SAFE Act in Oklahoma & Lonnie deals
Engineer · Oklahoma City, OK · Member since 2013 · 144 posts · 44 votes
I see John Fedro's post that Oklahoma requires a Mobile Home retailer's license . This has just further confused me. I found a deal to buy a mobile home and the seller is extremely motivated. However I'm hesitating trying to navigate the SAFE Act and how it affects a potential lonnie deal.
Can anyone provide some logical input to help me out? Thanks!
The reality is "it is what it is". Do we have to like it? No. It has personally put a damper on a section of our business. The thing is, we need to adapt. Can we continue to do business the same way we always have. The consensus is no we cannot.
I don't have the answer to the Safe Act, but until we do, we must work in the boundaries of it just like any other laws real estate investors deal with. All of us in this business deal with zoning, inspection, IRS, securities laws and so forth.
If it were easy everyone would be in this business and none of us would make any money. Its not, and the lions share will go to those that persevere and adapt.
May we all be those people.
What concerns me is that so many of us are now afraid of the government. And that the government can put out laws and regulations that are thousands of pages, and that require expensive legal experts to interpret and explain to us. And we just bend over and take it like this is normal and the way it's supposed to be. And so many of us are acting like, "oh well, this is a government edict and we must surely obey it, or we'll be in BIG Trouble".
I don't hear any of you talking about how this damn law is unconstitutional (I don't even sense any outrage in the law at all from the comments above).
In a similar manner, with the Obamacare crap I hear people saying that they will just stop buying insurance and will just pay the fine/penalty/tax. OK, good. But where's the outrage over the damn fine/penalty/tax?
Are any of you not outraged by our Federal Government at all?
What about that stupid EPA rule about hiring an EPA-certified lead-based-paint contractor to work on your rehabs? Again, unconstitutional.
I'm afraid we have too many constitutional authorities educated by Fox News entertaining such nonsense as it is Bryan. There are plenty of "Don't Tread On Me" sites to post such views. This isn't one of them. :)
And, your point was made, if we don't like something there are avenues to direct change. Instead of screaming that my rights are violated (by someone who really is voicing an opinion and not a point of law as they are not qualified lawyers) find a better solution that address the problems.
This stuff would never have surfaced to this point if sellers had not been acting in a predatory manner, setting the public up to fail, just a form of theft. Seems the ones yelling the loudest are those who would rather deal in those predatory ways, either intentionally or out of ignorance of what they were doing even if they had good intentions. While I don't like the extent law makers went to in many aspects, something was long overdue to clean up the mess.
Now, by golly, I'm going to the store and I'm gonna drive 100 mph! :)
Bill,
I don't see you talking about all the banks doing predatory lending and setting everyone up to fail.
Joe Gore
Most of the SAFE Act applies to banks and other lenders, it's not been that much of a concern to the RE investors Joe. But yes, any lender that is predatory, banks, credit unions (not so much usually) mortgage brokers, HML types, or anything left over needs the same treatment. I'm all for breaking up the big banks just as Standard Oil was and splitting them up between investment banks and commercial banks as they were. But I don't get to set the rules, if I did, they would be different. I hope the balloon poppers in the large banks go to jail.....and it's not over yet.
I nailed banks with the largest nail I had in several cases and I searched for fraudulent and embezzlement activities as my first concern, I assumed there was somewhere until I proved to myself there wasn't any. Found several issues that had gone unnoticed in prior examinations too. One guy was billing aviation gas to the bank for his plane for years! I won't go on, I just don't like unethical people, rich or poor and the size of some business is no excuse as far as I'm concerned.
I have mentioned before on BP that I did loans for most of our FBI agents in this area and I was rather instrumental in chasing some "registered lenders" out of town and charges against others. I really don't like those that scam others in anything.
So, hope that takes care of your concerns with me, Joe, I have never been a good politician, heck, I have a tough time being tactful sometimes much less playing political games with any banker or anyone else.
Now, let's get back on topic...... :)
The 10th amendment is really pretty simple and easy to understand (probably on a sixth grade level). Very little interpretation needed. Basically, if the Constitution doesn't provide for the Federal Government to do something, then it is left up to the states or the people to do it. I've never said that lending shouldn't be regulated or that predatory lending was OK and should go on unabated. But the truth is that the Constitutional way to go about it is at the state and local level, not the Feds. I really sick and tired of politicians and others just ignoring the constitution. And if you don't like that, there's ways to change the constitution. But I never see anyone trying to actually change it to allow what they are doing (or want to do). Basically, they just do it, and we the people just bend over and take it. Well, we're not going to take it .... anymore.
And if someone tries to tell me that the SAFE Act is state law, that's only because the Feds forced it onto the states. Wake up people.
Thanks for doing a great job, but it looks like you or someone in your office let First State bank slide in 1980.
@Deborah Burian you are so true! I might get a gray hair on my head before Oklahoma does anything with this law. I think when someone (like myself) stumbles on the SAFE act and how it could potentially affect a RE deal they're looking for a black or white answer. There just isn't one. I've received a couple messages just saying don't wait or be in fear, just do the deal and adjust once courts rule on it. I still don't know what exactly to do.
@Bryan L. I'm right there with you too, I think our federal government has gotten out of control. They're much too granular in my life, I wish they'd take a step back and leave me the heck alone.
@Bill Gulley sure sounds like you have some stories of your previous job. I bet they're interesting and it sounds like you're pretty much the expert on some of the subject matter at play here.
@Ken Rishel thanks for continuing to contribute. I think you hit the nail on the head with, "who can afford to wait". The flip side is who can afford to accept the penalty (whatever that may be).
The reality is "it is what it is". Do we have to like it? No. It has personally put a damper on a section of our business. The thing is, we need to adapt. Can we continue to do business the same way we always have. The consensus is no we cannot.
I don't have the answer to the Safe Act, but until we do, we must work in the boundaries of it just like any other laws real estate investors deal with. All of us in this business deal with zoning, inspection, IRS, securities laws and so forth.
If it were easy everyone would be in this business and none of us would make any money. Its not, and the lions share will go to those that persevere and adapt.
May we all be those people.