I’m trying to start doing lonnie deals, but I’m having problems with the whole issue of a license and if it is necessary or not. I emailed the Bureau of Motor Vehicles/dealer licensing section for my state asking if a license was needed, even if I was only doing a couple deals per year. I received a response today, and apparently you need a license to do ONE mobile home sale. There are two license options available, but both have pretty ridiculous requirements for someone who is only doing a few deals per year. For example, for the second license I would need a lot of at least 3,500 square feet. There is a “casual sale law,” which allows five mobile home sales per year BUT it only allows for the sale of mobile homes that were obtained for personal use and not resale.
On another forum I read about operating out of an LLC, doing the max number of deals, then forming a new LLC. I would need a new LLC for each deal, so I’d think that it wouldn’t be worth it. Is this correct?
I’m only 18 and just wanted to earn some extra income on the side while getting my feet wet in real estate. Unfortunately, this seems to be much more complicated than I expected. Does anyone have any suggests about what I should do? Thanks.