Legality of "flipping" mobile homes - Posted by Mickey

import · September 29, 2003, 11:18pm

Posted by chris on October 01, 2003 at 11:14:58:

My line of credit was $35k - not enough to fully fund the purchase. The mortgage co.s take 30+ days to fund.

import · September 29, 2003, 11:18pm

Legality of “flipping” mobile homes - Posted by Mickey

Posted by Mickey on September 29, 2003 at 23:18:29:

I have been reading this website for the past 2 weeks and I am finally ready to act!! I have a contact here in NC to be able to purchase late model mobile homes for a %50 discount… Do I need a license to resell them? Are there banks that people can go to to get financing? I can not afford to finance myself just now, but after the fourth or fifth deal, I will be able to. I just put an ad in a local free paper just to see what kind of response i will get. PLease give me some help or ideas!!

Mick

import · September 30, 2003, 7:04am

Re: Legality of - Posted by KenS(WV)

Posted by KenS(WV) on September 30, 2003 at 07:04:51:

Mickey,

Here is a link to a string of posts that I participated in back in April. I think it would be very helpful for you to read the entire string then come back with any questions.

http://www.creonline.com/mobilehomes/wwwboard4/messages/25945.html

Good luck,

Ken

import · September 30, 2003, 3:40pm

Re: Legality of - Posted by Chris

Posted by Chris on September 30, 2003 at 15:40:05:

I did this with stick homes for a few years before I found that a hard money lender worked a lot better and faster than my line of credit and a mortgage co. I could get the $$ in 24 hrs vs 30+ days.
A local realestate investment group would be a good place to look - most larger towns have one.

import · September 30, 2003, 7:22am

P.S. - Posted by KenS(WV)

Posted by KenS(WV) on September 30, 2003 at 07:22:12:

I forgot to mention, in post I was doing this while holding down a full time job.

I gave up the job in the beginning of June and now do this full time. I have a full time assistant working for me and 2 full time rehabbers. I am getting ready to hire two more people for my team in the next two weeks.

Good luck!

Ken

import · September 30, 2003, 6:11pm

Huh? - Posted by Tony-VA/NC

Posted by Tony-VA/NC on September 30, 2003 at 18:11:31:

Your line of credit took 30+ days to fund? How is that a line of credit?