Seller Financing

[Adam Percento]

I am in Grand Rapids Michigan just about to jump into mobile home investing. There is still one issue I am uncertain about and that is licenensing and seller financing. I've been picking up different stories from all over the place so im not sure what and who to believe.

My business plan is im sure like many others and that is to buy low preferably with owner financing then sell imediately with owner financing.

What I have found thus far is:

1) I need to aquire a dealer's license even to do only 1 deal per year. (which has a $450 pricetag, plus a $10,000 surety bond, and escrow acnt)

2) I need to find a licensed MLO or become licensed myself to negotiate and handle any sale terms with potential buyers.

Im not asking for a way around the law but there has to be a better way.

I have some money in the bank (not much but some).

I have some marketing material ready to go.

I have the drive and motivation.

Just lacking the direction I suppose.

How are other MH investors in Michigan doing these deals?

Any information, guidence, suggestions, etc would be greatly appreciated thanks in advance for reading and your input.

Adam

[Bill Gulley]

Hi, I suggest you search for a thread here on BP "Dodd-Frank, then and now" I think that's what the title was. I think you'll fin that a one man shop will be tough to do to stay up with compliance, next year you won't be able to collect you own note on a residential deal. You'll nee to burn up the road making enough deals to pay the expenses an earn enough for your efforts. There are easier ways to get into RE I' think, but, what ever floats the boat.

Search too for Ken Rishel's posts concerning MH dealers an investing.

Good luck. :)