You will NOT be able to sell more than 1 property with owner financing every 3 years!
Uh…yes, you will. But you’ll have to be a licensed lender and follow all the rules that other licensed lenders follow.
It would be extraordinary circumstances for someone who is not in the business of lending to provide seller financing more than once every 3 years. If you are a house trader or a land trader and provide financing more than once in three years, you ARE in the business of lending money. Get your license, just like every other lender, and there is nothing in this bill that prohibits you from going about your business. If the licensing requirement is too much of a hassle, or following the rules that other lenders will follow in the normal course of business is too much of a hassle, then don’t go into the lending business.
