Bond Paperwork - Posted by rachel

Real Estate Investing Mobile Homes & Mobile Home Parks
1

Posted by Don-NY on September 13, 2007 at 11:08:51:

How Many Lonnie deals have you done so far? depending which state you live in. I would “just do deals” and if you really get serious like multiple titled homes per year then think about a license. IMHO

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Bond Paperwork - Posted by rachel

Posted by rachel on September 13, 2007 at 10:06:51:

Hi Everyone,

I wanted to check with the group regarding the bond paperwork submitted
for the retailer license to do “Lonnie” deals.

For the personal financial statement, how in depth do you go? Do you list
assets and/or companies owned?

Also, for the business history and resume - how much info do you put? And,
the prospectus detailing planned business operations - do I just explain
going from park to park to do “Lonnie” deals?

Thanks for your help. I appreciate it!

-Rachel

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Re: Bond Paperwork - Posted by Jim (Tex)

Posted by Jim (Tex) on September 14, 2007 at 11:19:53:

Rachel, your insurance agent will help you with the paper work. Usually they have standard forms that you fill out. When I applied for my bond, the insurance company also wanted a business plan. Something else to think about. If you need help with it I will send you a copy of mine.

Jim

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Re: Bond Paperwork - Posted by Brian-TX

Posted by Brian-TX on September 14, 2007 at 08:43:06:

Rachel,

Have you done a deal yet? If I am correct, you are in Austin Right? If so, Texas law states you can sell one mobile home in a twelve month period without the need for a license. If you havn’t done a deal yet, then I suggest you do one without going through all the stuff to get licensed.

Have you gone to the class in Austin? I assume you have since you are getting your bond, and you can’t get a licence without attending the class.

I’m in the Austin area as well. I havn’t done anything since my first deal which I did back in March. I am still trying to figure out if I want to get licensed and do Lonnie deal, or just start doind Land/Home deals which will not require a Retailer License.

Brian