Posted by Phil (MI) on February 11, 2008 at 22:47:54:
Wow. I didn’t know that. For some reason I thought I remembered reading something at the Michigan website that said you didn’t need one til you did 5 or 6 deals.
Do you know if it’s easy to get caught without one?
Michigan laws, licensure, and my first deal - Posted by Brian (MI)
Posted by Brian (MI) on January 24, 2008 at 11:35:11:
Hi all.
I write asking a question that has been asked several times before (many posts are from several years ago, though), and I hope just to get a confirmation (and possible source/reference) of my understanding.
You need a license to buy/sell more than 3 mobile homes/yr. Link to license requirements?
You can structure financing agreements on mobile homes that you own with up to 25% interest annually.
Additionally, I’d like to know if there are requirements about the types of improvements you can do to a mobile home without being licensed and what, if any, improvements require inspection upon resale.
I am in the early stages (purchase contract signed, move-out date ~1 month away) of my first Lonnie deal, and I want to do everything on the up-and-up. I am located in Ann Arbor. If anyone would like to share their backgrounds/war stories, I’d love to hear that as well, either thru email or over a cup of coffee.
Thanks for any/all responses.
Cheers!
Brian
Re: Michigan laws, licensure, and my first deal - Posted by JeffB (MI)
Posted by JeffB (MI) on January 25, 2008 at 06:17:26:
Brian,
According to state law you need a license to do ANY deals (there is no minimum) unless it is your personal residence. Just like you must be a vehicle dealer to sell cars, unless you’re just selling a vehicle you own.
Usury law for MH notes is capped at 11%. See MCL 438.31c
You must be licensed for service and/or installation to make repairs to homes, but again, not if it’s your personal residence.
You need to read the Mobile Home Commission Act which lays down the rules for this business. Here’s a link: