Posted by GDH on June 13, 2005 at 06:46:25:
Dont they make you pay sales take like a car if you are transfering into your name in NC?
North Carolina & Virginia legalities? - Posted by MichaelH
Posted by MichaelH on June 09, 2005 at 13:47:52:
I’m brand new at this and have a few questions.
What are the legal requirements for doing mobile home business a la “Lonnie deals” in NC and VA? How many personal buy/sells are okay before you must get a dealer license?
How do folks without dealer licenses handle sales tax? Do you have to pay when you buy? Who pays when you sell, and how?
Thanks in advance for the advice. BTW, this website is a fantastic info resource.
Re: North Carolina & Virginia legalities? - Posted by MichaelH
Posted by MichaelH on June 14, 2005 at 06:04:56:
Since asking this question here, I’ve spoken with an inspector from NC-DMV Enforcement. He said you could do up to 4 deals in NC before needing a license. As a dealer, you would need to have a 96 sq. ft. office, properly zoned & separate from your home, where you keep all business records. Registration fee is $50 as long as you do not deal in motor homes or motor vehicles.
I still don’t know about VA.
Re: North Carolina & Virginia legalities? - Posted by Ryan (NC)
Posted by Ryan (NC) on June 09, 2005 at 20:09:58:
Michael,
Technically I believe you are allowed to sell 2 before the state classifies you as a dealer by the books, the dmv in Raleigh says they don’t care how many you do if your fixing them up…
I personally choose to use rent-to-own to leverage the tax benefits and to make sure I’m in the green with at least a years holding time. Just don’t get hung up on the “legalities” of doing business at first, the best learning experience you can get is from riding the speed bumps and getting that first deal under your belt! Everything else is a hands on learning experiance!
Best Wishes,
Ryan Needler
Re: North Carolina & Virginia legalities? - Posted by Andrew(NC)
Posted by Andrew(NC) on June 09, 2005 at 14:16:02:
Don’t quote me on this, but I think you can buy and sell 3 mobiles homes in NC before you need to get a dealer’s license. There is a $36 dollar title transfer tax when you buy as well as a $3 notary fee. As far as I know this is the only tax you pay when you buy.
Re: North Carolina & Virginia legalities? - Posted by Tony Colella
Posted by Tony Colella on June 14, 2005 at 08:26:10:
Try running an archive search. This topic, including VA laws are discussed in detail. A quick search revealed several old links that can point you in the right direction. There are many more but here is one that is dated but can be a start.
http://www.creonline.com/mobilehomes/wwwboard4/messages/3121.html
Tony