Posted by Don(Fl) on January 27, 2001 at 07:25:44:
You have a good point Tony, but there is two ways to look at it. The ones who are willing to jump through those hoops of fire and snake infested pits will have very limited competition. Quite frankly, virually none of the existing license holders owner finance and consider the older mobiles more of a hassle than they are worth. I asked my local DMV inspector a lot of questions and found out that someone working under a licensed dealer doesn’t need a license; any kind of license. This might be an avenue to get started.
Get creative and use existing rules to YOUR advantage.
Posted by Don (Fl) on January 22, 2001 at 19:00:55:
I have read Lonnie’s two books over the weekend and was very happy with the info in them. I’m very excited about this business and have several parks in the area that are ideal.
The problem I have run into was when I went to the DMV to check on licensing, I was shocked. Besides the normal start your business stuff ie fictitious name, occupational license, etc. They require a place of business zoned for mobile home storage. A surety bond of $25,000!, complete a dealer training course and if any part of the purchase is financed; whether owner financed or bank financed, I need a banking and finance license!
The person at the DMV said (with a twinkle in his eye) " yea we’re going around to all the dealers now and auditing all their sales transactions (back 5 years) and imposing $500 fines for each transaction involving financing. The new-home dealers are the best, some of them will owe us $100,000."
I need some ideas, any Florida people working the business that can help?
I’m attempting to do Lonnie deals in FL. Have two homes for sale now. Haven’t yet fully completed an entire transaction.
I did a good bit of research on the FL DMV website. Although I’m doing these first two deals as a private party, I do plan to soon attend the free, one day Dealer training course. After speaking to an inspector with the DMV, I feel they aren’t set up to handle our specific business. I explained that I didn’t need a “lot” to show mobile homes, because they would never leave the Park. I do know the DMV has to approve the place of business, so I’m crossing my fingers as to whether or not they’ll approve a spare bedroom as my place of business. After all, I don’t need a typical place of business like most new and used dealer’s would need.
I haven’t heard of the restriction on financing. I was told by the DMV that I can do 2 deals per 12 month period before needing a license, so between my wife, my corp, and me, I can do a total of 6.
Please fill me in if you guys uncover any additional info.
Daniel
Posted by Tony(Miami) on January 26, 2001 at 20:35:40:
Looks like another one for the government getting involved where it should not be. Screwing another great investment idea by making it so restrictive that it goes from very lucrative and interesting to having to jump thorugh hoops on fire and crawling through snake infested pits all to make a buck. Don’t take me wrong I believe in protecting the consumer but come on there is a fine line between protecting and being a nuisance. Imagine the poor fellow that will get fined by the state for filling a need in the marketplace in an ethical manner. Sometimes you have to wonder…