decade. White Paper authors, Bill Carr & Chad Carr, sought and received timely experiential input from Dick Moore; Ken Rishel; Jim Reitzner, MHM; Greg Harmon, MHM; and this industry observer, including several other commentators. The initial public presentation of this White Paper will be in the November issue of the Allen Letter professional journal. To subscribe, simply phone the MHIndustry HOTLINE: (877) MFD-HSNG or 633-4764.

But the real news here is the upcoming historic National Summit for Independent ‘street’ MHRetailers and in – Landlease Community Home Salescenter Operators. Given the nature and goal of this ‘coming together’, i.e. to market and sell more manufactured homes, as well as enhance the potential for additional bottom line profits, it’s anticipated this will be a sold – out venue by the time the Sunday, 13 November convening date arrives. National Summit registrants will receive a copy of the White Paper, to orient their discussions at the National Summit begins. If a ‘street MHRetailer’ or ‘LLCommunity sales center operator’, are YOU registered yet? To do so, and or request additional information, contact Rainmaker via (800) 336-0339 or email


NSAC Caucus Movement of 2008 & 9 to become MHInitiative® in 2012?

Given the successful – and evolving scope of the National State of the Asset Class (‘NSAC’) caucuses @ 2/27/2008 in Tampa, FL. & 2/27/2009 in Elkhart, IN., year 2012 appears to be when all segments of the HUD Code manufactured housing industry and landlease community asset class, ‘come together’ to collectively discuss and figure out ‘How to Save Our Industry?!’

Remember? The NSAC – I caucus involved LLCommunity owners/operators only, gathering from throughout the U.S.. The NSAC – II caucus, however, included HUD Code home manufacturers and LLCommunity folk! And now, the NSAC – III caucus, following an intentional two year hiatus – awaiting MHIndustry leaders to ‘come to our collective rescue’; and, given a broader ‘caucus’ scope affecting all segments of the MHIndustry and LLCommunity asset class – warrants a more inclusive moniker, that of MHInitiative®. As a related aside; summaries of NSAC caucuses I & II, including positive measures adopted therein, are contained in Landlease Communities, Manufactured Home Communities, Mobile Home Parks, Trailer Courts & Camps, and Affordable Housing, available from PMN Publishing for $24.95 (postpaid) via the MHIndustry HOTLINE mentioned earlier.

Why the semi – acronym MHInitiative®? Well, anyone who’s read my books, newsletters, magazine columns and features since 1988, is familiar with the many Allenisms® I’ve created during the past two plus decades. Here’re some that have endured the test of time: MHIndustry, short obviously, for ‘manufactured housing industry’; then MOPHEAD (a proword for ‘Manufactured Housing Opinion/Editorial), a column I used to pen for The Journal; likewise, MHRetailers and LLCommunity (Latter has replaced MHCommunity, both semi – acronyms, respectively, for landlease community and manufactured home community); also MHActivist; and, this ‘play on words – or abbreviations’, for our two national advocacy bodies: ‘MHI (‘MY’) MHARRvelous Dream for the MHIndustry!’ (Title of a past blog posting); then there was manufractured housing – recognizing our industry’s nadir of new home shipments. Even the ‘Ah Ha! & Uh Oh!’ label for our popular housing price calculation worksheet is an Allenism®, by dint of ‘Ah Ha’ being an apt abbreviation for ‘affordable housing & housing affordabilty’ (Thanks to Creighton Weber of Wells Fargo for that suggestion!), while ‘Uh Oh!’ is the understandable exclamation of a homebuyer when he or she realizes they’ve purchased more home than they can afford! And the list goes on….

So, what’re the plans for a MHInitiative® caucus in early 2012? Well, they’re still, as we say, ‘on the drawing board’. But it’s already been suggested the initial MHInitiative®, with its’ goal to decide ‘How to Save Our Industry?!’, be scheduled for 2/27/2012 – continuing a triparte (‘Good Luck’?) date pattern begun five years ago in 2008. While there’s already another meeting scheduled on that date, given the unique nature and goal of this MHInitiative® caucus, i.e. ‘How to Save Our Industry?!’, it’s doubtful many seriously interested stakeholders (e.g. business owners) will overlap.

Does this MHInitiative® caucus, across all MHIndustry segment lines, interest and excite you? Seriously enough, to respond to this preliminary announcement with encouragement, even commitment, to attend a 1 ½ day – or longer meeting, in a warm climate, during late February 2012? If so, now’s the time to add your name to the 75+/- names of individuals already committed to caucus, discuss and plan via brainstorming and other creative – yet – practical methods for improved and effective industry planning, ‘How to Save Our Industry?!’ Ask yourself: “If this MHInitiative® caucus doesn’t take such a vital and historic step NOW, in early 2012, WHO will do so & WHEN?” The answer? ‘Likely, no one, ever!’

