- Mobile Home Notes & Dodd-Frank
Published: Sat, 03/15/14
A Service of The Paper Source, Inc.
March 15, 2014
Hi ,
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. And many invest in mobile home notes.
If you do Lonnie deals, invest in mobile home notes or plan to do
either, you need to read my article below.
Before that...2 announcements:
1) I've just posted 14 teleseminars at
http://papersourceonline.com/tele-seminars/
2) Mark your calendar for a live teleseminar this Thursday,
March 20, 6 p.m. Pacific time, with Caleb Preston, Business
Development Manager of Alaska Financial Co. We'll talk about
and take your questions on a wide variety of notes. Caleb will
also be teaching at the Paper Source Note Symposium next month
on the unique topic: "I Opened My Roth At Age 12 (And Made Over
$600 A Month From My Notes At Age 16): How To Get Your Teenagers
Excited About Wealth Creation." I'll get him to give us
a little preview of that intriguing talk on the call.
Cheers,
Bill
W. J. Mencarow
President, The Paper Source, Inc.
www.PaperSourceOnline.com
Now you know
what you'll be doing for the rest of the weekend!
P.S. You have just over a week to save on your registration for
the Note Symposium. The early special discount ends Monday, March
24 at midnight. More info: http://tinyurl.com/2014notesymposium or
call 800-542-2270.
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Does Dodd-Frank Apply To Mobile Home Notes?
by W. J. Mencarow
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. And many invest in mobile home notes.
If you do Lonnie deals, invest in mobile home notes or plan to do
either, 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.)
And if you buy mobile home notes created on or after Jan. 10,
2014, you need to make sure they comply with Dodd-Frank.
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 (the Truth In Lending Act) 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)
and listen to his teleseminar at
http://papersourceonline.com/tele-seminars/
Ric Thom will be teaching on Dodd-Frank and answering all your
questions at The Paper Source Note Symposium in Las
Vegas April 24-26. This one opportunity could make the entire
Symposium worthwhile for you. For information visit
http://tinyurl.com/2014notesymposium or call 800-542-2270.
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