In a conversation SeekingAlpha writer Brad Thomas has with Sam Landy, CEO and President of UMH Properties, Landy describes the beginnings of UMH in 1969 and how the REIT (real estate investment trust) grew profitably through the years until the recent recession. Landy says the company thought manufactured housing was recession proof. He says although vacancy slid from 90% occupancy down to 77% occupancy in recent years as robo-signing and other frailities in the housing market led to people buying homes they could not afford, the company stayed liquid by investing in other REITs “through the terrible years of 2008 and 2009.” He says you buy when other people are selling, and you do not buy as much when others are buying. MHProNews.com has learned UMH owns a portfolio of over 40 MHCs comprised of 9,000 home sites in New York, Tennessee, New Jersey, Ohio and Pennsylvania. Click here for the full interview.
(Photo credit: UMH Properties)