Can I buy/sell as many MHs as I want without a dealers license using this tecnique. omes for profit?? - Posted by George Dean

Real Estate Investing
1

Posted by David Alexander on June 23, 1999 at 24:48:43:

Don’t need a mortgage license in Texas.

David Alexander

2

Can I buy/sell as many MHs as I want without a dealers license using this tecnique. omes for profit?? - Posted by George Dean

Posted by George Dean on June 22, 1999 at 21:50:08:

Instead of being a “real estate investor”, I become a
“Personal Loan Company”.

Scenario

  1. I find a MH
  2. I negotiate a price
  3. Seller signs title
  4. I find a buyer
  5. I take the buyer to my company to get financed. My company finances the deal.
  6. We, buyer and me, take the title to DMV. The seller already has signed the title and now buyer signs the title. My company is placed as the first leinholder. My company NOR do I ever take “ownership” in the mobile home.

On the surface, to the government, I am loaning money for private individuals to buy Mobile Homes. Behind the scenes I am buying/selling MHs, like a real estate investor, but I am not ever taking ownership of the title (jumping the title).

  1. Would this eliminate the need for a MH license? Since I never technically take title in my name or the name of my company I should be able to buy/sell as many MHs as I can find.

  2. Could I report income in the year received (installment method) as opposed to how a dealer pays all the profit in the year the sale occured?

This is JUST a thought I want to bounce off you gentlemen and ladies.

Thanks
George Dean

3

Now go do some deals… - Posted by David Alexander

Posted by David Alexander on June 23, 1999 at 24:52:56:

Ain’t creative thinking great, not going to say it’s right or wrong, but there is always a way. Now go do some deals and see if you like doing some MH’s(It ain’t for everyone). If you do then you can decide if you want to get a dealers license. But, make some money, first.

David Alexander

4

Re: Aren’t you now in need of a Mortgage Broker’s license? - Posted by Stacy (AZ)

Posted by Stacy (AZ) on June 22, 1999 at 22:20:28:

I’d be interested to hear some expert opinions, but at first blush it seems you’ve traded problems. Mortgage Broker, Mortgage Banker, or Finance Company? Each have strict regs in my state, you may want to check your statutes and find out what defines each of these businesses. Having never taken title yourself for multiple deals that you fund…sounds like one of the above to me. A DMV license may be the easier one to attain.

Anyway, I’ll be looking for expert replies.

Stacy