Hi,Im wanting to buy my 1st park and Im wandering if I should go ahead and get a
dealers license before buying one?I live in North Carolina and is it illegal to bring in new homes to a park I own without a dealers license?Also just curious if you have a felony NON real estate or fraud related will that DQ me from getting one?
I have this same question for Pennsylvania. I know a real estate agent and asked her about this, and she did not have any clue as to what I was talking about. I hope we can get some answers soon. I just finished the bootcamp this weekend and I think what I will do is to go ahead and join the state mobile home park association here in Pennsylvania. I think this will help me understand all the laws more than anything.
The act of bringing in homes doesn’t make you a dealer. You can buy used, new in onesies and repairs, or look into the various ways of financing more. The program offered by Warren Buffet’s company will require you to eventually become a dealer, but they are not the only game in town.
Ask yourself how many units will roll in per year. How will you use or sell them? What will my state or local regs require?
You will need to find out NC law (or wherever your park is) and you can do some of this yourself online. You do not need to become a dealer before closing but you do if you are planning to deal in homes, so figure it out either before or after. As in, the criticality of “before” is only insofar as you do it before you sell OR FINANCE a home.
Get knowledgeable about the law before you break it selling homes. Also rental laws you need to know and that definitely BEFORE closing. Like insurance.
thanks for the info,Im saving alot of NC rental law pages on my pc right now and
going over them.Im thinking of paying the 200 or so dollars to have frank or someone on here evaluate a deal for me,If anyone could list all the info I need to fax them Id greatly appreciate it.
Im referring to this page
its a 17 lot park I jog past every morning owned by a mom and pop im thinking of offering them something on it.
@MHPInvestor1114 , you will need to check out the link below for more information on a dealers license in North Carolina. I can’t recall off the top of my head but I believe you need a license if you sell more than 2 homes in a given year. Also, the license is county-specific.