Posted by RUBEN on March 17, 2001 at 23:15:29:
Sorry to bud in here fellows, but I have been reading your posts and I am kind of confused. What is a “Cancellation of Business” form and what do you guys mean by a transfer request? Please bring me up to speed, Thanks. Ruben
Hello Fellow Texans! - Posted by Chad Heath
Posted by Chad Heath on March 04, 2001 at 10:47:40:
Hello Everybody,
My name is Chad Heath and I am down here in Waco, Texas. I had sent a message yesterday for David and found out that he is out of town for awhile (thanks Eric C). I should have taken the time to read through some of the messages here. I now realize that there are many of “us” around. I am also new to the business and, after reading Deals on Wheels, truly believe I have found what could very well be my passion in life. I’m not all that concerned about getting rich, but would like to do something because it’s what I enjoy doing. I have done some research and know what the state requirements are, I have performed a test in my area and have found that there is opportunity all around me, what I would like from you is some advice. I would like to avoid as many mistakes as I can in the beginning. Some of my questions include: can you sell “As Is” in our state?, what type of Corp. should I look into?, what type of license is best, Retailer/Broker/?, what methods are best for tax shelter, and do Lonnie’s forms work for us here? I would also like to meet with someone if possible. I’m willing to drive up to see you or call. I want to learn what to do and how to do it right. I just need some guidance which I will be more than willing to pass on to someone else someday. Just let me know something. To Lonnie and Ernest: I know I could never repay you but thanks for providing me with your knowledge, experience, and the opportunity to meet others who are actually “living” instead of just existing. Chad
Hi Chad - Posted by Joe SATX
Posted by Joe SATX on March 08, 2001 at 16:38:19:
Hi Chad,
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.
Best Wishes,
Joe, SATX
Manufactured Housing Licensing Education Classes - Posted by JD_TX
Posted by JD_TX on March 08, 2001 at 09:33:54:
Chad, where did you get the info for the class you mentioned that you are attending in April? I went to the TDHCA website and the last class I find mentioned there was in February and no announcements for an April or any other upcoming class.
Re: Hello Fellow Texans! - Posted by JD_TX
Posted by JD_TX on March 06, 2001 at 22:27:41:
Chad,
I’ve had the same questions in the past and still have quite a few. Haven’t found anyone that could give any solid unequivocal answers. I say “could” because, from my experience on this board, if anyone had the answers they would be more than willing to share.
With that said, I have slowly and carefully read the TMHSA. The best answer, for me so far, as to how to sell from multiple locations, and be required to post only one (1) bond, is to obtain the “Brokers” license and list yourself as the “Sales Person”. The TMHSA appears to allow this. Disclaimer: I am not an attorney. Read TMHSA; Section 7 “Registration”; paragraph (m). As far as what legal entity to operate under when doing Lonnie deals; It seems the concensus is Corp. Do some reading of the free articles at Bill Bronchick’s site www.legalwiz.com. Right now I would say that I don’t believe “As Is” sales are legal for a licensee to do in Texas. I would like some input on that myself. As far as Lonnie’s contracts and forms, you might want to err on the side of caution and have them reviewed by an experienced Texas RE attorney. Acceptable wording varies from state to state.
Re: Hello Fellow Texans! - Posted by Ed Ortiz
Posted by Ed Ortiz on March 04, 2001 at 14:00:15:
Hi Chad,
I’m sure that after reading DOW you are all pumped up and ready to go. Here is a site that will give you a lot of info on the licensing side of the bussiness:
http://www.tdhca.state.tx.us/mh.htm
I hope this helps, Ed Ortiz
P.S. Keep posting ad check out the archives.
Re: Hello Fellow Texans! - Posted by Scott Lamontagne
Posted by Scott Lamontagne on March 04, 2001 at 13:01:25:
I have just arrived in the DFW & I have the same questions. The biggest obstacle that I see is the inability to sell on location with a retailer lic. Does anyone have a work around?
Re: Hi Chad - Posted by Chad TX
Posted by Chad TX on July 08, 2001 at 20:50:11:
Hello Joe,
You’ve been very helpful to me in the past so I thought I would see if I could get some info. from you again. Here in Texas can we sell “AS IS”. There has been some confusion about this and I have had people in Austin tell me YES and NO. I’m a little confused. Thanks, Chad
Re: Hi Chad - Posted by Chad Heath
Posted by Chad Heath on March 08, 2001 at 18:31:07:
Thanks Joe, I’ll take any advice/opinions I can get. Chad
License class in April - Posted by Chad Heath
Posted by Chad Heath on March 09, 2001 at 13:35:41:
Hello JD,
I asked one of the ladies from TDHCA when the next one would be and she said to call back in mid-March and they would have an idea of when in April it would be. I couldn’t get off of work to go this year but I’m still trying to figure out a way to get up there. Maybe I’ll see you there. Chad
Re: Hello Fellow Texans! - Posted by Chad Heath
Posted by Chad Heath on March 07, 2001 at 17:44:35:
Good to hear from you JD,
I called the state yesterday and had it confirmed by two different representatives that it is ok to by and sell at different locations with a Retailers license. If you want to sell “As Is” you can do this also but you have to send the state a “Cancellation of Business” form along with the transfer request. I’ll try to find out more but they both said that you can just use your/your company address to buy and sell in different parks. Let me know what you find out. Chad
Re: Hello Fellow Texans! - Posted by Chad Heath
Posted by Chad Heath on March 04, 2001 at 15:59:07:
Thanks Ed. I’ll check it out.
Re: Hello Fellow Texans! - Posted by Chad TX
Posted by Chad TX on March 05, 2001 at 19:29:42:
Scott, I have called TDHCA three times and received three different answers to the same questions. I asked about that and one of the three ladies told me that I could sell at different parks and would just use my home or company address as the location of my business. I’ll be going to the next class in Austin in April. I’ll let you know what I find out. I’m going to be asking A LOT of questions. Chad