Real Estate Legalities
There are some legal issues you need to be aware of in order to keep yourself protected as an investor. We are not lawyers, nor are we qualified to give you legal advice. The course materials are meant for informational and educational purposes only.
The best thing you can do is connect with a real estate attorney in your state to discuss the best ways to implement the course material within the constraints of the law. Ask for referrals from other investors- you want to work with an attorney who is experienced in the real estate investing arena.
Topics you'll likely want to discuss:
- Setting up a legal entity
- Maintaining proper insurance (business and property)
- Any licensing you need
- Dodd Frank Act
- SAFE Act
- Landlord-Tenant laws in your state and county
The Dodd Frank Act and the SAFE Act deal specifically with providing loans that are secured by someone's primary residence. There are certain restrictions, laws and exemptions that you need to be aware of to ensure you're operating within the confines of the law.
**The Dodd Frank Act and the SAFE Act directly apply to the strategies in the Mobile Home Maverick and we implore you to do your own due diligence and seek the counsel of an attorney**
Don't let this intimidate you. Just get it done and keep moving forward.
Here is a great informational resource on Dodd Frank:
My personal interpretation of these laws is this:
If you are doing less than five (three in some states) deals in any rolling 12 month period, you are exempt from the Dodd Frank restrictions. However, it's a best practice to clearly define that exemption on any loan paperwork completed with buyers.
A licensed mortgage originator must write up the loan documents to be in accordance with the SAFE Act.
Again, the smartest thing to do is talk to a professional about this. Sorry for all of the disclaimers, but we want to make sure you go forward on the right foot!