The US Government wants to mess with REIs on a NATIONAL LEVEL!

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The US Government wants to mess with REIs on a NATIONAL LEVEL!

Saturday, June 06

The US Government wants to mess with REIs on a NATIONAL LEVEL!

Read this!

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June 5, 2009
From: Dyches Boddiford , www.Assets101.com

Dear Bj

Pete Fortunato recently brought this Bill to my attention.
It has already passed the House of Representations and has
been sent to the Senate. If it passes in its current form,
it will restrict owner financing to once every 36 months
(HR 1728 Sec 101(3)(E)). While this may not be much of a
problem when we get owner financing from sellers, it
severely restricts our ability to sell with owner financing.

Though the bill mainly deals with amendments to
Truth-in-Lending for mortgage brokers and banks, this
one section could reap havoc. This could limit not only
your sales where you take back a mortgage, but your
lease-options and land contracts as well.

Click here for the latest version of the Bill.

All owner carryback financing should be exempted from this
bill. As one commentator noted, if this is left as is, it
is a taking of private property rights. We can wait for
someone else to fight it, but as for me, I am contacting my
Senators today to let him know what I think. I suggest you
do the same.

You can find and contact your Senators here.

Keep it short and to the point, but let them know your
thoughts! Pass this eBrief along to your investor friends.

New - Advanced Corporation, LLC & Trust Strategies Class,
September 26 & 27. Mark your calendar. More information
will be posted on the web site later this month. Hope
to see you there!

Good investing until next time,

Dyches Boddiford

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Brian Gibbons
Coach in REI since 1986
http://BrianJGibbons.com Free Stuff!
Email Team@REISkills.com
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Comments

Brian Gibbons Reply
over 2 years ago

I hope everyone calls their Senators and Congress reps on this! Rent to own and seller carrybacks might be out the window with this knee jerk reaction!

See what happened in TX w lease options and land contracts?
Justin Pierce Reply
over 2 years ago

That is just absolute junk. I can't believe these politicians. They'll give money away to people to incetivize buying and selling but heaven forbid we do it on our own dime.

We really need to write our reps about this one. Thanks, Brian, Great post.