The Dodd Frank Act has stirred up more than a little confusion and controversy in the real estate industry. Day after day I hear investors saying things like, “This doesn't apply to me or who's going to enforce this act”?
Just the Facts
I had the pleasure of interviewing my friend and colleague Bill Walston recently about the Dodd Frank Act. For those of you who don't know Bill he is a CPA, tax strategist and master lease option expert.
In our interview we talked about the basic requirements of the Dodd Frank Act, and exactly how real estate investors can meet these requirements.
Some of the things we discussed were:
- When the Dodd Frank Act goes into effect
- How it is different from the SAFE Act of 2008
- What effect it has on investors doing lease options
- The new requirement that the seller must verify the buyer's ability to repay the debt and the procedures they are required to follow
- Buyer remedies and the stiff penalties for real estate investors that don't comply with these requirements
The Dodd Frank Act has the potential to impact most real estate investors. However the ones that will be most affected are those investors that use seller financing as an exit strategy. There are new requirements and stiff penalties for those that fail to comply.
Be sure to stop by Bill's site BillWalston.com after watching the video where you can pick up your free copy of his audio “Talking Lease Options”.
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