Tuesday, July 20, 2010

Terminology Tuesday - Attorney Talks About HUD SAFE Act

(Note: I think it's important to know the terminology and words used when learning any new business including mobile home investing. I came up with 'Terminology Tuesday' as a way to go over the terminology used in the mobile home business. It's important to know the terminology when talking to people in the business so you're all on the same page).

Image Credit: ClipartHeaven


Awhile back, I made a post addressing the SAFE Act since there were so many folks who had contacted me regarding their concerns. Still, there are a lot who are concerned about this Act and the state of the industry all together.

So, I've decided to keep everyone updated on any views and interpretations of the Act that I find. There are some "grey areas" that have been found which will be left to interpretation. And, the interpretation of the Act will be handled on a case by case (area by area) basis.

(Note: For those who are concerned, I highly suggest checking your local area and seeing how they plan to handle the Act in terms of interpretation as well as enforcement).

Here is one attorney's view on the interpretation of the Act:



Video Link

Again, it's going to boil down to interpretation. And, each area (state)may have a different interpretation of the Act.

Again, for those who are concerned I highly suggest checking your local area and seeing how they plan to handle the Act in terms of interpretation as well as enforcement

I hope this post has helped. I felt the need to address it again since I've had many folks contact me again about it. I will continue to keep everyone updated on any new views and interpretations of the Act that come up.

Happy investing!

p.s. Feel free to leave comments on any post either here and/or my Facebook Page. Comments are always welcome, thanks for reading!

2 comments:

Carey_PA said...

Very timely Rachel as you and I were just talking about this not that long ago.

Thanks for posting the video!

Mobile Home Gurl said...

Sure, glad to help Carey! This has been a really hot topic lately, thanks for stopping by!