Posted by Dan (MD) on August 22, 2003 at 19:03:23:
First off give me a call at 240-925-5566, I’ll be working on my latest Repo in Lexington park tomorrow…and I’m working on another DW that Doc has been giving advice for…thanks doc
here’s some answers to your questions.
- I have read through the acrhives and discovered that you had to have the Lonnie Legal documents from DOW changed by a Lawyer in order to do business in SOMD. Could you tell me what ramifications I could incur if I used the Lonnie legal documents in SOMD? If not, I will understand completely and seek the appropriate legal advice from a professional.
Yea, my lawyer didn’t like Lonnies forms very much, she ended up writing up a new document altogether to the tune of $700…didn’t make me very happy to pay her but I did get a good form out of it and I feel that if I need to go in front of a judge that I’ll have everything covered…call me and we can talk about this one…
- As a college student, most of my funds are dedicated to pay for my education, so I have a limited amount of startup capital. What steps do you think I should take to raise capital other than working more than one job?
The cheapest home that I’ve been able to get here in SOMD was for $900 and it needed A LOT of work, it actually changed the way I do lonnies…I’ve decided to no longer do these super cheap rehabs due to the fact that it takes too long for me to rehab it and I just can’t make the return on homes that I buy for $2000 and turn around in two weeks for twice the profit…so I have a friend who is taking these deals and working on em…but I may be able to shuffle one your way if things work out
- I have searched the forum archive for information on whether an individual doing this business in Maryland needed a Dealers license or not and found mixed answers. Does an individual need a Dealers license to do more than one deal within one year in Maryland?
I don’t have a license I have no intention of getting one for now, I haven’t found anything that tells me that I need to get one…BUT it very well could bite me in the %#ss someday but for now I ain’t worried about it…and as far as you conscerned (sp?) don’t sweat it, do a few deals first then consider if you need it or not.
- Should I create a company name and make business cards before I talk with any Park Manager in order to give myself credibility?
Don’t create a business until you’ve done at least one or two deals, I formed an LLC after my second deal and I now use it for all my deals but get in the game first then worry about this paperwork. I actually just got my first professionally printed business cards from Staples for 10 bucks (1000 cards) I used the ink jet forms for my first few hundred…you definately need to get business cards.
5.(Moral Question) Whenever I tell people that I’m thinking about going in to this business they immediatly think I’m learning to be a “Slum Lord” or someone that is going to sell poor people crappy housing. I have been through a 2 parks and have seen a few shoty mobile homes. I know can’t make a valid conclusion by just seeing only 2 parks, but what I saw surprised me. I’m debating whether or not I should pursue this business. Could you give me your opinion of what you provide people when you sell them a mobile home?
Funny story here, I started out in January (this year) and let me tell you I took it in the face as far as jokes go, (I work in the Navy with a lot of type A personallities…ie you gotta have thick skin to survive) but in April a very interesting thing happened…I was at a friends house when somebody brought up the mobile thing, so I said okay that took 8 minutes…bring it on…they said no no we want to know what you are doing, we’ve heard you’re making a fortune doing this and tell us how it works…so don’t even think twice about the slum lord thing…I actually wear it as a badge of honor. I’m helping people get in to very nice homes that they had no chance of doing without my services, they are VERY happy and so am I cause I’m making a lot of money…so don’t get discouraged…you CAN definately do it in SOMD, I actually got a call from a lady in Baltimore…she said she heard that I buy and move mobile homes and “can you please help me”…still working on that deal…
Give me a call, I’d be more than happy to talk and meet you…