Settlement Procedures - Sale
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Hi jDaniel! Firstly, thank you for all you do for us on the site. I'm very grateful..very.
I called a website to know the usery laws in PA and got the banking and securities folks. He said btw you're going to have (after 2 MH deals) get these licenses BESIDES the m. h. dealer's license.
1) installement seller license $250 yearly (because im making installment payments)
2)Partially exempt mortgage company license $100 one time, BUT on this license's check off list I have 2 choices to obtain it:
1) BECOME a mortgage originator myself with all the exam studying/testing 400-500$ etc
OR "hire" one as an "employee" (She said I can't "hire" one per deal)
John Fedro (of the youtube) told me I don't have to BE a MO but can hire one, I tried to called around and explain that I need someone to just do my little loan's "paperwork"...they all are turning me down for they want loans with THERE banks. One said no MO will help you under a 25k loan anyway.
I'm just starting, small fish 4k in life policy to cash out and 25k in an IRA I can access, but I can't afford an "employee". Would you kindly please give me some advice for the state of PA .. I'd be so grateful. Gloria
My initial thoughts would be to take the time to get those licenses for yourself. It does two things, ups your education, and then reduces your long term costs. Then when you grow big enough to need to aoutsource it - outsource it the, but unitl then do it in house with your own liocense.
Hi Dan. These videos and information are priceless. I really appreciate all the hard work and expertise.
Can you refer me to an attorney that can draft all these documents? Or have you been able to add them to the resources? (I can't find the link). Texas Manufactures Home Association requires you to be a member and take their curse to get access to their docs. I am purchasing my first MH as an investment and I want to do things right.