Posted by kaattan on November 20, 2001 at 16:13:46:
Thank you Gary for the pointer. Will call and find out.
kaattan
Gurus: Do I need … - Posted by kaattan
Posted by kaattan on November 19, 2001 at 16:16:37:
a mortgage/note brokers’ license to sell MH notes I will be creating doing Lonnie Deals? Is it state dependent? I will be using my own funds to create the notes.
I searched in the archives and could not get a definitive answer. Lonnie also does not discuss this and I wanted to make sure I was not violating any law of the land.
Thanks
Re: Gurus: Do I need … - Posted by Jason
Posted by Jason on November 19, 2001 at 16:45:23:
Hello,
As you didn’t mention a state it is hard to tell, but in most instances you will need a mobile home retailers license, some park managers wont allow you to do biz without it… You should be able to call your local state government and get a packet sent to you about the licensing terms and costs…
Jason
Re: Gurus: Do I need … - Posted by kaattan
Posted by kaattan on November 19, 2001 at 16:59:50:
Thank you Jason. In IL I think I am allowed to do 5 deals without a license. I understand I will need a license if I find my niche and desire to do more.
But I was talking about selling the NOTE I will be creating. Not selling/buying the MH commodity itself.
Response is appreciated.
Kaattan
Re: Gurus: Do I need … - Posted by Gary (CA)
Posted by Gary (CA) on November 20, 2001 at 15:44:51:
Hi Kaattan,
You can find a matrix on ANN’s website here notenetwork.com - This website is for sale! - notenetwork Resources and Information.
This matrix shows that for Illinois, “sale of private seller-carryback purchase money mortgage notes does not require license.” However, it would be good to check with the Commissioner of Banks to see if anything’s changed.
Gary Stephens