All Forum Posts by: David Rundle

@Deborah Burian you are so true! I might get a gray hair on my head before Oklahoma does anything with this law. I think when someone (like myself) stumbles on the SAFE act and how it could potentially affect a RE deal they're looking for a black or white answer. There just isn't one. I've received a couple messages just saying don't wait or be in fear, just do the deal and adjust once courts rule on it. I still don't know what exactly to do.

@Bryan L. I'm right there with you too, I think our federal government has gotten out of control. They're much too granular in my life, I wish they'd take a step back and leave me the heck alone.

@Bill Gulley sure sounds like you have some stories of your previous job. I bet they're interesting and it sounds like you're pretty much the expert on some of the subject matter at play here.

@Ken Rishel thanks for continuing to contribute. I think you hit the nail on the head with, "who can afford to wait". The flip side is who can afford to accept the penalty (whatever that may be).

Thanks! Do they eventually simply list them on the MLS or do they have a special webpage similar to homepath.com?

I have found two homes that are directly adjacent to each other. Both are foreclosed on by Bank of America and both have been empty for a few years.

What process would I go about to purchase these homes from Bank of America? I did a quick search on Bank of America using the biggerpockets search utility and have read it's a nightmare.

I don't even know where to begin, what's my first step?

Thanks for the clarity Ken. I'm new here at biggerpockets so don't take offense to my statements, I just have the rules from the PDF fresh on my brain.

I am planning on joining the OK MHA and attend their meeting this january. Thanks again.

The statement about the Real Estate Industry being plagued with people wanting to be paid large sums is from the rule book here at Bigger Pockets. So I'm assuming that statement comes from Josh Dorkin.

@Jerry W. , thank you I am now monitoring that topic. I'm glad that even the Real Estate Attorney's have to have classes to understand the changes.

It seems at some point the state of Oklahoma will have to provide the public with the interpretations of the laws. I don't see the need to hire a consultant to enter the market, at some point the law will have to be made clear to investors either by court rulings or clarification at the state level.

Paying any money at all now for consulting seems to be a waste and would do nothing but provide a best guess (even with insider information) at how the law will be interpreted by the courts or at the state level. One could argue federal law trumps state law, however we could look at the current situation of marijuana and see that the states can and do go against federal law.

For now, I'm sticking with mobile homes on actual land. Thanks for the insight @Ken Rishel , however as a disclaimer I feel future readers of this thread need to know you run a consulting service. Also thanks for your insight @Joe Gore

One final thing to @Ken, according to the bigger pockets "rule book" that was sent to me when I signed up you could possibly be in violation. It states, When a question is asked in the forums, simply answer it, and do so by providing complete details

Furthermore, The real estate industry, like many industries that involve making money, is plagued with those who insist that answers must be paid for

Welcome to the forums @Benjamin Kelley - I live near Tinker and also have a degree in Electrical Engineering. Good luck with the real estate investing, this website is a wealth of information.

@Account Closed Congratulation! I'm sending a colleague request. I'm also blogging here at bigger pockets.

http://www.biggerpockets.com/blogs/4454-oklahoma-city-real-estate---buy-cash

This may not be a yes/no answer but I'll go for it:

Owner financing may be too much of a risk at this point, however a lease with an option seems feasible. Could I just structure my deals as a lease for 3 years with an option to buy at the end of those 3 years and avoid all these issues until they get figured out Q1 of next year?

Thanks for following up @Ken Rishel , I contacted the Oklahoma Manufactured Housing Assoc and they cleared a few things up and made a few more gray.

#1) Apparently in OK on Jan 2014 some Dodd Frank issues will be made law. This has led to a seminar that will be held in the Dallas Forth Worth area to attempt to make clear some of the law.

#2) In OK Mobile homes are considered a vehicle and are titled as one. (Chattel). Apparently there are plenty of dealers still doing owner financing in OK some with a MLO and some without.

#3) The Oklahoma Department of Consumer Credit hasn't itself interpreted some of the effects that Dodd Frank / SAFE will have in OK. I can't find anything on their website (http://www.ok.gov/okdocc/)

#4) Many Mobile Home Parks in OK do buy here/pay here/live here deals on their MH's without a MLO.

The bottom line currently is I'm still confused as to whether this is legal or if I would be required to hire a MLO to originate the loan and then the question becomes would I still be able to carry it myself?