Posted by Matt in Jax on April 14, 2003 at 20:39:07:
Thanks for all the help! Now I just have to find a creative way around having an office. Let me know if you have any suggestions. I can’t afford to lease or buy an office let alone one with enough surrounding space for a mobile home.
Newbie Help! What is a $25000 surety bond? - Posted by Matt in Jax
Posted by Matt in Jax on April 12, 2003 at 07:43:55:
I just talked to my local DMV in Jacksonville Florida. I have to have a dealer’s license to buy and sell mobile homes which I expected. However, in the listing of requirements it said I needed a $25000 surety bond. What is it, how do I get one, and most important how much will this thing cost me? Thanks in advance for any help you can give me! I can’t wait to do my first “Lonnie Deal”!
Re: Newbie Help! What is a $25000 surety bond? - Posted by paula
Posted by paula on April 14, 2003 at 17:27:32:
Paul’s right…I did mean 1%, not 10% for the surety bond. Thanks for the correction. The day I wrote that I was thinking in “thousands” :). Just trying to get started here myself. Besides all the fees, I’m getting really overwhelmed of all that Florida requires to get this business going. Although we already have a corporation from our set up company and plan to put our “dealership” under that name…what else do I have to look forward to? The office thing is getting me worried too. They say I need a MH lot, even if it just holds 1 mobile home? Is there any way around this…I thought it would be so simple seeing as we’ll just be selling from parks, and the homes will already be there. Can someone go into detail as to exactly what getting started entails…If someone is bored, from florida and feels like writng a long, in depth post on what exactly they did, from beginning to now, i’d really appreciate it 
Thanks!!!
Re: Newbie Help! What is a $25000 surety bond? - Posted by Paul S
Posted by Paul S on April 14, 2003 at 09:44:29:
Matt, I think Paula meant to say aprox. 1% of the $25,000 for the surety bond. It depends a lot on your credit rating and other factors. I obtained for under $200 from an out of state bond company. I work in the Tampa Bay, Fl area. Also the dealer training class is required and I could not find a free one. $150.00 in this area see: www.fiada.com - yes it is for Auto Dealers but most applies to MH Dealers/Brokers. Best of luck. Your office will be the largest expense.
Re: Newbie Help! What is a $25000 surety bond? - Posted by paula
Posted by paula on April 12, 2003 at 08:37:14:
A surety bond is simply a protection to protect the consumer(buyer) of your homes. If you were to act unethical or destructive so to speak in any way as a dealer that is what the buyer can use as a recourse against you. Most bonds cost about 10% ($2500.00) of the price, and based on your credit history.And must be renewed every year. In Florida, as I’m sure you know, you also have to get a dealer training certificate. You’ll learn everything you need to know there. And thats free! Plus, you have to get an office set up for your company and this must be checked by a DMV compliance officer before anything.Lots of detail involved, but definelty doable. We went to the calss yesterday and are on our way too. Good luck