I just received information from the local DMV Inspectors office and from what they provided me it looks like in order to be a dealer you have to provide a $50k bond in order to get the license!! Does this sound correct or am I reading something wrong!?
No, mobile homes are handled through the DMV, they have a title just like a car does. In order to not have to pay title transfer fees into your name and a few other miscellaneous fees you need to have a dealers license. From my understanding you can only buy and sell so many a year without that license, but I could be wrong on that. According to Lonnie Scruggs without the dealers license people have to do a lease or rent to own....or am I totally off here???
I just received information from the local DMV Inspectors office and from what they provided me it looks like in order to be a dealer you have to provide a $50k bond in order to get the license!! Does this sound correct or am I reading something wrong!?
-Sly
No, mobile homes are handled through the DMV, they have a title just like a car does. In order to not have to pay title transfer fees into your name and a few other miscellaneous fees you need to have a dealers license. From my understanding you can only buy and sell so many a year without that license, but I could be wrong on that. According to Lonnie Scruggs without the dealers license people have to do a lease or rent to own....or am I totally off here???
-Sly
Yeah the bond is nothing, you could easly make 10 times that cost of the bond on your first deal....
I am not sure what othere requirements for you area are but if this is it in your state then I wouldnt hesitate by all means get your dealers license.
You wont regret it and it will assist you in making some serious money.
MarkB