All Forum Posts by: John Fedro

Hi Marc,

The home is a 1987 Craftsman with shingle roof and aluminum siding. Doesn't sound like it fits your criteria.

All the best,
John Fedro

Finding out now Marc. I'll let you know as soon as I hear back from the seller. If it's a go I'll send you the details and her contact info through your email or phone.

Best,
John

Marc Faulkner hit it on the head with Lonnie's books. They are all great and will give you a great introduction and groundwork for what you will experience in this business.

Also, too funny with Wheelestate (rimshot).

Best,
John Fedro

Sabrina Laplante Many others (myself included) comply with the Safe Act and do not have a safe act MO license. Simply do not do anything to violate the Safe Act federally or per your state.

In my state of Tx I have spoken with many experts on financing and I know (and feel comfortable) where to draw the line on what I can and can not do.

Above is a pretty broad answer however without knowing what you're dong or how you're running your specific business I can't be too specific. Plus I am certainly not a professional or expert or giving legal advice. I would advise you to talk with 5 or 6 experts in your State on the subject, if you haven't already. If you did we would be curious what you have discovered?

Happy to help and best of luck to you both. Contact me (or us here at BP) and let us know how it goes.

Best,
John Fedro

Sam Parkins You are the man out that way so I will concede that you may buy/sell 5 MOBILE HOMES IN VIRGINIA BEFORE YOU NEED TO GET YOUR MH LIC. Good point in mentioning the difference that the restrictions for negotiating/writing notes is 3 (per Safe Act) and the restrictions for state licensing is 5. These are different and it is good you made that point. Thanks.

Josh McCullough you are correct in your 5 notes created/negotiated in GA with regards to the Safe Act, however you should have your MH retailers lic before you invest in even one home (per the state of GA's requirements). That is the case here in Tx too, you may create 5 notes per year (with certain restrictions) however may only invest in 1 MH before getting your mobile home retailers lic. Thanks for the comment!

Val Dufour you're right. Not sure why I choose not to list Mississippi. I will list in now and make it bold for people to find it easy in the comments MISSISSIPPI = 3 PER YEAR W/OUT A LIC.

Sam Parkins you know when we call certain states we get conflicting issues from their reps (only 3 states Va, North Dakota, and Nebraska). We call and call but no matter who you speak with you get a few different answers (this goes to show the ineptitude of the MH division in these states to regulate laws or even know them for themselves). In cases like this I use the lowest number to be conservative. Thank you for the comment and if you do find out an answer that is 100% please let us know.

Best,
John Fedro

Awesome Bill W.! Thank you for the input and clarification.

Thanks and happy to share the info we've collected.

Kyle Dee the requirements change with every state. In Michigan however I can tell you the licenses lasts 3 years before you have to get it renewed. In some states you need to be bonded or have an office or have rehab experience or more. For more info about Michigan rules call the Michigan MH division number here and ask for Debbie 517-241-9317.

Best,
John Fedro

Hi Jason,

We all agree that investing in RE is a great way to become financially stable and more, for this I congratulate you for joining us. With that said if and when you can sell this home for all-cash you will have a little bit of money to reinvest into another deal, although I'm not sure where you plan to live.

Either way we can all agree that selling your home for all-cash is the main objective you have in front of you. Your property sounds nice, large, and is great it's a 3/2. If other homes comparable to yours have sold in the recent past then market your home for a similar price, perhaps make some cosmetic tweaks, and perhaps a 30 day warranty on certain items to move it even quicker. Market the home in every inexpensive way you can think of to get the word out.

Be aware that if you are looking for a quicker all-cash sale then your MH will have to be 10% nicer than everyone elses and 10% cheaper in price (as you are competing with every other MH seller looking for the elusive all-cash buyer).

Since you are looking for an all cash buyer and since your MH will not likely qualify for a loan it is simply a waiting and marketing game to find a buyer with cash. Since you do not wish to hold payments I will not go this route.

If the MH is a doublewide you will find less buyers that plan to move this home out of the park as opposed to a singlewide. Not a big deal, just FYI.

All the best,
John Fedro