All Forum Posts by: Jim Blatchley

This website actually explains it a little better, http://www.business.ftc.gov/documents/bus53-brief-financial-privacy-requirements-gramm-leach-bliley-act Specifically this info: Opt-Out Rights

"Consumers and customers have the right to opt out of - or say no to - having their information shared with certain third parties. The privacy notice must explain how - and offer a reasonable way - they can do that. For example, providing a toll-free telephone number or a detachable form with a pre-printed address is a reasonable way for consumers or customers to opt out; requiring someone to write a letter as the only way to opt out is not.

The privacy notice also must explain that consumers have a right to say no to the sharing of certain information - credit report or application information - with the financial institution's affiliates. An affiliate is an entity that controls another company, is controlled by the company, or is under common control with the company. Consumers have this right under a different law, the Fair Credit Reporting Act. The GLB Act does not give consumers the right to opt out when the financial institution shares other information with its affiliates.

The GLB Act provides no opt-out right in several other situations: For example, an individual cannot opt out if:
a financial institution shares information with outside companies that provide essential services like data processing or servicing accounts;
the disclosure is legally required;
a financial institution shares customer data with outside service providers that market the financial company's products or services."

"The law requires that financial institutions protect information collected about individuals; it does not apply to information collected in business or commercial activities."

I don't think that you really have to be concerned. This has been around since 1999 and I was not even aware of it with regards to a closing.

You might want to read this info, http://en.wikipedia.org/wiki/Gramm–Leach–Bliley_Act and specifically scroll down to the section titled "Consumer vs. customer defined". It gets into whether a business is considered a consumer or a customer. Personally, I wouldn't be too concerned, but if you are, then just opt out. If you do nothing then you are basically opting in. I'm not an attorney, but I would say the state where the financial institution is based would have jurisdiction. However, this being a national law, I don't think it has too much bearing. As always, if you're not sure, cya and speak with an attorney.

I'm certainly no expert, but I hope this helps.

This should help clarify most of your questions http://servicedogcentral.org/content/node/460 . The last section references insurance issues.

Some HML's will give you a POF after you have an established relationship with them, meaning after you have used them for several deals without any problems. Using the MLS to buy properties, as an investor, is very difficult without cash, so having a private lender would be much easier. You can wholesale using the MLS, if you want to do a double/simultaneous close with transactional funds. Most transactional lenders will provide a POF, but most realtors won't accept a POF without it being verified, since anyone can print out a POF off the internet.

Here's the website for VIrginia Code governing Animal Care... http://leg1.state.va.us/cgi-bin/legp504.exe?000+cod+TOC03020000065000000000000 . Under definitions is the following... "Kennel" means any establishment in which five or more canines, felines, or hybrids of either are kept for the purpose of breeding, hunting, training, renting, buying, boarding, selling, or showing.

Definitely time to change your lease for the future and add a pet clause. Good luck and please don't attack someone personally that's trying to help.

@John Barbieri Just a thought, but maybe you should find out if the whole park is available to purchase. MHP's can be a great investment, especially if the current owner is tired of trying to fill it.

IMHO...If you are wholesaling and getting deals directly from sellers, then you do not want to use a standard P&S Agreement that's come from a real estate agent. These are usually geared towards the seller and way too long and over complicated. If it mentions brokers/agents in the wording, then it will just confuse the situation. There are wholesale contracts available online, just Google it, either for a small fee or free. Then tweak it so that it favors you, the buyer and have it looked over by your attorney to make sure it's state specific and compliant.

If you're going to make OF offers to sellers, it always helps to point out all the advantages to them. Here's one article that covers it pretty well, but you can just Google it and there are many more.

http://homebuying.about.com/od/financingadvice/qt/091007_OwnFinan.htm

Hi Connie, sorry to hear about your situation. I was holding 5 properties when the market crashed. I'd already refied them at the higher value. I couldn't sell them or rent them because they had lost so much of their value that I would have been out of pocket thousands each month. So, even though your situation doesn't look good, it could always be worse.

Here's my thoughts on what I would try to do based on the info you gave. If the roof is really bad and definitely can't be cosmetically repaired, there might be a less expensive way to get it replaced. Also, since it's a townhouse, at least there isn't as much area to deal with. You live in a small town, so maybe you can get some local handymen together(check with your church for referrals) and see if they might be willing to help you out with the labor part with a deferred payment until after you refi or sell. If you shop around you can probably find some good deals on roofing materials, especially this time of year. After the roof is replaced, get an appraisal. Assessed value does not equal appraised value. The values are starting to rise again in most areas and at least then you will know where you stand. If the appraisal does not come back in your favor, then you might consider approaching your tenants(if they're really good tenants) and see if they might be interested in a rent to own deal. Let them know your situation(just enough info as you're comfortable with), but let them know that you might have to sell. If they are interested, then tell them that you would require a small down payment( oh let's say...the amount that the roof repair cost, rounded to the nearest round figure) and that you would have to raise the rent by $200/mo. Tell them that if their payments are on time, you'll deduct that $200/mo payment off the purchase price. Make the rent to own option for a 2 yr period, in case they need time to fix any credit issues. Make it renewable at the end of 2 yrs and also no penalty if they choose to purchase earlier. Make the purchase price the $121,000 and let them know that values are rising, so they are getting a really good deal. If they are not interested in all this or can't afford it, then you can advertise this plan and find someone else to rent to own.

Just some thoughts. Hope this helps. Best of luck to you.

The last time I checked into prefab was a few years ago, but it had completely changed from years past. They are really considered to be stick built, since they are being constructed the same as any other house, only inside under ideal conditions. They are then deconstructed, marked and rebuilt in large sections on your site. There isn't the same stigmatization that there used to be. It's probably best to stay away from the word modular though, as that seems to have a more negative connotation attached to it. I believe there are still some modular companies out there, although I haven't checked. Modular to me would be more akin to an upgraded mobile home type structure.