I received the following email from a reputable investor...please read, educate yourself and act accordingly.
Attention Georgia investors.
Every now and then a law is passed that has a negative impact on our ability to invest in Real Estate. As an active real estate investor as well as educator, I see it as both prudent investing as well as professional responsibility to fight laws that are not based in sound judgment and which can have a negative impact on our ability to invest.
Local colleague and fellow educator Pete Young and his wife Barbara have asked for our help as they are spearheading efforts to fight this pending legislation, and we all need to do our best to support these efforts. Pete and Barbara are holding a meeting in regard to the New Licensing Law going into effect July 1, 2008 at the Crowne Plaza 6345 Powers Ferry Rd Thursday May 29, 2008 at 7:30pm. The Guest speaker is Bob Barnard, who is on the Residential Licensing Committee for the State Of Georgia. He will explain the law and field questions that you may have as an investor.
The plan is to show the State that we as Real Estate Investors are a large force. Crazy as this sounds, when queried they admitted to Barbara that they did not take in to account how it was going to affect investors. This meeting is our opportunity to communicate this message loud and clear to Mr. Barnyard.
Barbara has already explained how we are helping the economy by taking non producing revenue houses and turning them into a producing asset. In this housing market, this is a strong argument to hold up. They need us to continue doing what we do.
If you are a Landlord. You will not be able to hire a subcontractor to paint your house, You will have to hire a General Contractor to hire the subcontractor.
If you need to pull a permit, You can not unless it is your own house and then there is a 2 year rule.
You may only do "repairs" that you can do yourself, as with out being a contractor you can not hire any subcontractors for any jobs other than your Personal Residence.
The strategy for the meeting is simple....ATTENDANCE! We need to communicate clearly that this law is impacting a HUGE community of investors, and in a significant and negative manner. We need warm bodies in the seats! Unfortunately, I will be traveling next week, but hopeful any of you in town will show up and let yourselves be seen and heard.
Please see the attached Flyer and get it out to as many people in Georgia that you can. We need attendance to show we are aware, we matter and we want to be considered. So they need to be at the Crowne Plaza 6345 Powers Ferry Rd Thursday May 29, 2008 at 7:30pm to make a showing in numbers.
I wish to acknowledge my colleague Pete Youngs and his wife Barb for taking the lead on reversing this impactful legislation.
Marc Fordham/SMART group President
770-565-0973 404-932-2903 (cell)