Operating in Texas - Posted by James

Real Estate Investing Mobile Homes & Mobile Home Parks
#1

Posted by James on June 23, 2007 at 07:56:00:

Yeah… like most other newbies I read them about 2 years ago and then put them on the shelf…I need to go find them ad dust them off again… I have a successful business right now but I have to be there for it to make money… I am looking for a type of residual income that will produce for years without continuing to physically work… >>> I guess you could say that I am ambitiously lazy… work really hard for a short period so I can relay and have fun the rest of the time… Retirement at 65 is not very appealing to me…

#2

Operating in Texas - Posted by James

Posted by James on June 22, 2007 at 15:44:27:

I am finally deciding to get started in Texas and just started looking over the licensing requirements… (at my wifes request)and see that I am required to attend a course in Austin for 2 1/2 day (20 hours) and the next one is in August…
I currently own a business and understand that there are expenses that you are going to incur… I know the course is $250 per person but I am trying to find out what other expenses I am going to run in to so I am not blindsided when they come up…
For instance >>How much is a license? And exactly what kind of license will I need?
How much is renewal and how often will I need to renew the license?

I know I need to get out and do a deal and I have a couple of them on the edge but I keep getting nagged by my wife about all the legal poop that needs to be done also…

Anyway… any insite would be great and appreciated…

Also… anyone attending the August course in Texas?

James

#3

Re: Operating in Texas - Posted by Mark C Tx

Posted by Mark C Tx on June 22, 2007 at 19:17:12:

You are correct on the cost of the license and the course in Austin. 250 for the course, plus 250 for the license.

You must also have a $50,000 surety bond, this costs $1000 per year from most insurance companies.

1st year total is $1500

yearly renewal of License is $250 plus the $1000 per year, total $1250 per year.

I strongly suggest to do minimum 1 deal, this is NOT illegal. You can do 1 per 12 months without a license. So can your wife, brother, sister, son , daughter. Once they have their deals and you have put them together for them,At least you could get the feel for 2 - 3 deals then go get your license if you are going to continue.

Once you get a license the rules tighten up a bit. 60 day habibitlity warranty to cover Ac heat, plumbing, electrical etc. plus about 10-13 forms with each sale. They are really no big deal, just kinda a pain. Its like selling a house now, with all the forms and disclosures and so on.

but still very worth the effort.

Mark C Tx

#4

Re: Operating in Texas - Posted by James

Posted by James on June 22, 2007 at 21:43:14:

Ahhh… I see…

Thanks Mark… Where in Texas are you? I am in Bryan/College Station area >> Central Texas >but what do I know – I have always found it simple to make money but everyone seems to complicate things and make it harder than it should be… I am trying to do some CYA before I jump in knee deep…

Thanks again for the information.

#5

Re: Operating in Texas - Posted by Mark C Tx

Posted by Mark C Tx on June 23, 2007 at 07:21:33:

I am in Southeast Houston.

Good luck, this forum has been the best for me.

Have you read both of Lonnies books. If not, Please do. I have read them both 3-4 times each, And I had my kids read them, they both have one under their belts.

Mark