Argh.. Bonds & Insurance - Posted by Jeff

Posted by Jeff on January 29, 2002 at 13:59:27:

Thanks for encouragement Sean! I’m chomping at the bit to start making some $$$'s and have been riding mhp’s everyday and taking notes… :slight_smile:


Argh… Bonds & Insurance - Posted by Jeff

Posted by Jeff on January 29, 2002 at 09:59:26:

After talking to almost every State agency, I finally found the agency that handles mobile home licenses. I am looking at the appication now. The annual fee is $250, I am also going to have to have a surety bond of 25K for 1 to 3 facilities, 50K for more than 3 and 500K general liability insurance. How much is this going to cost me? Is this going to make the whole idea of doing this worthless? Dang it! I am was so excited about doing this business… I have some great leads… comments, suggestions, advice anyone?


Re: Argh… Bonds & Insurance - Posted by ScottS(NC)

Posted by ScottS(NC) on January 29, 2002 at 10:34:08:


There are some bumps in the road. but don’t let them stop you. What state are you in? Almost all states allow several deals(exact numbers differ from state to state) before you must be licensed. There are several investors I know that have done alot of deals without being licensed. This issue should not be a show stopper. I am in NC and have done about 15 more than what regular dealers would be allowed. Here there is no penalty for this as long as your not moving and setting up. Post what state your in and you will probably get some local advice from this board. HTH Take Care ScottS(NC)

Re: Argh… Bonds & Insurance - Posted by Jeff

Posted by Jeff on January 29, 2002 at 10:46:00:

Hi Scott! Thanks for the encouragement! I’m in Alabama. I just want to make sure that I have all my ‘ducks in a row’… I would hate to get bitten later on down the row… once again… I am soliciting advice from any and all.


Re: Argh… Bonds & Insurance - Posted by Sean (WA)

Posted by Sean (WA) on January 29, 2002 at 13:49:19:

Well, the saying goes that life is 10 percent what happpens to you and 90 percent how you react. We have the same problem here in Wash. State. $30,000.00 bond for one dealers licence and $250.0 per year licence fee.
You could go ahead and get the licence as some folks do or you could shop around for a dealer that will let you ride on his licence for a fee.
Or you could just do some deals to get your feet wet and see if the business is for you before you go for the whole licence. This is what I suggest. If you start making money right away you will find a way to get the licence. Most states will let you do at least 3 to 5 deals before making you go for the licence, but you need to check your state guidelines. But don’t let this stop you from getting busy. Most insurance companies will bond you for about $500.00 per year, so that takes care of the bond issue and it is not that exspensive. If you can meet the rest of the states guidlines then you are on your way. It’s not as scary as it seems at first, its just a matter of putting the paperwork together.But you should make sure and get the “can do” attitude going right away as you will run into many situations that seem kind of daunting. But perseverance will win out!
Best of luck!