So, the choice is: Do NOTHING and hope the MHIndustry doesn’t’ die, and LLCommunities decline further; OR, as a business owner, invest the necessary resources to examine the challenges facing our industry and asset class, with an eye to identifying solutions; then going about implementing same, when and where possible, with whomever can ‘get the job done’! Finally, if you’re bona fide business stakeholder in the manufactured housing industry and or landlease community real estate asset class, and related industry segments, communicate your interest and commitment via (317) 346-7156 or email: If not, please pass this announcement onto the head of the firm for which you work!


George Allen, CPM®Emeritus, MHM®Master Box # 47024
Consultant to the Factory – built Housing Industry & Indianapolis, IN. 46247
The Landlease Community Real Estate Asset Class (317) 346-7156

October 16, 2011

Potpourri of US Congress, MHI, NSAC-III & $ Primer Matters & More…

Filed under: Uncategorized — George Allen @ 4:13 am

Potpourri of U.S. Congress, MHI, NSAC III and $ Primer
Matters – & More….


Congressional Research Service Prepares Report on MHIndustry!

During mid September 2011, an Analyst in Housing Policy, for the Congressional Research Service, contacted this manufactured housing industry and landlease community asset class observer and author, for assistance in editing and fine – tuning their DRAFT report titled: ‘The Manufactured Housing Industry: An Overview’.

This 20+/- page DRAFT report defines manufactured housing and describes the HUD Manufactured Housing Standards Program; followed by characterizations of Dealers (Recommended this be changed to ‘retailers’) and manufactured home communities (Recommended this be changed to landlease communities). Much of said DRAFT report deals with HUD Title I loans, VA – loan guarantees & RHS loans, as well as expected effects of the S.A.F.E. and Dodd-Frank Acts on the MHIndustry. Report also describes markets served by our industry, trends in shipments during the past several decades, and ‘problems’ with manufactured homes, relative to site preparation and installation, plumbing and moisture, heating and air conditioning, and more.

The area I took strongest exception to, was the analyst’s inclusion of what I viewed as questionable information from IBISWorld Special Reports. Remember them? The first one, titled ‘Dying Industries’, included their view of MHRetailers, was distributed in March 2011. At the time, I’d read and critiqued it heavily – but to date, haven’t received the courtesy of a reply from the publisher, whose motto incidentally, is ‘Where Knowledge is Power’ – even when their ‘knowledge’ is inaccurate and or incomplete. The second one, distributed in September 2011, has to do with ‘Land Leasing in US’ – was also, in my opinion, awash in flaws relative to our unique income – producing property type. Haven’t responded in writing, to that one. After all, why waste time penning a critique to a publisher who’s already demonstrated an intransigent nature.

So, when will YOU get to read ‘The Manufactured Housing Industry: An Overview’? I have no idea – if ever. But my ‘take’ on the matter is, this report was requested by Congress, as more and more Congressmen recognize the reactionary and ill – advised S.A.F.E. & Dodd-Frank Acts have effected business – killing strangleholds on the sole remaining sources of truly affordable housing (i.e. factory – built housing in general, and HUD Code manufactured housing in particular), as well as the most affordable, non – subsidized housing lifestyle (i.e. landlease, nee manufactured home, community living) left in the United States today! Let’s hope all Congressmen read ‘The Manufactured Housing Industry: An Overview’, and come to our rescue with regulatory relief, stimulating new housing production and shipments, creating thousands of new jobs along the way, as closed factories reopen! For that matter, why not help this thought materialize, by printing off and sending this blog posting, to your Congressman ASAP!

As a related aside; it’s already been observed on several fronts, the Congressional Research Service seeking input from the fledgling national, not for profit, Center for Manufactured Housing Research (Or whatever it winds up being named during the months ahead), is tacit recognition of and support for, third party, nonpartisan, academically – based industry and asset class research that’s only existed sporadically, for manufactured housing and landlease communities, during their 60+ year history! All the more reason for YOU to get aboard NOW, in support of this much – needed research and resource center, going into 2012. If you haven’t already done so, make your moral and financial support known, by responding to this blog posting via or via the MHIndustry HOTLINE: (877) MFD-HSNG or 633-4764. To date, more than a dozen LLCommunity portfolio owners/operators, and senior manufactured housing industry executives, have stepped forward in this fashion! Let’s continue to make MHIndustry & LLCommunity history together….


