Iowa Questions - Posted by Chad

Real Estate Investing Mobile Homes & Mobile Home Parks
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Posted by Chad on January 22, 2006 at 13:38:49:

I’m located around CR/Iowa City. I know of 2 others that are doing this type of business.

And yes…I’m a Cyclone fan.

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Iowa Questions - Posted by Chad

Posted by Chad on January 21, 2006 at 19:35:28:

I’ve just read Lonnie’s first book and moving on to the second. I have a single family home that I use as a rental and can atest to what Lonnie has to say about renting and renters.

I’ve done some research on buying and selling MH in Iowa and it looks like you need a dealer’s licence in Iowa. But when I’ve talked to park managers and dealers, it doesn’t sound like this is the case. Are there any Iowans out there with some experience and can help me out?

Thanks,

Chad

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doin Iowa and Illinois deals for 3 yrs - Posted by JD (IL)

Posted by JD (IL) on January 27, 2006 at 17:08:46:

I’ve been doin’ them in Davenport for 3 years, never questioned, and the girls in the DOT know me by name. Don’t worry about it, just do it. If someone tells you to get the license, then go ahead and get it, but don’t let it slow you down.

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I think I answered my own question. Maybe? - Posted by Chad

Posted by Chad on January 22, 2006 at 13:46:22:

I ran across this…I believe I would fall into 4c. Therefore, I wouldn’t be a dealer. Any thoughts?

http://www.legis.state.ia.us/IACODE/1999SUPPLEMENT/322B/2.html

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Re: Iowa Questions - Posted by Merez(IA)

Posted by Merez(IA) on January 22, 2006 at 13:33:57:

I’m also in central Iowa (and a newbie as well). As for your question, check out this page at the Iowa Department of Transportation. http://www.iamvd.com/ovs/mobile.htm They don’t explain how many transactions makes you a dealer, but I imagine it’s pretty low.

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Re: Iowa Questions - Posted by John Fredrick

Posted by John Fredrick on January 22, 2006 at 08:34:16:

Hey Chad,
I’m a newb also. I can’t answer your questions, but I’m in Iowa also and know it’s handled by the DMV. Maybe just give them a call. From what I’ve seen its probably only for doing multiple deals yearly. So do, a couple, see if you like it and then worry about a licensce. That was my plan at least. Looks like I’ll be buying my first home this week, so I’d be glad to share my learning experience with you. Where in Iowa are you? You’re not a Cyclone fan are you?

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Re: I think I answered my own question. Maybe? - Posted by JohnP

Posted by JohnP on January 23, 2006 at 02:46:02:

Hi Chad, we have similar laws here in FL. What I understand is that if you are a finance company that takes back a home. You do not need a dealers license to sell the home. Since you will be purchasing and selling you will need a license. I have found that having a license is beneficial, even though it is a pain with all the paperwork.

JohnP

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Re: I think I answered my own question. Maybe? - Posted by JeffB (MI)

Posted by JeffB (MI) on January 22, 2006 at 15:57:07:

I think 4c is meant for financing companies, but if you’re doing Lonnie deals you will be in fact buying and selling. Then again, maybe this is a case where negligence is an acceptable excuse should you get caught! :slight_smile:

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Re: Iowa Questions - Posted by Chad

Posted by Chad on January 22, 2006 at 13:42:03:

My father used to deal with classic cars and would fix and sell them. There was a law that a person could only do 5 deals a year and any more made you a dealer.

I’ve checked out the DOT website and can’t find anything on it. It would be nice to get the exact number and then try the business out. No need to spend $70 to try it out on a few homes…

Have you bought any yet?