I would like to thank Christina and Gerry from Fidelity Title Company one more time for sharing their expertise and answering questions at our May meeting last night!

We had a great turnout!

Along with providing title insurance an escrows, they also do free property profiles, and can help you find experienced real estate attorneys.

Here is their contact information:

Christina Morehead
christina@fitico.com

Gerry Guerin
gerry@fitico.com

509-248-6210

http://www.fitico.com

117 N. Fourth Street
Yakima, WA  98901

Become the best landlord you can!

Landlord Seminar

Featuring national motivational speaker Greg Pinneo of Reach Returns, an expert real estate entrepreneur discussing Real Estate Investment, Negotiations and Finance.

Local experts presenting:

• Month to month contracts
• Lease options
• The eviction process
• Tenant screening
• Crime free rental housing program

Open to all YVLA  members and non-members too!

Saturday, May 21, 2011
Holiday Inn & Conference Center
802 E. Yakima Avenue
9:00 am – 5:00 pm

Cost:  Pre-registration: $25/person
At the door:  $35/person
Includes lunch and light snacks

www.YakimaLandlords.org
509-457-4770

From The Blog Of Joe Crump – Real Estate Investment Strategies & Tips

Over the past few months I’ve been getting emails from a lot of real estate teachers claiming that the new Federal S.A.F.E Act means the end of seller financing. Because of those emails, I’ve been flooded with frightened questions from my own students about this issue. “Am I breaking the law, Joe?”

The claim is that if you sell a property with any kind of seller financing, you will be breaking the law if you aren’t licensed to do so.

This is simply NOT true.

Seller financing is alive and well today for those who understand how to structure deals even if you DON’T have a real estate or mortgage license.

It’s scary enough starting a new business without someone telling you what you are doing is illegal. Today, in this blog post, I’m going to try and ease your fears about this issue.

Here is my take on the new Federal S.A.F.E. Act.

I do not believe it is going to affect the folks who are using my techniques. Here is why…

SAFE Act Info Regarding Selling On Terms

This is taken from the Legal Hotline newsletter put out by the Indiana Association of Realtors for Brokers.

It is directed at agents and brokers, but addresses the issue of dealing in Land Contracts and Lease Options specifically.

BEGIN QUOTE
“Furthermore, land contracts will not fall under the SAFE ACT requirements since legal title in a land contract does not pass until the end of the payments. With seller financing, the difference is legal title passes from seller to buyer at closing. If your client wants to sell property under a land contract, there should be no legal issue under this Act.

If title does not pass from seller to buyer, it is DFI’s position that it is not subject to licensure. Similarly, a lease with an option to purchase or other agreement where title does not pass is not subject to licensure.

IN SUMMARY, a seller will be exempt from this Act if:

1.) Owner is selling own residence vs. a rental property;

2.) If the seller never lived in the home (investor), seller is still exempt if the property is being sold on a land contract or lease with option;

3.) If title does not pass, owner is exempt.
END QUOTE

DFI is the Department of Financial Institutions and can be found online at:
http://www.in.gov/dfi

Although this is Indiana specific, you could check with your own local board of Realtors to find out how they interpret it.

But keep in mind, all of these regulations are based on the Federal SAFE Act which required compliance in all States. So other than a few amendments here and there, the State by State legislation is not going to be much different anywhere you go.

What this means to me?

The only difference that we have to keep in mind when using the things I teach is that you should no longer sell a property “subject to” if you are not the owner residence of that property. That is not a problem if you use my techniques. We don’t sell “subject to” we BUY “subject to” and then sell with a Land Contract or Lease Option. Once you understand my hierarchy of zero down structures, all this is very clear.

Ultimately, if you do what I teach, you won’t have to worry about this issue or this legislation.

And the beauty of having this legislation now – it will probably quiet down the political storm around mortgages for a while and forestall any other more onerous legislation (at least that is my hope).

Hope this answers the question. Keep in mind this very….

IMPORTANT NOTE: I am not an attorney. I do not even play one on TV. Don’t count on my advice as legal advice. One of the things I find is when folks are frightened about a particular issue, it makes them freeze up and hesitate to take action. If you are not comfortable with this issue, be sure to speak with a local attorney.

The bottom line? If being afraid means you don’t action, being afraid means failure.

If you have questions or comments, leave them below and I’ll make an effort to answer them.

As always, you have my very best wishes,

Joe Crump

PS – I’ll be teaching all of these techniques to my mentor students at my upcoming Two Day Buying Event. It’s just a few weeks away on November 13th and 14th, 2010. For full details, go to the web pages below.

Mentor Program Info
http://www.ZeroDownInvesting.com

Two Day Buying Event Video
http://www.JoeCrump.com/twoday

What I’ll Be Teaching At The Event and How I Partner With My Mentor Students
http://www.JoeCrump.com/partner

You can also learn my techniques in my home study program here:
http://www.PushButtonMethod.com

Reach Returns 1 Day Seminar Oct 9th

Topics that will be covered
• How to create passive income.
• How to structure SMART deals in a STUPID economy.
• How to maximize your efficiency .
• How to understand and negotiate private money.
• How to find the RIGHT opportunity among a sea of possibilities.
• How to take control of your life & finances and “LIVE DELIBERATELY”

This is a life changing event that you will not want to miss!

CWREIA members wanting to attend please contact Debbie – dschulte2001@aol.com

All others wanting to register, go to www.nwreia.com.

Registration begins at 8:00 and the meeting begins at 8:30 and goes to 5:00 with a Q&A afterwards.

Double Tree Hotel Lloyd Center
1000 NE Multnomah St
Portland, OR 97232

Here’s an audio on how to quickly qualify sellers using the WOWWW formula from www.reicrusher.com.

Check it out below.

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.