Teleseminar Posted / Does Dodd-Frank Apply To Mobiles?
Published: Wed, 02/12/14
A Service of The Paper Source, Inc.
www.PaperSourceOnline.com
February 12, 2014
Hi ,
I hope you were able to join what was a terrific teleseminar
last night with Marty Granoff. He is a wealth of knowledge on
brokering and buying "under the radar" cash flows. If you
would like to hear it, go to http://tinyurl.com/2014notesymposium
Scroll down the page to Marty Granoff's picture, where you
will find the link. (You can also sign up for the Note
Symposium on that page, hint, hint.)
DOES DODD-FRANK APPLY TO MOBILE HOMES ("Lonnie Deals")?
Many of our PAPER SOURCE subscribers do "Lonnie deals" (named after
Lonnie Scruggs who pioneered the concept) -- they buy used mobile
homes at a discount for cash and sell them to owner-occupants at
higher prices on easy terms.
If you do Lonnie deals, or plan to, you need to know that the
Dodd-Frank regulations that went into effect on Jan. 10, 2014,
apply to you just as much as they apply to someone selling a single
family house to an owner-occupant. (If the buyer will not live in
the mobile home, the rules do not apply.)
I confirmed this with my go-to guy on all things Dodd-Frank; Ric
Thom, president of Security Escrow, Inc. He says:
"In Reg Z in TILA a "dwelling" is defined as a residential
structure that contains one to four units, whether or not that
structure is attached to real property. That includes mobile homes.
If you use seller financing to sell mobile homes that are attached
or not attached you fall under the same rules as selling a site
built stick house using seller financing."
For an explanation of those rules, see Ric's post at
http://papersourceonline.com/dodd-frank-note-business-explained/
(which was first published in the Sept., 2013 PAPER SOURCE JOURNAL).
Ric Thom will be teaching at The Paper Source Note Symposium in Las
Vegas April 24-26. For information, visit
http://tinyurl.com/2014notesymposium
or call 800-542-2270.
Cheers,
Bill
W. J. Mencarow
President, The Paper Source, Inc.
www.PaperSourceOnline.com
www.PaperSourceSeminars.com
www.PaperSourceUniversity.com
www.cashflows.org
P.S. There are only have 4 exhibit spaces left for the Las Vegas
Note Symposium. If you are a note investor or provide a product or
service of interest to note investors or brokers, see the
information at http://tinyurl.com/mo44jrw and e-mail me to confirm
availability: wjm@PaperSourceOnline.com