Dealer Licensing
I've read Lonnie's book "Deals on Wheels" and I've read many of the forum posts on this wonderful site. Buying and selling used mobile homes sounds like a great "investment" approach. However, as a resident of Ohio, if I do over five deals in a year I would need a dealers license. This did not come as a surprise to me until I learned that in order to obtain a dealers license I have to have a lot and a building where I can hang my shingle and store at least one mobile home. Since I am not about to aquire the necessary real estate to meet the licensing requirements I won't be doing any Lonnie deals (over 5 per year) any time soon.
Am I missing something here? Is there a way to to get into Mobil Home "investing" without the hassels of acquiring a dealer license? Five deals a year won't cut it.
I have a friend that was telling me that there are dealers that will allow you to "rent" their license. If you would like I can ask him for some info.
Basicly you act as an independant contractor for them, and pay them a small fee.
Thanks for your suggestion. I went over to another website that Lonnie and Ernest Tew frequent/moderate? and found reams of posts on the topic of licensing. It seems that most people are surprised by the high cost of entry into this business. There were plenty of recommendations for "work arounds", but most were dubious at best. I think the bottom line is to take advantage of the license free deals then assess the next step at that point. Maybe after networking with other dealers and park managers a reasonable solution will spring forward.
Humm...maybe contact the finance company and see if you can buy the note? Seems high for a '96...is it a double wide? Maybe the best thing is to buy the lot & mobile from the owner at a deep discount on the lot and lease or sale the mobile and sale the lot. The mobile may need work too....just some thoughts. Brian
Hey Flipster,
It looks like it's been a week since your post, but if you need help with this let me know. I'm looking for deals/have$.
Thanks, Brian