Potential New PA Vacant Registration Law

[Chris Seveney]

Just wanted to share I received this today. Pennsylvania is looking to pass a bill to have vacant property registration and annual assessments and collect fees on vacant properties. (note some counties already have registration). This has an impact on note investors as if you have defaulted loans where a borrower vacates the property in PA the foreclosure process can still take a year and this potentially will of course increase your costs. 

https://safeguardproperties.co...

[Don Konipol]

@Chris Seveney

The Socialists use COVID and the like to pass legislation to weaken property rights and further their agenda of destroying private property and instituting state property ownership.

In 1947 NYC, using the post war housing shortage as an excuse, instituted the “temporary” measure of rent control. 70+ years later the temporary measure, as well as a companion measure instituted in1971 is still in effect, with the effect of having provided a transfer of wealth from property owners to tenants.

Since most property rights, or limits to occur on a state or local level, it's more important than ever for real estate investors and note investors to consider the location of the property investing in or collateralizing the note. For example, some states we lend up to 65% LTV, some as low as 40%, and a few we won't lend in or purchase a note in at all.