OfflineHello:
I am an investor in the State of Texas. I received this information in my email today and was "quite" shocked. I am wondering IF any other Texas Investors are aware of this bill? IF the "Bill" is passed in Texas, investors can no longer wholesale or assign contracts in the State of Texas. It is my understanding that this bill is currently waiting for Governor Perry's approval and everyone else has approved this bill and "signed it".
Here's the link to read about this bill:
http://itftraining.com/blog/?p=339
I really hope Governor Perry does not sign this bill.
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as it is on the governor's desk and there is no formal opposition. Politician's can mean well, but the actual effect of the bill will be horrendous. After the last Texas fiasco (Lease/Option Bill) we decided to remove ourselves from Texas. Sure, there are easy ways around it but there are 49 other states that we can operate our program in so why should we change for Texas. This latest bill will just make it harder to do wholesaling but there will be easy ways around it too. But in the long run, legislatures that pass bills hindering commerce will only hurt themselves in the long run.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
So if you can't wholesale or assign contracts, can you assign the beneficial interest in a trust? Can you still do transactional funding with an A-B B-C close? As an investor friend of mine says, "They make the laws, we find the loop holes."