Newbie Question That Hasnt Been Answered Before As Far As I Can Tell
You guys that have been doing these deals for a long time have already learned alot of the hard knock lessons about this. I have a few questions since I am actively searching for my first lonnie deal and I was wondering if you all went to the trouble of getting a dealers license for the first deal or not? Is there a way to avoid paying the tax on it without having a license? The tax here in TN is 9.5% and I dont want to give that much to them for me to hold it for as short a time as possible. Also what wording would you recommend in my classified ad? would you just pull from deals on wheels or have you had more success with something else?
Please excuse my ignorance but what is a "lonnie deal?"
Jim
Jim,
Lonnie Deal is a mobile home "flip" where you buy wholesale, sell retail and carry the financing. Lonnie Scruggs wrote a couple of excellent books about this.
CC,
You may want to try sticking with what Lonnie recommends and see if it works in your market and decide if you need to change it. I believe he says you can do a few deals without needing your license and then get it when you need to. I wish you success in TN. I found in my part of IN the lot rents are too high to make it profitable enough to pursue but I alway keep an eye open in my travels. Good luck