Ep #107: Manufactured Housing Lending Explained -- with Jerry Muir

The Mobile Home Park Investing Podcast - Real Estate Investing Niche

Kevin Bupp

Passiveincome, Business, Mobilehomepark, Cashflow, Syndication, Investing, Realestate, Mobilehomeparkinvesting, Kevinbupp, Realestateinvesting

5 • 1.1K Ratings

🗓️ 12 March 2019

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of The Mobile Home Park Investing Podcast, Kevin Bupp speaks with manufactured housing finance expert Jerry Muir. He is Managing Director at Greystone working with the Agency Lending Team with a primary focus on building out and expanding their manufactured housing lending platform. 

Jerry is a 25 year veteran of Fannie Mae and, during his time as Director of Multifamily Credit underwriting Fannie Mae, was responsible for a 12-state southeast region.  

He had dual roles in developing and managing the manufactured housing community lending platform. Impressively, he has overseen north of 10 billion in financing.

Quotes:

"You might not have the prettiest homes in there but if it's a well-run community, it's stable, it's going to do well."

"Our manufactured housing community, because you've got so much stability because it costs so much for a resident to take his home and move it to another park (I mean it could be in excess of $7000), they're not just going to move down the road like in the multifamily property." 

"If you've got a tier 2 loan on the property and you want to do a supplemental, you would get tier 2 pricing on the supplemental, basically." 

"Their regulator, the FHFA, basically restricts the amount of business the two agencies can do and they call it cap or uncapped business. An uncapped business is they can do as many loans as they want in that space." 

"They really open to more people and make it more affordable for them to get into a home and get into a park, no question about it. "

Discussed in this Episode:

Developing MHC at Fannie Mae 
Differences of Fannie Mae and Freddie Mac 
Supplemental Loan Program explained 
Future outlook of Fannie Mae 
Detailed overview of Greystone in the MHC space

RESOURCES:

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https://www.greyco.com/

Transcript

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0:00.0	Welcome to the podcast that will teach you how to successfully invest in and build steady
0:09.8	streams of passive income from the highly lucrative niche of mobile home park investing.
0:15.3	Veteran real estate investors Kevin Bupp and Charles D. Hart from Mobile Home Park Academy
0:20.4	will personally share with you the valuable lessons they've learned along their journey as mobile home park investors
0:25.8	so that you too can learn how to build massive cash flow and huge profits from this extremely lucrative niche.
0:33.6	So without further ado, let's welcome your hosts for today's show,
0:37.8	Kevin Bup and Charles D. Hart.
0:41.4	Welcome guys and gals to the Mobile Home Park Investing weekly podcast.
0:45.0	We'll provide all the information that you need to know to successfully locate, negotiate,
0:49.6	close on, and make huge profits from the lucrative mobile home park investing.
0:53.2	I'm your host Kevin Bop and Tayshore
0:54.7	we're going to be speaking with manufactured housing
0:57.2	finance expert Jerry Muir.
0:59.6	Jerry holds the position of managing director
1:02.2	at Greystone working with the agency lending team. the is a primary focus as a part of the Greystone team will be on building out and
1:13.5	expanding their manufactured housing lending platform. Now during Jerry's time
1:17.8	as a director of multi-family credit underwriting at Fannie Mae he was
1:21.0	responsible for a 12-state Southeast region with a dual role in having developed
1:26.2	and managed the manufactured housing community lending platform.
1:30.3	Jerry managed the MHC platform at Fannie for over 15 years, overseeing over 10 billion in financing for this asset class.
1:38.0	Guys, so I'm very excited to have a candid conversation with Jerry about a variety of industry related topics but before we do I just have a few quick housekeeping items I want to run through with you first and foremost as you guys know
1:50.8	We're in acquisition mode over here at Sunrise Capital Investors.
	...

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