HI JScott
The HR 1728 bill is evil. It takes away our rights to enter in to a contract to buy or sell houses any way we want to.
When I buy houses I often have creative terms like zero interest for the 1st 5 years then 5 % interest or maybe zero interst for the full lenght of the note. Or I might split the notes so I;ll have 2 notes and the 2nd note payments don't kick in until the 1st note is paid off. This increases my cash flow and gets the seller the price they want.
Also, when I sell a house I can structure the note so it fits the needs of the buyer but also gets me what I need out of the house. I did a deal recently where I sold the house at a discount to keep the monthly payments low for my buyer but I kept an option to buy it back in 10 years for a little more than they paid. So they get a really nice house at way below market payments and I get a lot of the upside without having a tenant.
None of that can happen anymore!!!
Now, if you want to sell with seller financing it has to be a 30 year amortizing fixed note with all the paperwork crap of a Bank of America would require when doing a loan.
States already have laws on the books that govern seller financing. There is no need for the federal government to stick their nose in the states business and re-write the rules.
If I want to buy with seller financing and the seller has sold another house within the last 3 years, they can't sell.
This bill is an effort to FORCE everyone to go through a mortgage broker to get financing so the mortgage broker can make a big fat commission.
Or, it could force you to get a mortgage broker license. In some states that will require that you are an apprentice under another broker for 2 years before you can get your license and it may require a lot of expense.
The license part is not the problem. The problem is that this bill is an attempt to eliminate any kind of creative financing.
But that's not all...
If you read title 9 of the bill, it also gives the government the power to TAKE OVER any multi-family unit that they feel is not capitalized enough. Who determines that? Does this mean that all multi-family unit owners will now have to provide monthly bank statements to the government to prove what capital they have? It's an invasion of privacy! The property does not even need to be in foreclosure for the government to be able to take it over.
Why does the government need more power? why is the government taking over all these businesses? why do they want to take over multi-units? determining salary? why does the government want to be in charge of every aspect of our lives - like health care?
It is NOT the role of the federal government to do the things they are doing under this new administration. Someone in Washington DC needs to read the Constitution and the Declaration of Independence.
What will they demand next?
I recently received a NEW survey from the cencus for small business and self-employed. This is what the government wants to know about you now:
when i started the company
where the money came from to start the company
male, female. age, ethic origin
did an estate or trust own more than 50%
do 2 or more members of the same family own the biz - if so who
what capital was use to acquire this biz
did you operate from home
who were your customers
what % did you export outside us
do you have operations outside us
do you outsource any business functions outside us
what kind of workers did you use ( full time, part time, day labor, temp, contractors, etc)
what employee benefits were paid by the company
do you have a web site
any e-commerce sales
what % of sales were e-commerce
did biz make any online purchases
how many hours did you work per week
IT'S NONE OF THEIR DAMN BUSINESS!!!!!!!!!!
Welcome to a Socialist world! How will they use this information. Why do they need to know it? What will it be used for.
It is an invasion of my privacY clear and simple!
The penalty for not filing is $500. The penalty for answering a questions wrong is $10,000. Who determines if you answer wrong? They do! The government has WAY overstepped their authority and it has to stop.
But despite all of this... there is ALWAYS a way!
The HR 1728 bill is evil. It takes away our rights to enter in to a contract to buy or sell houses any way we want to.
When I buy houses I often have creative terms like zero interest for the 1st 5 years then 5 % interest or maybe zero interst for the full lenght of the note. Or I might split the notes so I;ll have 2 notes and the 2nd note payments don't kick in until the 1st note is paid off. This increases my cash flow and gets the seller the price they want.
Also, when I sell a house I can structure the note so it fits the needs of the buyer but also gets me what I need out of the house. I did a deal recently where I sold the house at a discount to keep the monthly payments low for my buyer but I kept an option to buy it back in 10 years for a little more than they paid. So they get a really nice house at way below market payments and I get a lot of the upside without having a tenant.
None of that can happen anymore!!!
Now, if you want to sell with seller financing it has to be a 30 year amortizing fixed note with all the paperwork crap of a Bank of America would require when doing a loan.
States already have laws on the books that govern seller financing. There is no need for the federal government to stick their nose in the states business and re-write the rules.
If I want to buy with seller financing and the seller has sold another house within the last 3 years, they can't sell.
This bill is an effort to FORCE everyone to go through a mortgage broker to get financing so the mortgage broker can make a big fat commission.
Or, it could force you to get a mortgage broker license. In some states that will require that you are an apprentice under another broker for 2 years before you can get your license and it may require a lot of expense.
The license part is not the problem. The problem is that this bill is an attempt to eliminate any kind of creative financing.
But that's not all...
If you read title 9 of the bill, it also gives the government the power to TAKE OVER any multi-family unit that they feel is not capitalized enough. Who determines that? Does this mean that all multi-family unit owners will now have to provide monthly bank statements to the government to prove what capital they have? It's an invasion of privacy! The property does not even need to be in foreclosure for the government to be able to take it over.
Why does the government need more power? why is the government taking over all these businesses? why do they want to take over multi-units? determining salary? why does the government want to be in charge of every aspect of our lives - like health care?
It is NOT the role of the federal government to do the things they are doing under this new administration. Someone in Washington DC needs to read the Constitution and the Declaration of Independence.
What will they demand next?
I recently received a NEW survey from the cencus for small business and self-employed. This is what the government wants to know about you now:
when i started the company
where the money came from to start the company
male, female. age, ethic origin
did an estate or trust own more than 50%
do 2 or more members of the same family own the biz - if so who
what capital was use to acquire this biz
did you operate from home
who were your customers
what % did you export outside us
do you have operations outside us
do you outsource any business functions outside us
what kind of workers did you use ( full time, part time, day labor, temp, contractors, etc)
what employee benefits were paid by the company
do you have a web site
any e-commerce sales
what % of sales were e-commerce
did biz make any online purchases
how many hours did you work per week
IT'S NONE OF THEIR DAMN BUSINESS!!!!!!!!!!
Welcome to a Socialist world! How will they use this information. Why do they need to know it? What will it be used for.
It is an invasion of my privacY clear and simple!
The penalty for not filing is $500. The penalty for answering a questions wrong is $10,000. Who determines if you answer wrong? They do! The government has WAY overstepped their authority and it has to stop.
But despite all of this... there is ALWAYS a way!
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