22 Sep Support Owner / Seller Finance HR 5301
Seller Finance Reform is critical to the Real Estate investing industry. So critical that National REIA has called to ask that we support Seller Finance Reform here at the local level.
On Tuesday of this week, Jeff Watson, General Counsel for the National Real Estate Investors Association, Inc. was on Capitol Hill and had a meeting with representatives of Congressman Clay’s office. The meeting was about Seller Finance. As you may know, Congressman Clay represents a significant portion of the city of St. Louis. He is what Mr. Watson refers to as a “pro-business, Democrat.”
His legislative director, Perre Smalls, who can be contacted at 202-225-2406, specifically said that he needs to hear from individuals who are investors in St. Louis that will call and say, “My name is so-and-so, and I do/used to do/want to do owner financing, but Dodd-Frank has prevented me from making affordable housing available to my buyers. Please support HR 5301.”
Obviously, that is not the exact language you have to say, but phone calls to that man with that information will bring him over to our side where he will consider co-sponsoring HR5301. Please contact your friends and fellow investors and ask them to do this after you have done it yourself.
If you do not live in Saint Louis, MO you should call the representatives in your home district for the same reason.
Summary
The Seller Finance amendment HR 5301 is needed to modify the existing Dodd-Frank Bill. It has been introduced to allow homeowners and investors to offer Seller Finance to potential buyers increasing the current limit of three (3) per year up to sell up to twenty-four (24) homes in one calendar year.
Help yourselves by supporting this legislation that lets investors offer seller financing again.
Here is the Link to the text of the legislation: https://www.congress.gov/bill/114th-congress/house-bill/5301/text
Let us know how this goes.
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Good Luck and Good Investing
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