The LPA's Landlord Newsletter - May 5, 2015

Dear Fellow Landlord,

I recently had the honor of being asked to do a radio show with Ohio Real Estate expert, Vena Jones-Cox and thought I'd share the link with you in this newsletter.
Also, I'd like to share a very informative article by Real Estate Attorney William Bronchick about government regulations that can affect the sale of your real estate if it involves seller financing.

In this newsletter:

• Seller Financing and Dodd-Frank
  
• Real Life Real Estate Investing Radio John Nuzzolese interviewed by Vena Jones-Cox
  
• Ask the Attorney, Real Estate Attorney, John Reno
  

Please e-mail us if you have any questions or would like to add or share any material / information. I hope to see you soon!
John Nuzzolese
John@theLPA.com

by Attorney William Bronchick, Legalwiz.com

Owner Financing, Dodd-Frank and the SAFE Act - If you are selling properties to owner occupants and doing selling financing, you ought to be aware of some comprehensive new regulations that have been in effect for a few years, and a real zinger that goes into effect on January 10, 2014.

A few years ago, the “SAFE Act” was passed on the federal level, then was implemented on a state-by-state basis. The SAFE Act basically required that you be a mortgage loan originator, or use a mortgage loan originator to sell properties with owner financing. This means getting a loan application like a FNMA 1003, comply with Truth in Lending, and have the buyer sign the 1/2" thick pile of other lender disclosures.

People panicked when the SAFE Act came out, and declared that seller financing was all but dead. I simply walked down the hall of my office building and asked a mortgage guy if he could "originate" my seller financing loans. He printed the stack of documents from his lender software and charged the buyer $400 as a loan origination fee. No big deal, just a waste of good trees in my opinion.

The SAFE Act was later amended in my state (and many others) to allow you to do ...

Radio Guest, John Nuzzolese of The LPA is interviewed on landlording matters by Vena Jones-Cox on Real Life Real Estate Investing

Listen to recorded broadcast

The Landlord Protection Agency® presents John Reno, Esq., a highly experienced Landlord - Tenant attorney based on Long Island, NY.

John Reno also does Mortgage Loan Modifications (Nationwide).
(Mention The LPA for a 10% discount!)

Dear Mr. Reno:
I have a slow paying tenant. The tenant admitted he is having trouble paying rent on time. The first time he was late he left a hand written note indicating he would be 9 days late. Now, a month later--his second month no note, no payment. I thought it is time to send him the pre-eviction notice. After that, what would be my next move?
Doug S.

A: In most states, you can go directly to eviction court if it's a non-payment situation. You can send him a notice of your intention to commence proceedings, if you think that will help. You may be just delaying the inevitable.

LPA recommended forms:

Notice to Pay Rent or Quit.

Read more from John Reno, Eviction Attorney

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