Hello, Im a newbie here. How do I find a Charlotte based group? Owner Financing, leads Etc. ? Perhaps, I have asked the wrong question. I am new into investment and seeking how- to help. I need someone to step forward with ideas. Thanks in advance.
M J
MJ,
Glad to meet you.
If I understand your question my recommendation would be to read this bill pending before the state legislators first. Should it pass you are starting a little late in your quest to become a creative real estate investor in North Carolina.
http://www.ncleg.net/Sessions/2005/Bills/House/HTML/H725v2.html
John $Cash$ Locke
I read that. However from my understanding they are redrafting the bill. I think that had to do with the support of individuals lobbying against this.
However, either way . The way I seek creative financing (sound like Carlton huh 
) , I think my method will not be deterred. Do you offer programs that assists? More info is needed. Thanks for the response.
MJ,
Until this issue is resolved I think anyone would be hard pressed to give a creditable answer on what is going to happen in North Carolina.
What I do know is the Attorney General is in full support of this bill and some creative folks in NC using Land Trusts are standing tall in front of the AG’s office, because it is considered fraud to use one. This is just one example of the thinking by the AG’s office.
This looks like a wait and see proposition.
John $Cash$ Locke
Exactly.
I look forward however, to working with you guys. I see so much support. I like that. Emphasis isn’t on being the richest. But helping us new ones, get a taste and wet out appetites. Take Care.
MJ
Have you visited the Charlotte REIA or the Metrolina REIA?
Raj
im checking them out! Thanks.
Does this affect rentals,section 8, and reselling to bank financed situations? Also, is that article referring to only lease-purchase contracts? Or does it include owner-finance?
Very interesting indeed.
OptimumInvestments,
I’d like to know if you make headway on these issues. Would you come back to this post as more information materializes?
AD
afterdigital,
Glad to meet you.
The way I read the proposed legislation if you do more than one re-sale transaction a year you will need a real estate license or become a resale Dealer posting a $250K bond, plus, plus, plus.
What they are saying is get licensed in the state of North Carolina if you plan on buying and selling real estate.
John $Cash$ Locke
NC House Bill 725 is confusing at best. There are many opinions on what it is actually saying, and, if made into, how it will be enforced.
Here is an important line from it as it’s currently written:
Under Definitions;Exemptions, number 4
Real estate resale transaction. – Any agreement however denominated or structured with right of possession in the buyer through which a person who is a buyer contracts with a person who is the owner and seller of residential real property to transfer real or equitable title to the residential real property to the person or the person’s agent, representative, or designee or into a trust for which the person or the person’s agent, representative, or designee serves as either trustee, beneficiary, or both and that remains subject to an existing deed of trust or mortgage.
By this definition, a sale only becomes a “resale transaction” if it is made subject to the existing mortgage.
As it’s written, if you are currently NOT taking titles sub2 when you buy investment properties, it seems that it would not apply to you.
What this bill is trying to do is eliminate sub2 transactions within NC.
I’ll give you an update on what I do know is happening with this bill.
It did not get passed this past week before the Senate went home. That’s good.
The Senate will be back in session this coming Monday. If it does not get passed that week, then the Senate does not meet again until next May.
The bill has been hit with very strong opposition. Several REIAs have formed a coalition to fight this bill as proposed and have hired their own lobbyists. John Hyre, Cash (above) and some other prominent investors/attorneys have donated their time and effort to the cause as well. As it’s written, the bill violates several constitutional rights which has angered some that would otherwise not really care either way about the bill. Some state level judges have voiced the concerns over this bill, which may mean that even if passed, it may quickly be “redrafted” within the courts as being unconstitutional.
Hopefully, this is enough opposition so the Senate will at least strongly consider the proposed changes to the bill offered by the opposition to make it fair and legal.
BTW, if you’re interested, the bill was first proposed by House Reps that were an appraiser, a real estate agent, and a general contractor. Strangly, not one investor in the bunch, and all in a profession that is negatively affected by sub2 deals.
Raj
any news updates on the bill?
Won’t really know anything else until the end of the week, which should be the final session until next May.
Write those Senators!!!
Raj
Good News!!!
It appears that HB 725 has been put on hold until at least next May.
Go get those Sub2 deals in NC!!!
Raj