Posted by Lyal on September 02, 2003 at 14:11:36:
Greg,
Check out the “Limited Broker” license. 180 bucks, no test. Lets you buy and sell for your own account.
Lyal
MN Laws - Posted by Joshua
Posted by Joshua on August 31, 2003 at 13:50:06:
Hello,
I have been casually visiting this site for almost 2 years now and am finally ready to get involvded. I want to start with mobile homes and plan to order DOW today. It seems from what I have read on this site that getting started in MN is difficult due to the dealer laws. I am wondering if this is true and what I need to get started once I read DOW.
Thanks in advance,
Josh
Re: MN Laws - Posted by Greg
Posted by Greg on September 01, 2003 at 12:33:42:
Good luck. It’s very restrictive in MN. I did deals there before I moved out of state.
To do lonnie deals in MN you need to either: 1. Own a park, 2. Be licensed to sell MH’s for two years, or 3. Have a real estate license.
The 3rd option is your best way to go. It gives you the exemption you need, and maybe you’ll do a real estate deal or two in the mean time.
I did very profitable deals there (ave. annual return of 47%), but you have to jump through ALOT of hoops to get the financing license. It can be done but if you live close to a border your might be better off doing the deals in another state.
Good luck, you’ll need it in the republic of Minnesota!
Re: MN Laws - Posted by Lyal
Posted by Lyal on August 31, 2003 at 15:00:29:
Josh,
Check the archives. Lots of info there.
All the best, Lyal
Re: MN Laws—Greg… - Posted by Brian (MN)
Posted by Brian (MN) on September 01, 2003 at 19:08:31:
I’m not sure what you mean by “financing license.” Are you referring to dealer license or real estate salesperson license or is this something in addition to that?
Brian
Re: MN Laws—Greg… - Posted by Greg
Posted by Greg on September 02, 2003 at 11:09:42:
Financing license refers to the license from the state to coduct MH transactions. It’s regulated by the department of Commerce. A real estate license is a whole seperate deal.
You need the real estate license 1st to get the exemption to even be allowed to do Lonnie type deals, and there’s no way around it.
The real estate license will cost you about 600-700 bucks and take several weeks of classroom before your test. Not to mention the costs of setting up your financing company through the State. The company which by the way must be officed in a building seperate from your home, with a full audit and inspections every two years.
Sound like fun…However, the deals are do-able and profitable, I’m just pointing out how much crap you have to go through in Minnesota to utilize this system. You can do it but be prepared for all this junk and a few things I have’nt mentioned.
Call Mr. Ted Ellingston at the State of Minnesota Department of Commerce and he’ll give you the complete lowdown. Your best bet for the real estate license is through a company called Prosource, They’re in the book.
Hope your not to discouraged…go get em.
Or we could talk about me selling you my company which is still active and licensed, but you’d still need the real estate license.