Now that dodd frank is in effect, how are you the owner financing guy going to
do your deals (for the one that does more than 3 deals a year).
Could you set up an LLC for every 3 deals you do?
What do you think about putting them in trust? Do you think a judge would go
for that?
Just looking for some ways to structure my deals.
That is an awesome question! I had to think smart and hard about the available options. The seller fiancé requires an installment note. How ever I don’t recall it saying any thing about rent to own.
I can handle the limit set for seller financing. The purpose of seller finance is to allow opportunity and create passive income. With rent to own, I have created a system that has become very popular. It allows many of my clients to learn, save and eliminate as much debt as possible to qualify for a conventional loan within 5 years.
Are you guys ultimately looking for alternative sources of funding, without using your own cash, or something else?
Now I may be wrong; however, after reading over the Dodd Frank issue, it is my understanding that mortgage brokers can only do 3 seller financing deals because they may also make money from collecting fess for the application, credit report, and etc. Those that provide financing are excluded from this rule. And as those of us that are offering seller financing, we are providing the “funds” to close the deal.