But in Missouri you can sell 3 without a license.
If an investor hooks up with you that doesn’t share your address you can use them as a second name to do 3 more in…especially if they make a little more profit on the ones in their name and the notes are written up correctly.
They would have to still let the lion’s share go to you for doing the leg work…but anyway…it MIGHT be an idea…
If it is borderline, though, I would just spend the money for the license as a mh dealer…here in Missouri it is I believe $75.00.
Any Idahoans out there? Help with licensing . . - Posted by Sonia (ID)
Posted by Sonia (ID) on August 07, 2003 at 01:17:27:
I did some homework today online, and read the Idaho statutes, but I’m not sure if I need to get a brokers license or a dealers license? It looks like it costs $250 to apply (whoa!) and i need a $20,000 bond–what does that mean?–Some kind of insurance? Sorry if these are stupid questions, I’m very new to all of this! I did try to call, but had to leave a voice mail.
Thanks,
Sonia
Posted by Steve-WA on August 07, 2003 at 09:49:06:
Broker is for real estate - MHs are not RE, they are personal property. If anything, you will eventually want to consider a dealer’s license. But . . .
Have you done a handful of deals yet? It might be better to ask forgiveness in your situation - try a few deals before the big commitment.
250 app fee is reasonable - it’s 750 in WA. The bond is a form of insurance, and should cost a couple hundred - ask your insurance man
Steve,
Keep in mind that in every state I know of, licensed realtors or brokers can sell mobile homes without having a mobile home dealer’s license.
In some cases, it might be a viable alternative to obtaining a MH dealer’s license.
Lyal
Posted by Sonia (ID) on August 07, 2003 at 12:36:05:
Yes, I read archives on the subject after posting, and I’ll definately do a few deals before geting a license. The statutes say 3 deals in a year and you need a license, and a place of business with a sign outside.