Results of MHI Survey of Attendees @ its’ Annual Meeting, & More…

Nearly half the 110 registrants attending this year’s Manufactured Housing Institute annual meeting completed and submitted two page questionnaires soliciting input relative to the State of the Manufactured Housing Industry. Here’s a brief summary of results displayed during a Power Point Presentation the final morning of that three day session. Nature of respondents? 27% = suppliers; 22% = association executives; 13% = HUD Code home manufacturers; 11 = finance – related; and 9% each for LLCommunity reps, MHRetailers, and ‘others’.

Advantages of factory – built housing? 22% said price; 21%, time to completion; and 19% each for opted for quality, design, amenities, and lifestyle.

What’s greatest impediment to increasing factory – built home sales? High employment cited by 21%; then, 20% each for financing, image, and consumer credit problems; and consumer confidence came in at 19%

What will happen in the overall new – home market during the next two years? 60% believe it’ll ‘stay about the same’; 28% think it’ll ‘improve’; and 12% say it’ll ‘decline’. What do YOU think?

Do you think our (national) market share will increase during the next two years? 52% indicated NO, and 47% indicated YES.

Will homeownership continue to be as a big priority for new generations entering the housing market and forming new families? 61% said YES, and 38% said NO.

Well, there you have it. As one who took much time to complete the lengthy, detailed questionnaire, I was disappointed there wasn’t ‘more’ to this summary. Perhaps MHI staff plans to publish additional insights, in one or another of their communiqués, during the weeks and months ahead. Let’s hope so. But then again, maybe not.

On a different, but related MHI subject. Are you, like me, one of those direct, dues – paying members, who see MHI as a ‘manufacturer dominated institute’, but wonder if change might be afoot? We’ve all heard the bromide: ‘Follow the money!’ No ‘diff’ here. During year 2010, 55% of all ‘dues revenue’ was paid by the Manufacturers Division (I believe that percentage as high, or higher, than 75% during 1990s heyday); and 18% of ‘dues revenue’ now comes from the National Communities Council Division (up from 0% before NCC was founded @ 1/1/1996); with 12% from the Suppliers Division; 8% from the Financial Services Division; and 7% from State Association dues. This data obtained from MHI’s 2012 Proposed Budget. Now you know…


Work on 2nd Edition of Manufactured Housing $$$ Primer Begins

Last year’s best – selling manufactured housing – related book, the Manufactured Housing $$$ Primer is nearly out – of – stock, and in need of updating (i.e. addition of How To information regarding lease option self – finance methodology, renting homes on – site, and more) and expansion (i.e. inclusion of new resources and firms relative to chattel and land/home finance mortgage origination, as well as loan servicing). You may recall this was the first book ever published, describing chattel (personal property) financing as it relates to HUD Code manufactured housing, especially those sited on rental homesites in landlease (nee manufactured home) communities. Do YOU have a copy? If not, you might be able to snag one of the few dozen remaining copies, for only $19.95 (postpaid), by phoning PMN Publishing via (317) 346-7156.

Letters went out this week to the nearly two dozen MHIndustry writers who contributed manuscripts for the first edition of the Manufactured Housing $$$ Primer; along with ‘invitations to participate’, to a half dozen or so new writers. And this is where YOU might come into the picture. If you’re presently and actively involved in one or another aspect of chattel finance (e.g. as a loan originator, independent third part lender, servicer; and or LLCommunity owner engaged in self – finance on – site) and would like to be considered for participation in this second edition, pen correspondence to me, describing the aspect you feel most qualified to write about – and explain why. One particular topic I’d like to address, this time around, is the effect of having ‘park – owned homes’ on – site, either as ‘rentals’ or ‘contract sale’ units, relative to when one (the LLCommunity owner) decides to refinance or market the income – producing property ‘for sale’. Any takers? We really would like to increase participation in this industry wide educational project. OK to email your communiqué, or mail it to GFA c/o Box # 47024, Indianapolis, IN. 46247. Deadline? Soon! The end of This Week, 21 October 2011. Once the new writing team is formed, we’ll set reasonable manuscript submission deadlines.


And Here’s What Your Peers Have to Say, via Email, about MHBusiness….

“I’d like to bring up what I feel is a major issue in our MHIndustry. That is, all our Seniors. My major market has been Seniors since I got involved back in 1976. They buy our homes for cash, have excellent credit, pay on time, are easy to manage, and stay until something bad happens to their health. But with all the new Senior complexes being built, I’ve lost a major portion of my Seniors market. I cannot compete with them.” Anyone else facing this challenge, and have suggestions for this fellow LLCommunity owner? With enough helpful response, we’ll build a future blog posting around this hot topic.

