Updated over 14 years ago on . Most recent reply
MN Dealers license dilema
Hi Everyone,
I'm in MN and getting started in Lonnie Deals. My dilemma is how to work around getting a dealers license but still working within the law! MN has standards that make it impossible for just anyone to get a license. You need to work for a dealer for 2 years, then you need to own/rent a commercial property with at least 5 display lots. All this is on top of the bonds and insurance needed.
Does anyone have suggestions how to work around this? I read someone else's post about working through another local dealer, but I'm not exactly sure how that would work. Would the dealer actually have to take ownership of the MH? If so, I would think there would be some tax implications to them that they probably wouldn't want to deal with.
The other option is to get a motor vehicle finance license and just loan money on mobile homes. Can go up to 23.9% with the license, but this seems like I'd be giving up one of the biggest points of profit by not getting the spread when I find discount properties.
Any feedback or ideas would be greatly appreciated!