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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Received this follow up... Posted by CC in OC on June 08, 2009 at 5:52 PM In Reply to: Re: The slow... posted by Spectrum on June 08, 2009 at 1:55 PM If you've received one of those emails like the one below... don't worry! Don't stress out! While it's always good to write and educate our legislators, this bill has been misrepresented and misunderstood by the 'gurus' circulating it! I've seen emails like this in the past, so I talked to my attorney and verified it... If this bill becomes law, the only consequence is that you will need to provide Truth in Lending to your buyers on owner financing sales. This extra step involves an additional 3 pages (at most) of paperwork, and your local attorney can do it for a few hundred $$. Very simple. So, it does NOT mean that you will be able to sell only 1 property every 36mo on owner financing! At my seminars, I advise students to comply with Truth in Lending anyways if they sell more than $1M of Real Estate on Owner Financing - which in CA is 2 houses! Take care, and this great business is not going away!!! Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : If you've received one of those emails like the one below... don't worry! Don't stress out! : While it's always good to write and educate our legislators, this bill has been misrepresented and misunderstood by the 'gurus' circulating it! : I've seen emails like this in the past, so I talked to my attorney and verified it... : If this bill becomes law, the only consequence is that you will need to provide Truth in Lending to your buyers on owner financing sales. This extra step involves an additional 3 pages (at most) of paperwork, and your local attorney can do it for a few hundred $$. Very simple. : So, it does NOT mean that you will be able to sell only 1 property every 36mo on owner financing! : At my seminars, I advise students to comply with Truth in Lending anyways if they sell more than $1M of Real Estate on Owner Financing - which in CA is 2 houses! : Take care, and this great business is not going away!!! [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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