“How we find and provide (manufactured) houses is where everyone is going in different directions. But is that a bad thing? And does that mean the industry is dying? I am not sure it means that. But what it does mean, is the business is not as profitable as it used to be, when we factor back in, the capital costs of buying the homes, whether new or used. And since it’s now difficult, or certainly less profitable, to do self – financing, that makes it harder to recycle one’s capital to acquire more houses and or communities. So, we do ‘rentals’ to get our capital costs back faster. The industry is evolving, not dying.” DH Does your experience mirror this owner/operator; or do you have a different ‘take’ on the matter? Let’s hear from you ‘renter’ aficionados out there? Another hot blog topic?

“As to a third national grassroots caucus of manufactured housing and landlease community stakeholders, meeting in late January or early February 2012, YES, I would participate, and bring along one or two business associates from the Pacific Northwest. We need to ‘Save Our Industry!’” GH Here the writer is talking of anticipated plans to host National State of the Asset Class III. Long time blog readers will recall NSAC – I, was held on 2/27/08 at FountainView LLCommunity in Tampa, FL. Want to be involved in planning and ‘spreading the word’ about this timely and strategic brainstorming session? Let me know, via any of the means described earlier in this blog posting. By the way, who remembers the tangible result of a national brainstorming session held in Indianapolis, IN., on 8/31/1993? Answer: Formation of the Industry Steering Committee (‘ISC’) predecessor, to today’s National Communities Council (‘NCC’) division of the Manufactured Housing Institute (‘MHI’). Brainstorming works, so let’s do it again!

Pertaining to the identification and recruitment of private investors to supply working capital for self – financing new and resale home sales on – site in landlease communities. “It’s been done for years, but everyone has played their cards so close to their vest, afraid to disclose the names of investors they’re dealing with, etc.. With other (independent, third party) financing alternatives unavailable, or too onerous to deal with (Need I identify those firms who’ve, as one wag puts it, ‘Taken all the risk out of lending chattel monies to landlease community owners.’? GFA), a widespread private investor program could be a huge success, maybe even part of the salvation of our MHIndustry. Also, it dovetails nicely with lease option financing.” (edited) SR. and know what? Ken Rishel of Rishel Consulting, teaches LLCommunity owners, and independent MHRetailers how to do this – raise private capital to underwrite chattel loans. Call (217) 971-3968 for info.

“Hope (industry) events lead to ‘new’ turks taking the lead, and the ‘old’ turks bowing out.” NB ‘Reacting as a bona fide old turk, “Ouch!”’ But I do understand the sentiment. However, a counter to that thought is, ‘a woeful lack of experience’ on the part of many, if not most, New Turks – described in this blog posting a couple weeks ago. Here’s but one example: Rental units (manufactured homes) on – site in landlease communities. To a man (& woman), every Young Turk I talk to, thinks ‘rentals’ are a new and exciting business model for filling vacant rental homesites! First off; the concept is not new – it’s how we filled tens of thousands of vacant ‘lots’ back in the 1970s, then converted them to ‘contract sales’ when the time came to market the properties ‘for sale’. We often rented 14X70 duplex model homes, with a family living in each end of the home! No, ‘rentals’ are not new, but Yes, they can be exciting. But mostly in a negative ways, when one opts to ‘work harder, not smarter’, collecting rent by the month (Rather than by the week, like many of us did in the 1970s), then spend a whale of a lot more money on the maintenance ‘get ready’ of rental units, plus management time to oversee an ‘apartment community’.

“When you were born, you cried and the world rejoiced. Live your life, so that when you die, you will rejoice and the world will cry.” DW A personal and heartfelt response, by a ‘friend in the MHBusiness’ upon reading last week’s ‘Dreamin’ blog posting.

Here’s something we don’t see every day! FALLING PRICES on new HUD Code homes! ‘Our Sale Ends Monday, October 17th, 2011.’ So proclaims the internet flyer recently received from Eric Steadman, website correspondent with Factory Expo Home Centers. For details, call (800) 965-6821. Think this outfit is out of Chandler, AZ. If interested, phone Eric on Monday – that’s tomorrow, to beat the home sale deadline!


Jonathan Douglas Sharp (Jon Sharp to his buddies) of Onyx Capital, succumbed to cancer on 11 October 2011. He will be long missed!

Thanks to several of you, for bringing this sad occasion to my attention. Want to read more of Jon’s saga? Go to


Kristian Jensen, Jr., ACM®, 2nd generation owner/operator of landlease community portfolio Jensens, Inc., a longtime supporter of MHI, has died.

For a detailed summary of his service to our industry and asset class, read MHI’s current Week in Review on line. More than likely, his son, Kristian Jensen, III, ACM® succeeds.


