Posted by Brian on August 04, 2003 at 21:26:30:
Try a search engine. I did an archive search of this message board. I typed in …license minnesota. I found everything I needed that way.
Brian
“Lonnie Deals” in Minnesota - Posted by Brian
Posted by Brian on August 02, 2003 at 16:11:28:
I’m new to the MH game. Minnesota apparently has strict rules as to who can buy and sell MHs for a profit. Apparently, you need two years experience as a MH salesperson in order to obtain a license. There is an exception made to real estate salespeople and brokers. I do not wish to become a salesperson or broker. However, there is a provision in the statute that states that you can be a “limited broker.”
"Subd. 13. Limited broker’s license. (a) The
commissioner shall have the authority to issue a limited real
estate broker’s license authorizing the licensee to engage in
transactions as principal only. Such license shall be issued
only after receipt of the application described in subdivision 3
and payment of the fee prescribed by section 82.21, subdivision
- No salesperson may be licensed to act on behalf of an
individual holding a limited broker’s license. An officer of a
corporation or partner of a partnership licensed as a limited
broker may act on behalf of that corporation or partnership
without being subject to the licensing requirements.
(b) A limited broker’s license shall also authorize the
licensee to engage in negotiation of mortgage loans, other than
residential mortgage loans, as described in section 82.17,
subdivision 4, clause (b)."
Limited brokers aren’t subject to the extensive education requirements that regular brokers are. It’s not clear to me if this qualifies me to buy & sell used MHs. Also, note the mention of residential mortgage loans as descibed in section 82.17, subdivision 4, clause (b).
“(b) for another and for commission, fee, or other valuable
consideration or with the intention or expectation of receiving
the same directly or indirectly negotiates or offers or attempts
to negotiate a loan, secured or to be secured by a mortgage or
other encumbrance on real estate, which is not a residential
mortgage loan as defined by section 58.02, subdivision 18;”
Are these (Lonnie Deals) classified as residential mortgage loans? It’s my impression that an installment loan would a more accurate term.
I’m waiting for my DOW book that I ordered and doing alot of research in the meantime. Any advice would be appreciated. Thanks in advance.
Brian
Re: “Lonnie Deals” in Minnesota - Posted by Luke
Posted by Luke on August 05, 2003 at 11:32:45:
They sure make it more difficult to be a small investor in the frozen North. I too live in MN and I am wondering if it is worth the time/effort to get a broker’s license in order to buy/sell MH? I sure would appreciate hearing from someone in the business up in this neck of the woods.
Luke
Re: - Posted by Catherine
Posted by Catherine on August 04, 2003 at 09:45:32:
I am very new to this and have just ordered Lonie’s book as well. Where did you get the information regarding your states rules for Mobile Home Sales? I’m thinking of doing this in New Jersey and New Mexico. New Mexico is clearly the bigger market but from your posting I realize I will need to check the rules. Can you tell me which state office I should call?
Thank’s
Catherine
Re: “Lonnie Deals” in Minnesota - Posted by Brian
Posted by Brian on August 05, 2003 at 16:02:01:
Yeah your right it is difficult. I’m not in the biz yet and still researching the rules myself. I haven’t even received the DOW book I ordered last week…so I’m not sure how valuable my advice would be at this point. The only advice I can give in this or any other business venture is to have all your ducks in row when you start.
Brian
Re: - Posted by Lyal
Posted by Lyal on August 05, 2003 at 09:22:03:
Catherine,
Do a google and / or yahoo search on “New Jersey statutes”, same for NM. In general the state department of commerce will have info on rules for MH sales.
All the best, Lyal