i have no advice as i've never done this but i'm interested to see how it goes. what area of the country are you in?

thanks for the link, I'm going to read it ASAP.

As far as doing the "lonnie deals" that is 100% my plan at this point. I'm hoping I can sell quickly/through financing. We'll see how it goes.


Northeast....I live in PA.

aces-some good info their. Looks like it was pretty simple in most senses for you. You found the deals you were looking for and were able to sell quickly. Hopefully I can do the same.

**Also, I just saw I wrote broked....I mean really?

I walked some people through the house today that are definitively interested. They are going to call about making a deposit tomorrow. I've also gotten emails from 4 other people asking about the house. Seems to be working out so far!

Aces, just fyi - this came up on the first page of a google search I ran ("lonnie mobile home contract"):

free live streaming porn - Lonnie Deals
http://www.123flip.com/category/mobi...ie-dealsCached
You +1'd this publicly. Undo
Apr 8, 2011 – If you like purchasing Mobile Homes, are looking to get into Lonnie Deals ... Business Plan, Spreadsheets, Contract Templates, and more! ...

Ugh...looks like someone hacked some links on my site somehow...thanks for the info...

im beginning to have doubts of if I'm missing something in regards to the SAFE act. Please correct me if I'm wrong, but if I do not have a license, I can do up to three transactions where I sell on a note, correct?

Not 100% certain on American laws but I'm pretty sure you can sell your own properties and take back a note no problem. Don't need a license for that...

Been a while since I read my state's laws, but I'm almost positive that there is no "grace period" or anything of that nature. If you are offering to finance it for a profit, you must be licensed. The only exception would be if you were selling your personal residence. Any Lonnie deal would not qualify. Also, at least in my state, it has been made clear that mobile homes are not excluded from the SAFE Act. I wondered when I read the SAFE Act before if you could get around the "for profit" condition by writing it up as a higher sale price and 0% financing, with the same term and monthly payment, since then you can make the argument that you certainly aren't financing it for a profit. (Just selling for a significant profit and financing at 0%.) No idea if that would be legal or not. Enforcement of the law will most likely vary by state and if you're just doing a couple of deals per year, you'll probably be below the radar, but if they decide to go on a witchhunt, the penalties can be severe in many (most? all?) states. Definitely take the time to find, read, and understand your state's SAFE Act laws. Frankly, I wouldn't worry about doing just a couple of deals. If you treat your borrowers fairly, I can't imagine you getting raked over the coals for financing a $900 mobile home. You've already bought the home, and it isn't practical to spend the time and money to get licensed before you sell this one. I'd just get this deal done and look into what it takes to get legal for the next one. JMO. IANAL.

Unfortunately this is not necessarily true anymore. The laws designed to protect borrowers from unscrupulous mortgage lending practices also apply to owner-financed deals. I certainly don't know all of the applicable laws (I have not yet bought any real estate other than my home). If you are selling a lot of properties with owner financing, you probably need to be licensed.

In contradiction to what I said in my post above, the Wikipedia page for the Housing and Economic Recovery Act of 2008 (which includes the SAFE Act) states that: "Not all persons who qualify as Mortgage Loan Originators are required to become licensed or to register with the newly renamed Nationwide Mortgage and Licensing System and Registry ("the Registry"). [...] Those who would otherwise be required to register are exempted if they have (1) never been registered before and (2) perform five or fewer mortgage loan originations in any rolling twelve-month period." I did not find any such exemption in my state's laws after a quick search, but I haven't actually read through it all in a long time.

I read that the Dodd act or whatever it was said that you can make less than three transactions (which was after the safe act)?

This thread is really awesome. AcesUp, I'm really impressed with the information you've brought forth and I spent a couple hours reading your blog today. Really informative and entertaining read. Good luck, you and your wife have some skills!

We sold a house for loss of about 30k after agent fees, title, tax,etc....We bought and sold the house within the same year. How does this affect filing of income taxes for this year?

Like I said, I haven't read through this stuff in a while even in my state, much less others. For me, the expected profits in real estate investing ended up not being worth the time and opportunity cost for me right now so I haven't made the effort to stay up to date. I'd recommend getting in touch with your state's Manufactured Housing Association and ask them how the laws affect you. There is an email address at the bottom of this page that would probably be a good place to start. These folks will undoubtedly have more knowledge of the laws affecting you than any of us will.

Do call up an accountant in your state.

Matters of taxes should not be discussed here.

Every state is different and you may get wrong information from people in different states.

is there information in this thread about first time home purchases? I searched it but didn't come up with much information that seemed relevant, or way to much to comb through.

I assume as a landlord I always need to keep at least the amount of the security deposit in the business account? True? Or do I need an entirely separate account?

varies by state -- often times you have to keep the money in an interest bearing account if it's over a certain amount

are there any HMLs on here?

sorry for the double post but i had a question...why is a property like this:

http://www.howardhanna.com/property/property.asp

going for $650? The place isn't in that bad of a spot-not the greatest, but nothing that's not handleable.

Does the inside have to be god awful? Are back taxes likely? What other reason could there be for this?

url fail?

Just look at the URL to know that you haven't given us a link specific to your property. Address?

And yes, any/all of those things are possible/likely.

sold my first mobile home for 18 payments of $175 (3150). Paid roughly 1100. Pretty stoked tbh.

Very nice. Do you have some more details / pictures of the transaction?

Very nice work. Awesome.

Lonnie deal? The guy is a legend in the mobile home business.