George Allen, CPM®Emeritus, MHM®Master Box # 47024
Consultant to the Factory – built Housing Industry & Indianapolis, IN. 46247
The Landlease Community Real Estate Asset Class (317) 346-7156

October 9, 2011

Dreamin, Stark Reality, Errata & Titillation

Filed under: Uncategorized — George Allen @ 5:11 am



It’s been a day and a half of meeting after meeting after meeting. The Manufactured Housing Executives Council (‘MHEC’) was certainly interesting. Despite a couple state execs monopolizing conversation, we learned of the renewed business model (circa 1970s) utilizing ‘rental units on – site’ in landlease communities in Florida. And Massachusetts is considering opening its’ membership rolls to resident – owned (i.e. ‘co – ops’) LLCommunities there. West Virginia is rewriting ‘park rules & regs’ for the first time since 1971; and the heretofore inspiring regional marketing program, Northwest Pride, is in limbo for now. Wisconsin doubled its’ ‘unit dues’ by banking voluntary assessments of $75.00 per resale home sold in that state. And New York continues to bank non – dues revenue by facilitating installation and professional property management certification (‘Manufactured Housing Manager’) classes, as well as profitable annual Super Symposiums! Most memorable ‘quote of the day’ was voiced, when discussing errant software suppliers who, “Sell you the dream and service the nightmare – for a big price!”

National Communities Council? As usual, the most heavily attended session of the 17 scheduled at this year’s MHI’s annual meeting in Phoenix., with 58 of the 110 registrants present. An attempt to gauge “How do you feel about the idea of an image campaign?” (&) “…name one thing you would deem a TOP PRIORITY for the NCC to work on…” was a non – starter! One simply can’t ask 58 individuals to speak, even for a minute apiece – on these, or any other subject, and conduct a 1 ½ hour business meeting. After giving the S.A.F.E. Act & Dodd – Frank regulatory imbroglios their due, Spencer Roane, from Georgia, challenged the NCC to research, then educate LLCommunity owners and operators about ‘lease – option financing’. For information on this topic, go to or phone (678) 428-0212. A Community Attributes System (‘CAS’) Task Force was formed, to update and improve that underutilized resource. A contrarian quote, heard at the NCC meeting, came out like this: “Stop being all things to all people and get back to the trailer business!” Huh? Maybe a kernel of truth in there?

Onto the Awards Dinner, sponsored by Triad Financial Services, in Grande Ballroom Salons ABE. “Hmm. Maybe shoulda taken a nap this afternoon. Why am I so very tired all of a sudden? Oh well, dinner’s over and the awards program starts soon….

‘Tonight’s Chairman’s award goes to an MHI member who’s been in the manufactured housing and landlease community business for more than three decades.’

‘Besides earning bona fides as an on – site and regional property manager, and as a present day community owner, this person has enriched the business experiences of his peers, throughout the U.S. and Canada, in many ways.’

‘For more than two decades, this individual has researched and published, frequently at his/her expense, key benchmark statistics which, since the early 1990s, have positioned landlease communities as viable and valuable real estate investment alternatives in private and public markets. Over the years, this person has authored, co – authored, and edited ten books on various aspects of management, manufactured housing, ‘affordable housing’, housing finance, & the landlease communities.’

‘For more than 21 years, this landlease community owner has penned, printed and published monthly newsletters, magazine columns, features, and editorials for colleagues, informing them of trade news, upcoming industry events, ‘How To’ effect various property management methodologies, and much much more.’

‘For two decades, this individual and his family members, have hosted annual national gatherings, at resort hotels throughout the U.S., for property owners and portfolio operators, providing top notch education, interpersonal networking, and incomparable deal – making opportunities.’

‘This person is also the co – founder of no fewer than three national trade and advocacy bodies, for landlease communities in the U.S. and Canada; has served on the governing boards of two state manufactured housing trade associations; and served as state president of a professional real estate management organization.’

‘For more than a decade, this individual has shared professional property management expertise and experience with landlease community owners/operators throughout North America, personally training and certifying nearly 1,000 Manufactured Housing Managers to date.’

‘And twice, during the past several years, this individual has convened national caucuses for landlease community colleagues, on one hand; and HUD Code home manufacturers, on the other, to discuss industry and asset class issues, then achieving consensus, relative to ‘conduct of business going forward’ on one hand; and, the need for new manufactured homes designed for in – community marketing, sales and siting.’

‘Finally, this individual has been feted by the Institute of Real Estate Management as an Emeritus member, inducted into the RV/MH Heritage Foundation’s prestigious Hall of Fame, and honored as manufactured housing’s ‘Industry Person of the Year’.’

‘Most significant of all, this person has been married for more than 45 years, is blessed with two adult children – successful business entrepreneurs in their own right, six grandchildren – one of whom is a U.S. Marine, and two great grandchildren! And is one of the few MHI members who’ve been decorated for leadership in combat during the Vietnam War, and service during Desert Storm.’

