Should I form an LLC? - Posted by Greg

Real Estate Investing Mobile Homes & Mobile Home Parks
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Posted by Greg on July 05, 2003 at 24:37:57:

Thank you for your reply Lyal. I actually have dug through the archives and read a few things about the license issue. I now know how I am going to deal with that issue.

I’ll look in the legal forum at this website for LLC information (heck, I didn’t even know there was a legal forum here).

Thanks again!
Greg

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Should I form an LLC? - Posted by Greg

Posted by Greg on July 02, 2003 at 10:50:54:

Hi Everyone,

I have read “Deals on Wheels” by Lonnie Scruggs and am very intrested in buying my first Mobile Home this month.

Should I form an LLC before I do my first deal, or should I not worry about that until after I have a deal or two? I’m thinking it would be best to just do a deal or two and see how I like it before forming an LLC.

Also, I hear that in Virginia you have to have a Dealers License to sell used Mobile Homes. Looking at the DMV website, I see that is going to be an ordeal in itself. Has anyone gone through getting a Dealers License in Virginia and can help me with the process?

Thanks,
Greg

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Re: Should I form an LLC? - Posted by Lyal

Posted by Lyal on July 04, 2003 at 09:17:14:

Greg,
Your LLC question would most likely get an answer from the Legal Forum here.
As to the dealer issue, search the archives. Lots of discussion here about it before.
Our mentor Lonnie is from VA and has been investing in “wobbly boxes” for decades. Maybe you should shoot him an email and see what he says.
NOTE: It’s been said before that the real business we are in is problem solving, and for that we get paid handsomely! If you look at the dealer issue as an “ordeal”, you are beaten before you start. It’s a problem that has more thatn one solution, you just need to conceive and apply the best one for you.
Take a problem solver mindset and you’ll do ok.
All the best, Lyal