Posted by Michael on December 16, 2000 at 13:45:16:
Dirk,
Thank you for your advice. I am always ready to listen and learn from those who have actually been in the trenches and have made money doing deals. I am looking forward to getting started soon.
Best regards,
Michael
Getting Started - Posted by Michael
Posted by Michael on December 15, 2000 at 11:47:45:
Hello,
I need help in getting started. I have read Lonnie’s books and I find them very well written and very informative. However I am still not sure were to get a dealers license or even if I need one. Is there anyone out there doing business in the San Francisco Bay Area and into the Central Valley? I would like to find a mentor in my own state who knows the in’s and out’s of our often over regulated state. I will appreciate any help that any of you seasoned pro’s may have to offer.
Thank you,
Michael
You will need to become familiar with - Posted by Dirk Roach
Posted by Dirk Roach on December 16, 2000 at 11:33:32:
HCD, (Dept. of Housing and Community Development), here in CA they are the state dept. that handles all mobile home stuff; Title transfers, registration, taxes etc.
You can find their website online at
http://housing.hcd.ca.gov/
Where you can find all the forms etc. that you will need to couple with your financing contracts etc.
Some great example of very good mobile home note contracts, for CA (the peoples republic of California) can be found with the included software of "Cashing IN’ by Terry Vaughan.
Thing to remember about CA is our 7.75% sales tax, which will have to be paid every time you do a Lonnie Deal here. Often times, since you will be selling for a somewhat larger amount than that used in Lonnie’s Formula, you will have to take that into account. Who will pay it? (often times, this means a smaller down payment), or what many of us here in CA do is simply wrap it into the note.
Also on the buy end here in CA you will find the prices a little higher for the most part than those described in Lonnie’s books Remember though Lonnie’s plan is sound, one just has to adapt the numbers to their marketplace. There are always deals to be found and yes you can find them here.
The cheapest I ever paid for a mobile (that wasn’t free, and I have had a number of these) was 50 bucks for a 2 bedroom hillcrest.
Oh I also have purchased quite regularly pull out homes (Homes that must be moved) for around $100.00 bucks.
I have been selling those, for anywhere from 4 to 5 k. And the buyer has to move it.
So there is a market there.
Anyhow good luck, and I hope that this helps,
Dirk