[Ashley Robling]

Ashley Robling

Hey there!
Is there anyone out there with experience of putting the Title in a land trust, and wouldn’t mind helping me through my first few deals. Also, if anyone knows if I need more than a Dealer’s license in Michigan, I’d love to chat!

Thanks all!

Rookie Ash 🙂

[Jackie Lange]

Jackie Lange

HI Ashley

You really don’t need a mentor. You can do this!!! If you study the training about land trusts and mobile homes then you’ll know how to do everything.

Be sure to check in to the mobile home dealer rules in your state.

[Ashley Robling]

Ashley Robling

Thanks for replying! My MH Dealer rules in my state are what I have questions about.

https://www.michigan.gov/documents/lara/bcc968_mobile_home_installer_repair_license_0517-fillable_567068_7.pdf

This is the page I found for Michigan…I’m looking at just the Dealer one for $450, correct? Do I need any other kind of permits for Michigan? Also, is the “business information” my LLC or trust?

Also, literally, how do I put a Title into a Trust? After the transaction from the seller is complete, and I have the Title in hand, how do I change it to the Trust? I understand after listening to a few training’s about this it’s a legal document that spells out exactly what it means to live there, and protects identity. However, where do I file it, and can the Trustee be my LLC?

Thanks!

[Jackie Lange]

Jackie Lange

KEEP IT SIMPLE!

Skip the trust for now. Just take title in your LLC (which is hopefully set up as an S corp)

A Trust can actually complicate things when you get ready to sell.

If you make it too complicated, it will keep you from moving forward.

[Ashley Robling]

Ashley Robling

I haven’t formed an LLC yet, are you saying I should set up an S Corp & use that instead?

[Jackie Lange]

Jackie Lange

Ashley, why not start with the first 3-4 mobile homes just in your own name. You can do the LLC later.

Read Lonnie Scrugg’s book Deals on Wheels! it has all the info you need about mobile home investing! That and a few other mobile home investing books comes with your CashFlowDepot membership