Being the bank - Posted by RDJ

Posted by Finley on June 16, 2000 at 19:20:42:

In my state, there are no requirements or licenses required IF the owner is ‘seller financing’ property that he/she owns.

Being the bank - Posted by RDJ

Posted by RDJ on June 14, 2000 at 22:59:14:

RK talks alot about being the bank. I have a rental that the tenants has asked to purchase from me. I have enjoyed the cashflow and want it to continue. Can any one recomend literature on lending to them. Thanks RDJ

Re: Being the bank - Posted by Ed Swartz

Posted by Ed Swartz on June 15, 2000 at 08:04:55:

Many, if not all states, have mortgage lending laws. Here in Mass you can make about 5-6 residential loans without having a mortgage lenders license. Beyond that you need to have a license or be associated with a mortgage lender as a sales associate. Personally, the first thing I’d do is check your state mortgage lending laws.