The Texas SAFE Act

keep an eye out on what they do with that. here in Indiana, they have all ready changed it. we're weren't supposed to be able to do land contracts and now we should be able to because title doesn't pass until the contract is fulfilled. it's amazing what these politicians come up with.

Some understandable provisions, but overall shouldn't be too much of an issue

Seems like it doesn't have too much effect on commercial property sales

Between this and house bill 1823 which makes doing Lease purchase options very tricky, I for one am going to Auction Format. Iv'e done 1 reserve auction and will be doing another one the last week in September. If anyone is interested in how my agent and I did the auction, let me know. Very simple, very straight forward, almost hassel free, and while the amount of money I made as a marketing consultant was not alot, the format is so easy and quick that it makes up for the headaches and worries over having a quality buyers list befor you can start making money.

Also, there are literally dozens of properties in my county that this format is perfect for. Virtually ZERO homes are being sold here in East Texas, and I gaurantee the Auction format will be growing in popularity in the comming months. If your an investor trying get that first deal under your belt, and like me, have little to no money and no credit, this is the perfect way to do your first or 50th deal. My agent was totally against this idea at first, mainly because other than 1 or 2 trustee sales every other month or so, this type of selling concept was practically unknown by agents. Now my agent is working her expired listings. Again, if anyone would like more info on how we marketed the Auction, how we did the Open House prior to the auction, let me know.

Longhorn

Good to hear the feedback on my post and all the great information too because with some of the new regulations Texas is coming out with it seems like longhorn is right Texas is beginning to hate investors giving more rights to Real Estate agents and such.

shawn

EVERY TIME I THINK OK IM GONNA TAKE ACTION. I READ ABOUT ANOTHER )(*&^%$#@@#$%^&*() FREAKING BILL GETTING IN OUR WAY. GGGRRRRRR. what are newbies who are already scared and nervous supposed to do ?? i'm really discouraged and aggravated !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

sorry i've always wanted to say that

people,...... people. If there is one thing I have always preached on here other than

1. Cut out all the unnecessary !^%$# whining about being scared
2. Getting the deal before the buyers list
3. When someone knows more than you, just shup up and listen
4. When presenting offers to a buyers, try and have at least three

is alternatives. The best alternative to this is dealing with commercial property. I'm working on some deals right in TX with buyers who want among them 30% & 40% owner financing. Most of the properties i'm looking at already are advertising such because commercial is harder to sell and more willing to provide concessions.

Texas is a goldmine. GOLD!!!!!....MINE!!!!!

Look into hotels, motels and undeveloped land which is Texas. Too many options if this law becomes a roadblock.

Thanks elix for the info pertaining to commercial properties, I have been hearing about the market is suppose to be great in that line too and sounds like it would be interesting to get in as an alternative. All help and information in this area would be greatly helpful and appreciated as in how to get started in this area too.

Shawn

We talk about that in our meeting last week about all that. Thank you for the info.

Like Linda said, keep a close eye on it. Federal law is supposed to be rewritting their SAFE act requirements and may override all of the state's SAFE act laws they required them to create. I know, makes A LOT of sense, after all it is our government! LOL

Have you noticed that whenever an "obasticle" is thrown in our way an investor will always find a legal way around the obsticle.

Okay! Do I need to get an attorney to sell property in Texas. I'm just getting started with the DG program and then I here about this T-safe law. I just felt the bubble pop. I'm sure there are other ways to work around this, so I will listen up for the good advise so many of you have. Thanks for the info.

As an investor one has to find a better way to get around some of the laws and regulations that come out in order for us to accomplish our goals as an investor and on this site we can all do this together too by helping each other out. This is one thing to keep an eye on even though there are ways to get around things like this.

Shawn

The last update on that website in the OP was this:

There is a more recent update that can be found here:
WRITTEN NOTICE FROM THE COMMISSIONER PURSUANT TO SECTION 156.404 OF THE TEXAS FINANCE CODE

Basically, we are still bound by the old law. I like this statement, below, that can be found in the PDF. At least it shows they are coming to their senses.