I live in South Florida (near West Palm Beach) and I am a “newbie” in the mobile home investing area. I have been investing part time over the last 8 years or so in “stick built” houses.
Recently, I purchased three of Lonnie’s books and have been reading and studying them for about the last 2 months. During the last three weeks I have done 2 Lonnie type deals in my Equity Trust Retirement account. The first deal I did I sold (actually the person I purchased the property from sold the property for me) the property the same day I bought it for about a $2500 profit and the other one I am going to sell for about a $3500 profit (once my buyer gets approved by the park).
I want to continue doing these type of deal especially since I am going to be jobless in about a week. You see I was just told by my boss about a week ago on my way out to Belle Glade to make some sales calls that I am going to be “let go” some time in the next couple of weeks. This he tells me after I have been working for the company for 5 years as a senior biotech sales representative. By the way I was one of the top 3 representatives in the company in total sales for 4 out of the 5 years I was with the company. Did I have job security? I don’t think so. I was only as good as my most recent numbers.
I really don’t want to go back to a JOB. I want so badly to have the personal freedom that comes with the cash flow I know that I can create through owner financing Lonnie deals and or by doing Land/Home deals (I recently purchased the Land/Home CD package), however, I have learned that in the state of Florida that I am supposed (per section 320 of the state law I can be fined up to $5000 per mobile home I buy and sell without one) to have a dealers liscense in order to buy and sell used mobile homes. I have been seriously contemplating getting my dealers liscense, however, in Florida I am supposed to have a physicial office location to sell mobile homes (the DMV actually comes by each year and physically inspects the office to make sure that it is a valid location). With the cost of a office space here in South Florida it is very cost prohibitive to go that route.
The other thing I was thinking of doing was trying to identify land/home deals (I don’t need a dealer liscense to do that) or just trying to identify mobile home park deals in order to replace my salary for the short term.
What kind of advice/insight can anybody give me.
Thank you in advance for your help.
By the way Lonnie you are the man. I can’t tell you how much I have learned from your books and how many times I (and my wife) have laughed reading some of the stuff you write. I look forward to meeting you some day.