All Forum Posts by: Algie Horton

I am buying a house and some friends will be living with me. I intend to buy an investment property later and they will probably move into that house as tenants. Should I have them sign a formal lease? And will that help my chances of getting approved for a mortgage for the investment property?

Hi everyone! I am just starting my investment journey and I'm looking for investor friendly lenders. I'm told community banks or credit unions are best. Can anyone suggest some lenders in Chicago (preferably with branches on the southside or south suburbs) that I should look into building relationships with?

I live in the Chicago area. I'm thinking of looking for empty lots to put manufactured homes on to rent out. IS it common to find lots that are zoned for manufactured homes in Chicago or the surrounding suburbs?  I'd love to hear from any manufactured home investors.

Thanks for replying! Let me clarify. I've definitely decided to get my real estate license. I'm really more confused about a certain type of transaction with mobile homes. For example, a homeowner owns a mobile home in a mobile park but rents the lot the home sits on. Because the homeowner does not own the lot, apparently a real estate license does not apply because the home is considered personal property not real property. If I do more than four of these types of deals I'm told I need a dealer's license. Dealers licenses typically are needed for automobile sales, mobile home sales, and some other types of sales and services. It's as if the state treats these types of deals as of I am a mobile home dealer. Does anyone know anything about these types of deals and if a dealer's license is required?

Hi everyone! I'm at the very beginning of my journey of real estate investing. I have taken an interest in manufactured homes and am trying to learn about it. But I'm confused about something. I live in Illinois and I'm trying to understand the laws. If I wanted to wholesale or flip manufactured homes where the land is owned, I need my real estate license to do that because the home is considered real property. But I've read that if I am trying to wholesale manufactured homes where the land is rented, I need to get a dealer's license if do do more than 4 deals because the home is considered personal property. However, it seems like there's a lot of people out there doing this without a license. I would be very appreciative if someone could help me get a better understanding of what licenses I need. 

Thanks!