Posted by Mark on December 10, 1998 at 13:02:26:
TDHCA = Texas Department of Housing and Community Affairs: they regulate MH’s in TX. The class is offered in Austin once each quarter. Go to their web site www.tdhca.state.tx.us and find the Manufactured Housing page for more info. about them. I would say don’t give up! I am hoping others will help us get past this hurdle!
Lonnie Deals in Texas, How r u doing them? - Posted by Mark
Posted by Mark on December 10, 1998 at 12:26:43:
I went to the TDHCA dealer class in November and it appears the financial barriers to getting a license are going to put me out of business before I even get started. The bond is one problem. I got two quotes so far of $1000 a year. I can handle the fee, but they want financial statements and currently my liability column is way too heavy for a good fin. statement. Secondly, TDHCA made it clear that each site (for us, a lot in a MH park) where a MH is shown for sale must be licensed and insured. So, you have to have 1 license/bond for each used MH you sell or you can transfer 1 license around to each MH (takes 2 weeks to transfer and you can’t sell until its transferred), or you can drag your used MH to your one licensed MH dealer lot then sell it and drag to whereever your buyer wants it (of course, this is not financially realistic on Lonnie deals). This is ridiculous and I’m sure no one is moving these MH’s to a central licensed lot or licensing each used MH site before they sell the MH. Obiviously, TDHCA’s laws are focused on new MH sales - a used MH dealer is a strange animal to them. So, how are you guys doing it? Just doing deals and not worry about TDHCA?
Re: Lonnie Deals in Texas, How r u doing them? - Posted by Not Sure
Posted by Not Sure on December 10, 1998 at 20:43:36:
I don’t know if this would be a legal way around this requirement, but here it goes anyway (Maybe some of the experienced Texas “Lonnie Dealers” can comment on this):
What if you offered the seller an option $ amount for the right to buy (for 30 to 60 days) and then found a buyer and had the transaction take place between the original owner and the buyer that you found (With you providing the financing). Since you never owned the property and are only acting as the banker, could this be the work around?
P.S. I have not done a Lonnie Deal, but would be interested in discussing with other Texas Lonnie Dealers. Please Email me. Thanks.
Re: Lonnie Deals in Texas, How r u doing them? - Posted by PBoone
Posted by PBoone on December 10, 1998 at 17:46:15:
Why not create an LLC with someone else as a partner that will cut your initial expenses.
Pat
Re: Lonnie Deals in Texas, How r u doing them? - Posted by Jim Simons
Posted by Jim Simons on December 10, 1998 at 12:41:58:
I also live in Texas. Iwas just about to order some of Lonnie’s Books and Courses and get into MH investing. Could you please help me out by explaining:
If it is a roadblock, I’d rather know about it now before I order any materials. - Thank You!