Posted by Tony-VA on January 29, 2001 at 06:33:27:
Welcome aboard Jonathon,
1)and 2) I don’t have the info in front of me so I will have to send you the phone number later if you cannot find it. The Department of Housing and Community Development in Richmond controls the licensing for mobile home dealers and brokers. You will want to research the dealer license. The contact there is Constance Moore. She will send you a packet that has all the info you need to apply and the rules governing mobile home sales.
Off the top of my head, I believe the 3rd mobile home sale in 12 months requires a dealers license.
The packet will list all the costs. I believe the first year it costs about $800 to get the dealers license. There is a one time fee of $500 included in this price that goes into a pool to settle claims. Thereafter, fees run about $300 per year (again this is off the top of my head).
The titles are recorded as Lonnie describes. Having Lonnie live in our state makes much of our homework easier to locate. Liens such as tax liens may be recorded differently in each county. Check with the courthouse to determine how they file tax liens. Ours, for instance, does not place liens on the mobile homes for taxes. Other surrounding jurisdictions do (as I am told).
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I think it only makes sound business sense to insure your homes during your holding time. You may find an insurance agency that will provide you with a sort of blanket policy for all of your “inventory” homes.
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Timelines will vary from one investor to another. They will vary during different times of years and vary in different parks. My belief: The harder you work at it, the better your timeline will be. The more experience we gain, the faster we move. The more credability we establish, the easier deals are referred our way.
Tony-VA