Below is an action list I’ve come up with. Any additions or comments are appreciated
Get a proper business license for dealing in manufactured housing
Get a sales tax permit and a use tax permit (anyone know what a use tax permit is?)
Open a business checking account
Find a park to do business in*
Research your market (i.e. how much your type of homes sell for)
Should I get some type of bookkeeping software???
*I heard on a teleseminar (I believe of Lonnie Scruggs) that all you need is one good park to do business in. Things to look for - safety, your size homes, cooperative management.
Also, some questions about taxes:
How do taxes work for your first year of business? If I do a deal in April 2009 (2nd quarter), do I owe taxes on July 15, 2009, or do I wait until 2010 to pay?
Also, if I buy a home for 2000, sell it for 4000, and finance it with 400 down, do I owe income tax on 2000 dollars profit before I even realize it (i.e. collect it)?
Also, if someone buys a home for 4000, but only puts 400 down, how does sales tax work?