New Overtime Regs, MHALive! & yellow journalism
Blog # 403 Copyright 2016 COBA7® @ 3 July 2016; community-investor.com website
Perspective. ‘Land-lease-lifestyle Communities, a.k.a. manufactured home communities and ‘mobile home parks’, comprise the real estate component of manufactured housing.’
This blog posting is the sole national advocacy voice, official ombudsman & historian, research reporter & online communication media, for North American LLLCommunities!
To input this blog &/or affiliate with Community Owners (7 Part) Business Alliance®, a.k.a. COBA7®, use Official MHIndustry HOTLINE: (877) MFD-HSNG or 633-4764.
COBA7® Motto = ‘U Support US & WE Serve U!’ Goal of its’ print/online media = ‘Not only inform & opine, but transform & improve MHBusiness Model Performance!’
INTRODUCTION: 1) New Overtime Regulation, for salaried employees. News to you? Prepare to be shocked! 2) And MHAlive!? Read this, and if YOU want to participate, let me know ASAP! 3) Two WARNINGS: one protects your computer from invasion & personal data theft! The other one? Latest example of yellow press – ‘Journalism that exploits, distorts, or exaggerates the news to create sensations and attract readers.’
New Overtime Regulations…
On 1 December 2016, Salary threshold Changes to $47,476/year.
This affects almost all salaried property managers of land-lease-lifestyle communities (a.k.a. manufactured home communities)! How so?
Recalling, only 15 percent of 50,000+/- LLLCommunities in the U.S. have more than 100 rental homesites, know it takes – depending on site rental rate, at least 290 rental homesites to generate enough income to pay an on-site administrative property manager ‘PM’ who is not performing maintenance duties, $47,000 annual salary in accords with new regs. For example: 290 sites X $300/month rent X 12 months X 4.5 percent OER* (.045) = $46,980.
*OER = Operating Expense Ratio per Industry Standard Chart of Operating Accounts; specifically, 4.5% administrative PM per Allen Model.
Salary total can be, I’m told, a combination of salary, concessioned housing and utilities, as well as commissions, and possibly, other forms of compensation.
Some LLLCommunity owners have already converted salaried on-site managers to hourly workers. Watch here for further details. MHI’s National Communities Council division is also working on this pending change. For more information, phone (703_ 558-0666.
For a FREE copy of above-referenced COBA7® Industry Standard Chart of Operating Accounts, containing OERs for LLLCommunities, phone the Official MHIndustry HOTLINE: (877) MFD-HSNG or 633-4764 and request it.
We’ve been talking about this, off and on, during the past couple months – beginning during the inaugural Two Days of Plant Tours & Home Sales Seminars at the RV/MH Hall of Fame in Elkhart, IN. Well, many of us (maybe 600) are about to gather there again on 1 August 2016, for the annual RV/MH Hall of Fame Induction Banquet. If you haven’t yet bought your ticket, phone (574) 293-2344 ASAP!
Originally I planned to spend the morning of 1 August, leading group discussions about MHIndustry issues and LLLCommunity matters. Then head off to a no host luncheon together. And in the early afternoon, spend an hour or so, leading a (free) mini-writing seminar, focused on preserving personal and corporate legacies. Think Al Schrader’s recent autobiography: ‘No Respect At All…A PATH TO MILLION$’ By the way, Al’s book is on sale at the RV/MH Hall of Fame store.
Well, though we’ve received some inquiries about the morning MHAlive! agenda, the consensus has become, ‘Let’s wait until we all get to the 25th anniversary International Networking Roundtable, at the Gaylord Opryland Hotel in Nashville, TN., 7-9 September 2016’. Why?
A ‘near perfectly (good) storm’ appears to be a –brewing, as the top chattel capital firms, FHFA, both GSEs, and 200 practitioners (i.e. LLLCommunity owners/operators) make their way to this annual event. Hybrid finance alternatives is even on the schedule this year! So, use brochure attached to the BEBA (Blast Email Blog Alert) announcing this week’s blog, to register. Seating is indeed limited this year….
Bottom line? I will be in the RV/MH Hall of Fame library by 10AM on 1 August – earlier if folk want to meet and ‘talk shop’ (Phone 317/346-7156 or email me via email@example.com). Would like to ‘do lunch’, around 11:30AM, with several businessmen and women. And then, after lunch, until 1:30PM or so, host the mini-writer’s conference. Why stop at 1:30PM? There’ll be a private reception then, for all past and new RV/MH Hall of Fame inductees and board members.
How can you not want to be in Elkhart, IN., on 1 August? Just about ‘anyone who’s anybody’ in the MHIndustry & LLLCommunity asset class will be present!
Warning! Warning! Warning! Warning!
Beware ‘FREE download’ offer of How to Find, Buy, Manage, & Sell a Manufactured Home Community!
As author of that 500 page copyrighted text, I assure you there is No Free Download – it’s a ploy to gain access to, and steal information from your computer.
For that matter, the book, published in 1996 by J. Wiley & Sons, New York, is out of print! Long touted as the bible of manufactured home community investment, with thousands of copies sold – the material is now two decades old. However, most of the investment and management principles remain valid, guiding one’s experience with the unique, income-producing property type. If you’d like a FREE copy of the four page syllabus I used to teach that heady subject, over the years, simply phone the above-referenced COBA7® number and ask for it. Used copies of this book are often available online at amazon.com
Be aware & beware a rogue reporter representing the (‘self-proclaimed’) ‘industry’s leading professional trade publication’. The faux journalist, in a yellow press release, criticizes, without documented specifics, manufactured housing’s largest national advocacy entity – for not performing in the manner he expects; and allegedly desired by (unnamed) members of said body. Commentator goes on to suggest the ‘launch (of) a new trade organization to promote the industry’s interests.’
Well, The Journal, the Allen Letter professional journal, & the Allen CONFIDENTIAL! remain the only three ‘leading’ print professional trade publications serving the manufactured housing industry and land-lease-lifestyle community (a.k.a. manufactured home community) realty asset class. Why leading? Because all three have been published and supported by the MHIndustry & LLLCommunities, for a minimum of two decades apiece, three decades in the case of The Journal None of these is the publication alluded to in the previous paragraph.
There are two national advocacy bodies representing manufactured housing today: the Manufactured Housing Institute (‘MHI’) & the Manufactured Housing Association for Regulatory Reform (‘MHARR’). The Community Owners (7 Part) Business Alliance® or COBA7®, focuses on the statistical, information, communication, networking, deal-making, PM training/certification, & national advocacy needs of LLLCommunities nationwide and in Canada! The rogue reporter is likely not a member of MHARR (It accepts only HUD-Code housing manufacturers), nor an affiliate of COBA7®. And given MHI held a national meeting in Indianapolis, IN., this past week, with 100+/- members in attendance, was this reporter present, to gather information for this yellow press release, and or to make his views known? Probably not.
As far as launching a new national manufactured housing trade association is concerned, memory recalls this individual being highly vocal against similar plans a few years ago. Causes one to ponder the motivation behind this new suggestion. Perhaps “Follow the money!” a catchphrase popularized in the 1976 movie, All the President’s Men, applies.