‘So, at this time, join me in honoring one of our colleagues, with this year’s Chairman’s Award!’

“Umph. Musta dozed off. Hmm. What’s all the clapping about? Oh, they’ve just announced this year’s Chairman’s Award. Who is it? Oh, Tim Williams, President of 21st Mortgage Corporation in Knoxville, TN.! Good man, Tim! OK, now we’re all gonna stand. Good, need to stretch and get awake here. Man, that was some dream….”

And I’ve reconciled myself to the fact it will always be that, a dream.



Then There’s Stark Reality

Step II of the three step, ‘How to Save Our Industry?!’ sequence has occurred.

If a regular reader of this weekly blog posting, you know Step I happened in mid – September, at the 20th International Networking Roundtable in San Antonio, TX., In large part, Step II was the public announcement of plans to launch a new national not for profit platform, to ensure continuation of valuable and timely research and resources, for and in behalf of landlease community owners/operators, throughout North America. Have YOU signed – on as a moral and or financial supporter yet? See final paragraph, here following, for contact information.

Step II was anticipated to occur at the Manufactured Housing Institute’s annual meeting in Phoenix, AZ., from 2 – 4 October 2011. Frankly, the unofficial industry wide theme of ‘How to Save Our Industry?!’ was a non – starter! Oh, there were hints of theme awareness, but no decisions, no plans, and no action, whatsoever. The hints?

• Aforementioned futile attempt to let 58 NCC meeting attendees comment on the need – or not, for an ‘image campaign’, and to identify a TOP PRIORITY issue for 2012. No results whatsoever. This was worthy of a session all its’ own.

• A two page questionnaire was distributed early, to all registrants; then collected, tallied, and communicated, via PowerPointPresentation, during the morning of 4 October. Here too, little was accomplished, given minimal open discussion, and certainly no consensus plan of action pursuant to ‘How to Save Our Industry?!’

So, where does that leave us today, relative to maybe – or maybe not, moving ahead with Step III during early 2012?

Frankly, I don’t know at this point. But putting that matter and question into abeyance for a week or more, is the prudent and patient thing to do. After all – and get ready for this; THE ANNOUNCEMENT, during the governing board session at MHI’s annual meeting, of Thayer Long’s RESIGNATION as executive vice president of the institute, was a shocker – maybe even a game changer! How so? Think about it; the possible ramifications. So again and for the moment, let’s absorb this surprise before turning our collective attention to how a change in salaried leadership might impact this ‘How to Save Our Industry?!’ theme. Who knows; MHI might use this opportunity to become an advocacy body more balanced in representation, among all the membership segments of the manufactured housing industry and landlease community asset class.

In the interim, I need to hear from you – again, as to what YOU think the manufactured housing industry and landlease community real estate asset class should or might do to ‘Save Our Industry?!’ going forward. For example, would YOU support, by your participation, a third national grassroots caucus of manufactured housing and landlease community stakeholders (i.e. Those with actual ‘skin in the game’ as business owners and senior executives) during late January or early February 2012, likely in a warm climate, maybe central Florida? Phone the MHIndustry HOTLINE: (877) MFD-HSNG or 633-4764 or (317) 346-7156, email:, or write: GFA c/o Box # 47024, Indianapolis, IN. 46247. Nearly 50 of you have already expressed support.

Remember; there’re precedents for such a timely and focused event! On 2/27/2008, 100+/- LLCommunity owners/operators gathered at the FountainView LLCommunity clubhouse, in Tampa, Florida for the first National State of the Asset Class (‘NSAC’) caucus. There they agreed on Five Action Areas to guide their Business Futures during the years ahead. And know what? 3 ½ years later those foci continue to guide! A year later, on 2/27/2009, 100+/- HUD Code home manufacturers & LLCommunity owners/operators assembled at the RV/MH Heritage Foundation’s Hall of Fame facility in Elkhart, IN., for NSAC caucus II, to collectively answer the question: ‘How to Sell More Homes into Landlease Communities?’ And know what? Their solutions marked the birth of the Community Series Home (‘CSH’) design concept – in effect to this day, and the appointment of nearly three dozen Business Development Managers (‘BDM’). Is it indeed time for NSAC caucus III? That’s up to YOU! Do YOU believe we can openly discuss, and eventually agree on solutions answering ‘How to Save the Our Industry?!’ I do, but cannot do so alone! GFA




Did you receive John Grissim’s 1 October issue of ‘The Grissim Perspective’ newsletter? If you want to continue to receive this communiqué for FREE, write ‘newsletter’ on the subject line (NOT ‘perspective’ as was requested first time around). If you didn’t receive it at all, but would like to peruse a copy, contact John Grissim via




Two weeks ago, this weekly blog posting featured this headline, ‘Yet Another New Era, or a Chicago Renascence, dawning?’ Well, all three leading indicators hinted at therein, remain in play; and you’ll likely read about them first, here, if and as they occur.

