Posted by Jeff (FL) on April 04, 2000 at 12:58:09:
Walt,
I enjoyed your somewhat philosophical answer and couldn’t agree more. Thank you for sharing your thoughts and your perspective regarding MH investing in FL. I believe I “get your drift.”
Regards,
Jeff (Destin, FL)
PS. Thanks for the quick response.
Lonnie Deal? MH3 - Posted by Walt_FL
Posted by Walt_FL on April 03, 2000 at 07:21:44:
Hi,
I Bought a MH $2,700 MH note ($150 Mo for 18 Months) for $1,350 off a neighbor, I received 1 payment and the mortgagor “takes off”. I resell MH3 for a $3,500 sales price and get $2,000 Down :0)I had all my money back plus in with 15 more payments of $108 coming in (I love getting checks in the mail, Thanks Lonnie). I wound up paying a “negotiated” 1/2 month lot fee, advertising, and clean-up costs($450).
It wasn’t without hitches, my neighbor saved me by getting POA for transfer of MH, otherwise I may have had to foreclose???
Can anybody tell me how to figure this mess for taxes? I don’t know, I think my basis is $1,700=($1,350 + $450 costs)with an $1,800 capital gain? or is the gain $1,350 since I had the gain on the face value of the note? Nice mess to have… next year I’ll need Rental Property form schedule “E”? (Bought a Duplex on the southside off another investor at the REIA meeting at the end of January, Thanks Everyone!) Wait there’s the phone…
Walt_FL
Re: Lonnie Deal? MH3 - Posted by Jeff (FL)
Posted by Jeff (FL) on April 03, 2000 at 11:39:21:
Walt,
I can’t help you with your tax problem, but I do have a quick question if you don’t mind. I too, am from Florida, and I’ve read a lot of pros and cons concerning the MH sale & resale licensing requirements in this state.
PLease tell me, how you decided to handle the problem. Did you get a broker’s license, (or) just take a DMV course, (or) pay a fee and bond, (or) simply ignore the problem, or what?
How are you doing (what some of us would call) “legal Lonnie Deals” in Florida? I know there have been several posts on this, but they seem to conflict with one another. That’s why I’m asking your opinion. Any advice learned from your personal experience would be much appreciated.
Thanks Again,
Jeff (FL)
decided to post… Long - Posted by Walt_FL
Posted by Walt_FL on April 03, 2000 at 12:53:43:
Jeff,
I have learned (I think) there are distinctions between ‘Dealer’ , ‘Broker’, ‘Principal’, ‘Attorney’, ‘POA’ ‘Lender’, ‘Investor’, Etc. I avoid debating the issue and was going to E-mail you, decided to post instead (I’m on a roll)
If I buy a Note and need to protect my interest, can’t I?. If I purchase a MH, can’t I sell it? If I sell it for a friend and not charge a fee its “legal”, No? If someone gives me POA, can’t I transfer title for them? I am learning too, I am not gonna tell someone whats “legal”, I do pretty good research and I don’t want to be a dealer (Yet?..), I would get a Brokers license if I could figure out the requirements for that (let me know, will ya?).
I don’t hold myself out as ‘Dealer’ or ‘Broker’, I consider myself a principal, ‘Lender’, ‘Investor’ and I believe a POA is an excellent tool, I am taking the state Exam for RE Salesperson on the 19th. I work Full-time and am trying to build some income streams= CA$HFLOWS. These licenses are to protect the public, I try to be fair with everyone and my concerns are with Park Managers and receiving fair treatment rather than indecipherable regulations (If you read word for word nobody can sell their own property [trailer]). I have heard of personal property trusts, but don’t know enuf yet (Lou Brown). Jeff, I’ve found if you find the ways to do a deal, its great and you advance, there are fifty ways to leave your lover… erer I mean that it won’t work… but they don’t pay squat, I know (Year 3). If you are doing something illegal I believe that someone will tell you and that it will become clear to you and they may even go as far as to ask you to please cease and desist (KINDA LIKE WHEN i PLASTERED THE COUNTY WITH MY “I BUY HOUSES” SIGNS). If they put you in Jail, lonnie will bail you out… LMAO! Learn all you can, I hope you have Lonnies Books… I take it as best I can because it ain’t easy but then everybody would be doing it and then we would need more regulations. lol(Harry Browne)
Best Regards to all CREOLer’s,
Walt_FL
Ps . J.P. Vaughn told me to get Lonnies Books in the Chat room about 3 years ago, when I stumbled on this wonderful site Late one nite, I Did… (i did a search for Real Estate & Chat, a neat new internet thing)