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Updated over 4 years ago on . Most recent reply

Carey L Rouse's profile image
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Carey L Rouse
  • Member since Apr 6, 2019
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Carey L Rouse's profile image
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Carey L Rouse
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Carey L Rouse
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Buying & Selling Real Estate

Avoiding Dealer status

Carey L Rouse
Posted

I'll be doing 2 owner finance, single family, home sales this year (in my own name). But any future owner finance deals will be in my LLC. Should I be worried about getting tagged a dealer? I'm in Texas and so are the 2 homes.

I'm debating about whether or not I need to go through an RMLO process to do the 2 sales?

Thanks

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Jerel Ehlert's profile image
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Jerel Ehlert
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  • from Austin, TX
  • Member since Sep 23, 2014
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Jerel Ehlert
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  • from Austin, TX
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Jerel Ehlert
  • Attorney
  • Austin, TX
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Jerel Ehlert
  • Attorney
  • Austin, TX
Replied
Just do it.  RMLO and a loan servicer.  The penalties for failure to comply if the safe harbor is revoked far outweigh the cost of compliance from the 1st transaction.
  • Jerel Ehlert
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