Well, there’s yet more intrigue afoot, this time at the very top of one of our relatively few remaining HUD Code manufactured housing industry firms. Only other hint I’ll give you, is that if the anticipated change materializes as expected, it’ll underscore the present day importance of sales expertise, experience, and motivation.


George Allen, CPM®Emeritus & MHM®Master
Consultant to the Factory – built Housing Industry &
The Landlease Community Real Estate Asset Class
Box # 47024, Indianapolis, IN. 46247

October 1, 2011

Manufactured Housing History & Future by Degrees

Filed under: Uncategorized — George Allen @ 10:41 am

Manufactured Housing History & Future by Degrees

Remember the old canard regarding college degree abbreviations with dual meanings, such as BS, or bulls _ _ _? Followed by an MS degree, or ‘more of the same’; and finally, the coveted PhD degree, where it’s ‘Piled higher and deeper!’

Well, apparently the time has arrived, to realize and be motivated by parallel degrees (of frustration), relative to HUD Code manufactured housing’s history, present and future, as a sustainable business enterprise. For more than 13 years we’ve suffered our own form of BS, as in ‘Below average Shipments’. And as we near the end of year 2011, we’re experiencing profound MS, as in ‘More of the Same’, having been driven to our industry’s historic 60 year nadir point. But now, like the Brazilian bareback bull rider (from whom this metaphor is borrowed), we’re indeed PhD: ‘Poor, Hungry & Driven’, to find and win, once and for all, our way out of this upside down national housing market!

How are we accomplish this fete? Well, in this veteran industry observer’s opinion, there’re two initiatives afoot, when there should be but one. However, we could wind up with three by year end – OR only ONE, if the ‘third’ comes on like gang busters!


The first initiative began 2/27/2008 at National State of the Asset Class caucus I, convened at the all – adult FountainView landlease community in Tampa, FL. There, 100+/- portfolio owners/operators gathered, and before leaving, agreed on Five Action Areas to guide their collective Business Future during the years ahead. Much of that initiative remains ‘in play’ 3 ½ years later, evidenced by Green Courte Partners’ founder Randy Rowe in his Five Part Plan to Save the Manufactured Housing Industry, keynote address delivered at the 19th annual International Networking Roundtable in Phoenix, AZ., September 2010; then recorded for posterity, in the 22nd annual ALLEN REPORT – still available for purchase, from PMN Publishing via the MHIndustry HOTLINE: (877) MFD-HSNG or 633-4764..

The national caucus initiative took a different direction a year later, as 100+/- HUD Code housing manufacturers and landlease (nee manufactured home) community owners/operators met together, for the first time in manufactured housing history, at the RV/MH Heritage Foundation’s Hall of Fame, Museum & Library facility in Elkhart, IN., on 2/27/2009. During NSAC caucus II, the Community Series Home concept (i.e. specially designed singlesection homes & smaller multisection homes for siting in LLCommunities) was birthed, and two dozen Business Development Managers (‘BDM’) named by the manufacturers – to specialize in marketing CSH models to communities. Much of this initiative too remains ‘in play’ 2 ½ years later, as evidenced by the presence of CSH models on display, and presence of BDMs at every Networking Roundtable since then!

The next manifestation of the first national initiative played out recently at the 20th annual Networking Roundtable in San Antonio, TX., when a record number of 200 registrants learned of plans to ensure continuation of landlease community research and resources they’d come to rely on during the past 30 years. This event was widely referred to as Stage I of ‘How to Save Our Industry?!’

NOW attention is focused on the Manufactured Housing Institute’s annual meeting, during the 75th year of its’ existence, in Phoenix, AZ. What’s expected to happen? Hard to say. Nothing on the published agenda suggests any Big Picture initiative relative to ‘How to Save Our Industry?!’, but one never knows for sure, until the event (a.k.a. Stage II) begins on 2 October and ends 4 October 2011.

But here’s a HINT. Whether a new, MHIndustry wide national initiative actually materializes from MHI’s annual meeting, really depends on the personal and corporate perspective(s) of its’ elected and salaried leaders; to wit:

• Industry success or failure, on the macro level, depends in large part, on the activities and goals effected on the micro (individual and corporate) level, NOT on some grand national scale and plan, OR

• Industry success or failure, on the macro level, depends in large part, on the activities and goals effected on the national advocacy level, by elected and salaried industry and asset class leaders, according to some grand scale and plan.

