Posted by Greg in Dallas on April 26, 2000 at 10:19:44:
Ed,
You can buy and sell in your own name. I went to Austin for the 2.5 day workshop ($125…I think) a couple years ago. Hosted by the State - TX Dept of Housing and Community Affairs Manufactured Housing Div. - (512)475-2200 or in TX (800)500-7074. You have to attend and then you can get a license to be a dealer, broker, sales agent, etc. Without the license in TX you can buy and sell a maximum of 3 MHs per year. However, because of the large number of people buying and selling mobile homes it’s literally impossible for them to police this stipulation. I recommend that you do a couple deals and see if you like it. If you do then you can go to Austin and see about getting the licence. Even though I went to Austin I didn’t get the license, but whenever I want it I am now free to send in my payment for whichever license or combination of licenses I want.
A word of advice. Set up a corporation or a sole proprietorship and buy and sell the mobile homes through this entity so your name doesn’t show up on the title as the lienholder whenever you sell it to your buyer. Plus your buyer makes their payment to your business instead of to you. Third party always makes sense and keeps the focus off you, if you have to reposses. Hope this helps.
Happy investing!
Greg in Dallas