Michiagn Information Request :)
Hello,
I am looking to start work with Mobile Houses. I am living in Michigan. Is it necessary to obtain Dealer License for my first few deals? What is a regulation for Promissory Notes in Michigan? Should I register them somewhere?
If somebody familiar with this process in Michigan, what is consequence for buying/selling Mobile House?
How mach possible to sell Promissory Notes after few payments? What is a value for these kinds of Promissory Notes?
P.S. Sorry for my English.
Thank you!
ALLERGY:
(((AAAAAHHHH CHOOOO!!!)))
Sorry 'bout that ---NICE to Meet YOU!
Any to answer your question:
How many MHs have you bought or sold?
Did you have the titles to the MHs transferred to your own name?
And for Which purposes are you using the P-Notes?
They do NOT have to be recorded (registered?) unless they are part of your land contract mortgage note.
You could also Not record the mortgage as well but it seems that you are trying to ReSell your Contract? Notes and or other Interest in the MHs?
Is this correct.
If so there are plenty of Note purchasers out there who'd love to make an offer but I think you'll get BEAT UP on REJECTED if the isn't SEASONED (1 Year + of PYMTS).
Check with your local recorder's Ofc. to see about filing requirements for Promisssorty Notes.
Also interview a RE ATTY about what you intend to do as an Investor.
What course or books have you read to point you in this direction?
I hope this has helped you---let us know!
Much Success to You (((AAAHHH CHOO!!)))
ALLERGY!
Derrick Ali
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Sorry 'bout that ---NICE to Meet YOU!
Nice to meet you too!
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How many MHs have you bought or sold?
I am not bought any. I am just read Lonnie's "Deals on Wheels" book and doing research about legal part of this business .
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Did you have the titles to the MHs transferred to your own name?
No.
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And for Which purposes are you using the P-Notes?
I am looking for way to finance my future buyers. And I found Promissory notes looks like very convenient. But I am not sure what is better Leas or "Promissory Notes", or may be another form of financing.
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They do NOT have to be recorded (registered?) unless they are part of your land contract mortgage note.
You could also Not record the mortgage as well but it seems that you are trying to ReSell your Contract? Notes and or other Interest in the MHs?
Is this correct.
I have nothing right now .
Quote:
If so there are plenty of Note purchasers out there who'd love to make an offer but I think you'll get BEAT UP on REJECTED if the isn't SEASONED (1 Year + of PYMTS).
Check with your local recorder's Ofc. to see about filing requirements for Promisssorty Notes.
Also interview a RE ATTY about what you intend to do as an Investor.
Yep probably I am shall to do this.
Quote:
What course or books have you read to point you in this direction?
Lonnie's "Deals on Wheels"
Quote:
I hope this has helped you---let us know!
Thank you very mach!