Learning how our national elected and salaried leaders perceive their responsibility, if any at all, to caucus, discuss, brainstorm, plan and ultimately effect a pragmatic program pursuant to ‘How to Save Our Industry?!’ is where we are today. How will we know? By being present at said national gathering and paying attention to what’s said and written during the weeks following….

A Stage III, if deemed necessary, depending on the outcome of Stage II, will likely be announced by year end, and occur sometime early in year 2012. Think NSAC caucus III, if need be..


Yes there’s another would be national initiative afoot. It too has its’ roots in a for profit firm, via a for profit vehicle labeled the Manufactured Home Alliance. It appears to be funded, at least in part, by $31.95/year ‘memberships’, with promises of discounts, MH financing, insurance, advocacy information, and more; suggesting, “The idea of mobilizing a national network of homeowners has great potential.”

But there’s difficulty understanding MH Alliance goals and activities, here quoted in part, relative to “MH Business Professionals (big stake) – Very low buy in, encourage and incentives to be an MH Association member and use best practices.”

Randy Rowe’s Five Point Plan (to Save the Manufactured Housing Industry) is here too referenced, being: 1) better warranties and customer service, 2) improve chattel financing, 3) economic security for homeowners, 4) MLS, and 5) image and marketing. On the same page, MH Alliance key part, the ‘Phoenix Project’ is described in formulaic fashion, as being comprised of Positive PR + Prestige + Profitable (sic).

There really isn’t much to add at this point in time. But the initiative bears watching, especially if MHI demurs taking the lead, on the macro level, to caucus, discuss, brainstorm, plan and ultimately effect a pragmatic program pursuant to ‘How to Save Our Industry?!’


As you know, reading through this blog posting to this point, there’s nothing (yet) of substance to describe or tell you about Stage II of ‘How to Save Our Industry?!’ There’s not yet, if there ever will be, a third ‘hopefully overriding’ macro national initiative to save the manufactured housing industry.

If status quo prevails however, expect existing initiatives, whether an NSAC Caucus III and new not for profit national research and resource platform funded by landlease community owners/operators in the first instance; and or, manufactured home owners and rental homesite lessees, et. al., in the latter instance, to continue in their respective macro and micro environments, to effect positive impact on the industry and asset class.

But how ‘bout YOU? Frustrated yet with manufactured housing’s now decade long malaise, and consequences thereof (i.e. historic low new home shipment levels, year after year; and, sliding physical and economic occupancy levels in LLCommunities large and small)? If so, to which of the two perspectives, described above, do you ascribe?

• Keeping one’s nose to the business grindstone, and national initiatives be damned, OR.

• Look to national advocacy body leadership, of all stripes, for relief and succor!

As usual, this veteran MHIndustry & LLCommunity asset class observer and commentator would surely like to know! Comment via mail: GFA c/o Box # 47024, Indpls, IN. 46247, phone (317) 346-7156, or email:


FLASH ANNOUNCEMENT. If you attended Spencer Roane’s ‘almost standing room only’ presentation of ‘Lease – Option Financing of new and resale home transactions in the landlease community environment’, at the recent 20th anniversary Networking Roundtable in Texas – or missed it altogether, but want the timely & ‘available nowhere else’ information, go to the Summary’ page of To open the Powerpoint file, click the link, then ‘Open’ or ‘Save’, then ‘Read Only’. You’ll be glad you did!


Remember John Grissim? Manufactured housing trade journalist and author? Well, he’s just published the first issue of ‘The Grissim Perspective’, a free e – newsletter designed and intended to communicate ‘occasional news, notes and commentary about the factory – built home industry.’ (Speaking of the factory – built housing industry, just spoke at length with Don Carlson, editor and publisher of the shuttered Automated Builder magazine; he’s well and awaiting an opportunity to return to ‘the business’). Anyway, if Grissim’s e – newsletter is anything like his popular ‘The Grissim Report’ subscription – based newsletter, this offering too will likely be widely circulated. To get on the inside track with ‘The Grissim Perspective’, email him at and pen Perspective on the subject line. He’ll also put you on a list to receive future issues.


Deadline for submission of landlease community portfolio statistical input for the 23rd ALLEN REPORT (a.k.a. ‘’Who’s Who Among Landlease Community Portfolio Owners/operators Throughout North America!’) is now past. BUT, not too late to be included if your completed questionnaire is sent in (by FAX @ 317.346-7158) by Friday, 9 September 2011. Or mail it to GFA c/o Box # 47024, Indianapolis, IN. 46247. Need a questionnaire to complete? Simply phone (317) 346-7156 this week; leave a message.


George Allen, CPM®Emeritus, MHM®Master
Consultant to the Factory – built Housing Industry &
The Landlease Community Real Estate Asset Class
Box # 47024, Indianapolis, IN. 46247 (317) 346-7156

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