This message is for Marco:
Marco, how are you addressing purchasing investment property using Subject To strategies and selling using Wrap Around Mortgages now that the Feds have passed the S.A.F.E. Act and other new laws that restrict Seller Financing?
I am located in Oregon and it appears I have to use a MLO and am limited to three per year, along with many other very restrictive rules and regulations.
Piggyback question for the Safe Act
Hi,
I have a question about the new Dodd-Frank Bill. I am a big proponent of seller financing. The Dodd-Frank bill makes that much more complicated. I know that there are ways around it, including the Subject To and Wrap-Around options. I am not opposed to getting my MLO license, but currently do not have the time to do so.
My main question is about LLC’s. Do they follow the same rules of individuals. Can I create an LLC for every 3 seller financing deals that I do? Would the LLC be viewed as it’s own entity? Would that get around the rule? I know that there are options with Joint Ventures, Subject 2 and LO as well, which I would love to here more about.
I was just wondering if the LLC is considered a separate entity in the eyes of the law and if the limit of 3 properties could be limited to that entity.
Thanks in advance for your help with this question!
All of my best,
puregold