CARLSBAD, CA March 24, 2010 -Wells Fargo (NYSE:WFC) has released the Fourth Edition of its Manufactured Home Community Financing Handbook (attached hereto) created by Tony Petosa (tpetosa@wellsfargo.com) and Nick Bertino (nick.bertino@wellsfargo.com) of Wells Fargo’s Multifamily Capital office in Carlsbad, California. Read more »
The Federal Government is auctioning around 160,000 trailers on or around April 3. And they are being sold for any use other than a dwelling. These are the RVs and mobile homes that the government acknowledges contain not only formaldehyde, but also mold, mildew and propane gas leaks. All units sold will have large stickers on them warning that they are not suitable for any type of housing. Read more »
Tags: Manufactured Home Loan, mobile home investment, mobile home park and US Recession, mobile home park business, mobile home park business operations, mobile home park city inspectors, mobile home park investing, mobile home park tenants, mobile home park vacancies
Uncategorized | Frank Rolfe | 
March 14, 2010 11:01 am | 
Comments (1)
There are probably few pieces of legislation in history that are more flawed and harder to understand than the Safe Act. And what was designed to safeguard average Americans from the abuse of the mortgage industry has actually turned into a costly, inefficient mess that will no doubt result in nothing more than removing a vast amount of available credit from the market at the worst possible time. Read more »
Tags: Manufactured Home Loan, mobile home park business, mobile home park investing, Mobile Home Park Regulations, mobile home park vacancies, Safe Act
Uncategorized | Frank Rolfe | March 5, 2010 3:52 pm | Comments (1)
Wachovia Bank has foreclosed on Homestead Mobile Home Park, in which it had a $9.8 million mortgage. Homestead Mobile Home Park is located in south Florida. Read more »
The SAFE act is new federal law designed to assist with the recovery of America’s residential housing market. It is intended to modernize the Federal Housing Administration, reduce foreclosures, enhance consumer protections, and reduce mortgage fraud by establishing minimum standards for the licensing and registration of state-licensed mortgage loan originators. Read more »
Tags: Financing, Manufactured Home Loan, mobile home investment, mobile home park business, mobile home park investing, mobile home park tenants, Safe Act
Uncategorized | Dave Reynolds | February 26, 2010 12:25 pm | Comments (0)
The greatest misconception about financing Mobile Home Parks is that the lender who finances the park will also finance the homes. The fact is that nothing could further from the truth since the value of the homes are of no value to the lending institutions. The reason is that the homes depreciate in value, people tend to trash them when they leave, and even if the tongues are cut off, they can always be welded back on and the home Read more »
Tags: Financing, Manufactured Home Loan, mobile home investment, mobile home park advertising, mobile home park business, mobile home park investing
mobile home park | Dave Reynolds | February 18, 2010 5:56 pm | Comments (0)
We all know how hard it is to find a lender in today’s economy for mobile homes and mobile home parks. This month’s contest will entail a search for all local, regional, and national lenders that will loan on mobile homes and/or mobile home parks. We will put together a list of all the submissions that we get and send a copy of this list to all those who send in at least one suggestion. Please send the lender’s company name, contact name, phone, and email to dave@mhps.com and I will put together the list.
Also, as part of the contest, we will draw one name at the end of February for a free copy of our Mobile Home Park Home Study Course.
Tags: Financing, Lines of Credit, Manufactured Home Loan, Mobile Home Park Loans
Uncategorized | Dave Reynolds | February 11, 2010 3:19 am | Comments (2)