Posted by VanNC on September 20, 2004 at 13:23:56:
Hello all. I’m also interested in investing in MHs in NC. I have enjoyed reading your posts; very informative. Any new info you’ll like to share? Also, to the more experienced MH investors, how is the market in NC? I’m in the G’boro area. Thanks, and continued success.
Oh so many hoops - Posted by mike
Posted by mike on September 15, 2004 at 16:46:42:
I got my packet from the department of insurance today concerning getting your dealer license here in North Carolia. You got hoops upon hoops to jump through to aquire them. And if you dont have them you can only sell two a year. Seems the actual buying and selling of the homes is the easy part. But before I can do that I have to set up a family limited partnership, An LLC,and get dealers license. I need the FLP and LLC since Ive already got five rentals and fixing to put in three more, and am trying to protect myself from the public.But as Lonnie or someone said if your willing to do what others arent then you’ll eventually be able to do what they cant.HOw long did it take you guys to get “geared” up to start your investing career??
Re: Oh so many hoops - Posted by Ryan (NC)
Posted by Ryan (NC) on September 15, 2004 at 21:01:36:
Mike,
I’m also in the process of “jumping through hoops” here in NC to get started, I know we can only sell two without a dealer license but have been unable to figure out which way to turn…
Where you able to acquire the paper work needed in our state?
Best wishes,
Ryan
Re: Oh so many hoops - Posted by Mike
Posted by Mike on September 16, 2004 at 06:43:56:
Ryan, Call this number,919-661-5880,Its the N.C. Office of insurance. They can get the ball rolling for you. Which part of the state are you from??
Good Luck, Mike…
Re: Oh so many hoops - Posted by Mike
Posted by Mike on September 16, 2004 at 08:11:52:
Maybe not as many hoops as I first thought. I finally talked to the right person today and she gave me the skinny.Now its on to the DMV with a new set of hoops…
Re: Oh so many hoops - Posted by Rob (NC)
Posted by Rob (NC) on September 16, 2004 at 11:30:03:
Mike,
I got the packet from the Dept. of Insurance too. I haven’t done anything with it because I wanted to do my two deals before deciding whether or not to bother with all of the flaming licensing hoops they want you to jump thru. But who was this “right person” and what did they tell you about the DMV? Thanks
Rob
Re: Oh so many hoops - Posted by MIke
Posted by MIke on September 16, 2004 at 19:45:43:
Rob, Her name is Karen something or other. Forgot her last name and extention. Ill post it when I find it. She’s who you need to talk to at The Dept. of Insurance. Really helpfull. And I didnt get to talk to the DMV guy today. Hopefully Ill be able to talk to him tomorrow. If so Ill let you know what he told me…
Re: Oh so many hoops - Posted by Mike
Posted by Mike on September 18, 2004 at 17:55:32:
Rob, No she didnt tell me about any loopholes. I had been told by someone that you had to be affliated with a dealership for a couple of years before you could get your license.I found out who ever told me that was way wrong.Which was a relief to me cause im not afflliated with anyone. Not till next week anyway. If you want to get your license then you just send in the license application the same time you send in the salesman application. Ofcourse its cost you more for the dealer license plus the 25k or 35k bond. But haveing a license wont do you any good yet though. Cause you still have to go through DMV. Im not sure what they require cause the man I needed to talk to was MIA. Seems they might have lots of regulations such as haveing an office that wheelchair accessable, although I know of someone that has an office thats not WCA…Im sure there are other hoops also. Ill let you know when I find out if your interested. I was reading a post on here eairler today basically saying you need to just go for it… Well I’m not too sure of that, seems like I read in the bylaws or somewhere that that was one of the main reasons you could get denided a license was to have been caught selling without one.
Re: Oh so many hoops - Posted by Rob (NC)
Posted by Rob (NC) on September 18, 2004 at 15:13:06:
Karen Holden, right? All she did for me was e-mail me the package detailing all the steps. Did she tell you about some loophole at the DMV for Lonnie-ing (is that a word?) without all the license hassle?
Rob