Hello all.
I was ready to do my first Lonnie Deal and decided to check out the state statute on mobile homes. In my state (Tennessee) it is necessary to be a licensed retailer to sell a mobile home. Even if I take a home in payment for a debt and then try to get rid of it, if I have not lived in the home for at least 1 year I cannot sell the home without being a retailer.
Am I missing something?
You’re missing the abilty to go out on a limb and see if you like the business before jumping through the hoops.
I’m not a Lonnie Dealer now, but hopefully I can answer some of your questions.
Lin
Post Edited (07-26-10 13:02)
I agree with Lin,
Try 3-4 deals to see if you like them. THE LAW is not likely to find you on 3-4 deals unless you are creating some kind of commotion. Be good to your tenant buyers, be good to the park owners and managers. Put titles into your or your company name before selling to new buyer. When motor Vehicles Admin. asks if you are a dealer your answer is “No, I’m an investor”.
Steve