Disturbing S.3217,Financial Reform Bill Could Affect Real Estate Investing

The Financial Reform Bill, or S 3217 could have disturbing consequences for real estate investors. How?

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The  disturbing S. 3217 bill is now sailing through the Senate and some real estate investors say it needs to be stopped.

It is The Financial Reform Bill sponsored by Senator Dodd of Connecticut.  REIN, Real Estate Investors of Nashville, considers it to be very dangerous.

REIN is urging its members to inform their Congressmen and women to vote against this bill.

Why?

The problem is the language which may be interrupted to state real estate investors may not sell more than one property within a 36 month period with a seller held note/installment sale/seller financing.

To sell more than one you will need a mortgage broker’s license.

We need to stay on top of any legislation that could curtail our investing.

Here’s more from around The Internet about S 3217

Key Vote “No” on S. 3217 | FreedomWorks

On behalf of hundreds of thousands of FreedomWorks members nationwide, I urge you to VOTE NO on S.3217, the Restoring American Financial Stability Act of 2010. The legislation being pushed in the Senate includes a massive new regulatory …

new research findings two: Senate S.3217

The Wall Street Reform and Consumer Protection Act of 2009 (H.R. 4173), just adopted by the House of Representatives (and sent to the Senate as S.3217) includes language giving more power to the Federal Trade Commission to make general …

Consent Of The Governed: Stop The Financial Reform Bill – S. 3217

Stop The Financial Reform Bill – S. 3217. WHY? In short it grants permanent, unlimited bailout authority to the Federal Reserve. It’s like TARP forever without the nasty, unpopular debates and votes in Congress. …

Read more about S3217

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What Was Your Hardest Deal?

What was your hardest deal? Now you can listen in as real estate investors share their stories

What was your hardest deal is a question being asked over at Bigger Pockets.  We tuned into the conversation which is fascinating.

Real estate investors are sharing some of their war stories such as the one where an investor was buying a waterfront property valued at $1.2 million and the owner had mortgages totally around $900,000.

The first mortgage for over $600,000, was being foreclosed upon and to summarize, the investor ended up having to bid for it on auction because the owner had gone bankrupt and…

You can probably guess the rest of the story but it’s entertaining nevertheless.

Your hardest deal

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Southern California MLS Inventory Grows

Dr. Housing Bubble is reporting a lot of real estate inventory in Southern CA is going to MLS finally

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Southern California’s  MLS inventory is growing, thanks to distressed homes.  That’s from a report coming in from Dr. Housing Bubble, one of our most fav blogs.

Dr. Housing Bubble says that these distressed homes were supposed to have been put in a loan modification program called HAMP. The ambitious plan was to help upwards of 4 million distressed homeowners but it didn’t reach anywhere near that goal.

What do you do with all that inventory that is now piling up?

How about the good ole MLS?

So these properties are in the MLS now but does that mean prices will come down soon?

Read Dr. Housing Bubble’s detailed analysis of the Southern California housing market opportunities.

Bank scrapped new lease MODEL HOMES-housing market collapse | Poztman

Development UPDATES: Another bank begins to destroy 20 homes in Temecula in Southern California. New homes by editor Patrick Thatcher for the Victorville Daily Press-L’effondrement accommodation takes the form of a literal demolished an …

Real Estate: Inventory of Unsold Homes Growing Steadily Across the …

The nation’s inventory of unsold homes – an important component of a more balanced housing market in the second half of 2005 – is growing steadily in many areas of the country even though buyer demand continues strong, according to … The percentage of member real estate agents reporting plentiful vs. limited supplies increased from 33% in the first quarter to 38% in April, May and June. Exceptions would be South Florida, Arizona, Southern California and certain other …

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REITS Anyone?

Should you invest in real estate reits? What about commercial property and office buildings?

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Should you now invest in REITS?  The New York Times has an article which is giving the advice, that yeah, it’s probably okay.

So what I think that means is most REITS are safe as long as they aren’t heavily into commercial properties because commercial has not bottomed yet.

Also be choosy.  Don’t choose a REIT with a lot of office buildings because unemployment is still too high. It’s a given that office buildings need to be filled with people who have jobs.

The article also talks about real estate mutual funds.

It’s interesting.  Read How to Avoid Real Estate Investing Overdose

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Curbed NY Tells Tale of Tenants Getting Even with Unpopular Landlords

Don’t make your tenant too mad. They can get revenge on Facebook.

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Curbed NY has some interesting news. I was struck by the New York City landlords who aren’t  real popular with their tenants.  Now some of those unhappy  tenants have put up a Facebook Group that is not quite complimentary.  Whoops.

Just goes to prove you need to have as good a working relationship as you can have with your tenants because these days with all that Tweeting and texting on phones, etc. you might get some very unwanted publicity.

I have no idea what the real story is behind the “I Hate _____” facebook group, but if you try to treat your tenants fairly they will most likely bring you new tenants.  That has been the best kind of advertising for us.

Read Curbed’s Post about unpopular landlords

Curbed also has some more interesting New York real estate news such as more of his curbed marketplace showing us what apartments in Manhattan are renting and selling for.

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