Hi Chad - Posted by Joe SATX
Posted by Joe SATX on March 08, 2001 at 16:38:19:
I have been out of town for a few days, but have posted several times on this topic.
My thoughts lean toward operating as a broker unless you have a mobile home park. In this case, you should probably sell off the lot and get the dealer’s license or the Texas RBI combination (Retailer, Broker, Installer).
You can change your license address with the state every time you sell a home if you operate as a dealer-from park to park if necessary.
There are a few other interesting ways to do it.
As a broker, you can arrange the sale between two individuals. Have your corporation provide the financing. Where does the spread in price come in? Well, you have to earn a commission don’t you?
What do you do to hold it until it is sold? How about tie it up with an option? Can you guess how much option deposit you give them?
I’m sure you see the direction I am headed. There are answers to the additional questions this will raise in your mind. I have had extensive conversations with both the director and asst. director in at the TDHCA. When you begin to talk financing, they get less and less interested. Financing companies take back homes all the time, what do they do?
Keep asking questions and do not let this slow you down.
I?ll try to dig up the old posts. Lonnie has a great story. Something about ?they said you couldn?t do it? I?ll try to find that as well.