Posted by Brad Crouch on April 11, 1999 at 23:37:49:
> Is “rent to own” covered in your license pkg? Doesn’t
> seem to be covered in this state.
I don’t think so. At least I haven’t seen any references to it. It almost doesn’t matter since the park owners out here insist on “ownership”. The park where I live is now requiring a copy of the registration for each coach in the park. They don’t allow any rentals or lease options. But they do allow owner financing. If a purchase agreement contains a liquidated damages clause, This is the same as a lease option, I think (real property vs. personal property?)
Anyway, a healthy part of the licensing fee goes into a “fund” to compensate disgruntled buyers.
> Why not do business in a corp or LLC to offer
> personal protection?
Mainly because it is kind of expensive. It costs over a grand to get a Corporation started here and a minimum of $800 per year as a “franchise fee”. LLCs cost the same.
However, if you’re a broker . . . you don’t need another license to do “used mobile home deals”, if the MH in question is more than 1 year old.
I found a broker I could work with in my area, on mobile homes . . . but before I could get started, I became involved with the PACTrust methods. It is doubtful that I’ll go back to thinking about mobile homes any time soon.
Take care David,