Attention All Ohio Landlords and Investors

[Kyle O.]

Ohio Landlords & Investors,

I recently found out there are potential changes to the OHIO seller financing land installment contracts. This is an already highly regulated area as Dodd Frank was heavy handed. It is up to us as Americans to stand up to this legislation to make sure our freedoms and rights are protected. We generally want to encourage free markets and less regulation. Before I started doing deals, I grew up in a very economically depressed area in Toledo, Ohio. I was adopted by my great aunt. She worked the same job from 16-65. She purchased her home on land contract. If she did not do this we may have never owned a home. I believe there are mutually beneficially terms for both buys and sellers. 

Now Chase announced down payments as high as 20% for primary residence purchases. I generally do not enjoy typing long post. I included some of the purposed changed below:

1. Seller responsibility for property taxes and assessments.
2. Prohibiting a seller from holding a mortgage on the property.
3. Requiring the seller to obtain a certificate confirming that the property complies with the applicable building codes.
4. Requiring the seller make all repairs to keep the property in a fit and habitable condition during the course of the installment contract.
5. Requiring the sellers to obtain an independent appraisal of the property.
6. Requiring the seller to be responsible for the insurance premiums.

Some say these changes have a low chance of passing. IMO, if they are purposed they can pass. I included some information below. 

https://www.legislature.ohio.gov/legislation/legislation-summary?id=GA133-HB-103

https://constitutionus.com/

Best regards,

KO