The U.S. Senate is considering a bill that would severely limit the way you do business as a creative investor and, more importantly, is an inexcusable infringement of the property rights of all Americans.
HR 1728, which you can view in its entirety here: www.govtrack.us/congress/bill.xpd?bill=h111-1728
It covers a lot of different topics but here’s the important part. You will NOT be able to sell more than 1 property with owner financing every 3 years!
Their definition of Seller financing includes land contract, owner-held mortgage or wrap-around mortgage-and who knows if they’ll define lease/options as owner financing, too?
It means that you will have to comply with a long, confusing, and penalty-filled piece of national legislation. Here are the types of transactions that you would be restricted from doing more than once every 36 months:
- Selling YOUR OWN HOME using a land contract or owner-held mortgage so that you can get a quicker sale, higher sale price, or better rate of interest than is available in other investments
- Carrying back owner-held second mortgages on investment properties that you sell
- Doing any kind of installment sale on residential properties including homes, condos, mobile homes, and even raw land that is zoned residential
The bottom line is, this law has to be stopped and it has to be stopped NOW. Here’s why: (more…)
