Newbie here, I’ve read all of Lonnie’s books and am still a little confused on the proceedures. A lot of inspirational stories but a little lax on proceedures. I was hoping to get a little help here.
- When I go to sell it is my understanding that I have the buyer sign a “Mobile Home Sales Agreement” and a “Promisary Note”. I then go file the title and then sign the title over to the new buyer.
Q1 Do I then have the buyer put the title in his name and then file a lien?
Q2 If the above proceedure is correct, do I need to put something into a corporation to protect myself? It would seem that I’m no longer liable if the title is not in my name and I mearly have a lien.
Q3 What kind of income taxes are due? Do I need to pay FICA?