Comments on: Update for 9/15/2009 http://www.123flip.com/update-for-9152009 Education for the Serious House Flipper Fri, 10 Feb 2012 04:32:24 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Sean http://www.123flip.com/update-for-9152009/comment-page-1#comment-2357 Sean Fri, 18 Sep 2009 19:00:47 +0000 http://www.123flip.com/?p=1418#comment-2357 gotcha...thanks! gotcha…thanks!

]]> By: J Scott http://www.123flip.com/update-for-9152009/comment-page-1#comment-2356 J Scott Fri, 18 Sep 2009 17:55:39 +0000 http://www.123flip.com/?p=1418#comment-2356 Sean - Legally, yes, you HAVE to pay the sales tax on everything you sell. But, without the dealer's license, it's much less likely we'd get caught if we didn't pay it... :) Sean -

Legally, yes, you HAVE to pay the sales tax on everything you sell. But, without the dealer’s license, it’s much less likely we’d get caught if we didn’t pay it… :)

]]> By: Sean http://www.123flip.com/update-for-9152009/comment-page-1#comment-2355 Sean Fri, 18 Sep 2009 16:34:24 +0000 http://www.123flip.com/?p=1418#comment-2355 Sorry, I'm being dense. Are you saying that without having the broker/dealer license, you wouldn't have had to collect sales tax? (if it wasn't a law to have the license). If yes, why does have the license change the nature of the transaction? Sorry, I’m being dense.

Are you saying that without having the broker/dealer license, you wouldn’t have had to collect sales tax? (if it wasn’t a law to have the license). If yes, why does have the license change the nature of the transaction?

]]> By: J Scott http://www.123flip.com/update-for-9152009/comment-page-1#comment-2260 J Scott Wed, 16 Sep 2009 19:01:14 +0000 http://www.123flip.com/?p=1418#comment-2260 Sean - It's only an issue because it's an extra expense out of the buyer's pocket. If they purchase a MH from us for $6000 (for example), they'll owe about $350-400 in sales tax (depending on the county). These are typically buyers who have trouble coming up with $500 in down-payment, so coming up with another $400 for sales tax might be a factor in their decision to buy. Does that answer your question? Sean -

It’s only an issue because it’s an extra expense out of the buyer’s pocket. If they purchase a MH from us for $6000 (for example), they’ll owe about $350-400 in sales tax (depending on the county).

These are typically buyers who have trouble coming up with $500 in down-payment, so coming up with another $400 for sales tax might be a factor in their decision to buy.

Does that answer your question?

]]> By: Sean http://www.123flip.com/update-for-9152009/comment-page-1#comment-2259 Sean Wed, 16 Sep 2009 18:12:02 +0000 http://www.123flip.com/?p=1418#comment-2259 J, First off, congrats and best of luck with your impending arrival! re mobile home #1, why does sales tax become an issue? J,

First off, congrats and best of luck with your impending arrival!

re mobile home #1, why does sales tax become an issue?

]]> By: J Scott http://www.123flip.com/update-for-9152009/comment-page-1#comment-2257 J Scott Wed, 16 Sep 2009 03:47:39 +0000 http://www.123flip.com/?p=1418#comment-2257 Jingle - It's not so much the region of the country as it is the specific underwriter that you're working with. We have underwriters that our brokers have worked with who don't even want to think about a contract until Day 91, and then we have some underwriters who think the 90 days are just a formality, and are happy to close on Day 91, if possible. Find an underwriter who supports your business, and stick with him! Jingle -

It’s not so much the region of the country as it is the specific underwriter that you’re working with. We have underwriters that our brokers have worked with who don’t even want to think about a contract until Day 91, and then we have some underwriters who think the 90 days are just a formality, and are happy to close on Day 91, if possible. Find an underwriter who supports your business, and stick with him!

]]> By: Jingle http://www.123flip.com/update-for-9152009/comment-page-1#comment-2255 Jingle Wed, 16 Sep 2009 00:58:06 +0000 http://www.123flip.com/?p=1418#comment-2255 It is strange how differently the regions of the country interpret the 90 day rule. I have no problem getting the deal contracted, inspected, even appraised while we wait for the 90th day. The loan is processed as usual. They only thing that we have to do is terminate the original contract, and sign a new one on the 91st day. Generally, if all cylinders are firing, we close sometime in that week. I feel lucky. I had one deal where I was required to get another appraisal done, but that was when almost each deal I did was getting hit with two appraisals. I haven't seen that in the last 6 months. It is strange how differently the regions of the country interpret the 90 day rule. I have no problem getting the deal contracted, inspected, even appraised while we wait for the 90th day. The loan is processed as usual. They only thing that we have to do is terminate the original contract, and sign a new one on the 91st day. Generally, if all cylinders are firing, we close sometime in that week. I feel lucky. I had one deal where I was required to get another appraisal done, but that was when almost each deal I did was getting hit with two appraisals. I haven’t seen that in the last 6 months.

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