Day on the Hill


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I just returned from Washington DC and the National Real Estate Investors Day on the Hill.

This is a very important event for HomeVestors Franchisees and  all real estate investors. We learned about some upcoming legislation that could be harmful to property owners as well as real estate investors across the country.

You have probably read about both Senate and House bills on the country’s financial overhaul. Senator Chris Dodd and Representative Barney Frank have bills that  have many good parts. They are aimed to protect the consumer, which sounds very good and is very popular. The main focus for this legislation is to regulate Wall Street and the mortgage industry from unscrupulous lending practices that have hurt the public. But the challenge is in the fine print.

These bills are one big net directed at mortgage regulation. One of the many challenges of this legislation – passage would require people to become licensed mortgage lenders if they decide to sell, through owner financing, more than one property every three years.

That is why it is important to develop contacts with our Congressional representatives. Watch for more specific details coming up.

David Hicks with Representative Sam Johnson

Representative Sam Johnson

 

 

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