Looking to start doing lease options in IL, please help!

[Alisha Scott]

Hi, I'm in Chicago and am interested in doing lease options. Could anyone offer information for a beginner? Do I need a website right away? What do I need to get started (ie real estate attorney, where do I find contracts, etc)? Any help would be greatly appreciated. 

[Bill Gulley]

@Peter MacKercher 

This was all mentioned the last time you posted this.

It is PREDATORY, it is now under Dodd Frank, you are wrong, look around page 1440-45, lease options were in the original SAFE Act.

You're looking like a fool as everyone who was here last year, well, it's been a huge topic and investors who deal in these to owner occupants are dang well included!

Predatory lending is another issue, your intentions of who cares if they buy is classic predatory dealing, it is absolutely the wrong attitude on BP. Take stuff needs to be off the internet or somewhere else where the gurus play Deals on Wheels!

Do some searching on BP, you'll see compliance experts, attorneys and those of us who know RE financing issues have discussed this matter, for over a year.  

Do not give rent credits to an owner occupied party in a residential unit. 

Call the Mo. REC. Cal the CFPB! Call HUD who oversees the matter! You're behind the times sir, or perhaps some idiot told you that it only applies to institutional lenders.

If we see this posted again, we'll take it up with BP and the last guy that posted harassing bad information finally got the boot off the site. So, please cool it. This is the second time.

To all newbies; That entire post need to be ignored.  

The reason Brian mentioned me is that he has an image to uphold, I could care less and I jump on bad stuff to protect those trying to learn the legal, ethical and compliant ways to work in RE. :)