All Forum Posts by: Derek Martin

There are many good reasons to purchase a property in a new landtrust that you set up. As someone else mentioned, there is plenty of discussion about that here on BP. In my opinion, there are far fewer good reasons to buy someone else's landtrust. The typical reason that is proposed is to avoid paying transfer taxes. Just be sure to consult a qualified real estate attorney. Good luck!

Welcome! I invest in Lansing, IL which is just down the road from you. Tons of great resources and people here on BP. Let us know how we can help.

My application has a cover letter listing all the rental requirements. There are many requirements, such as minimum credit score, min income, rental history, references, max number of occupants, pets, smoking, etc. (Make sure everything on your list is allowed under local, state and federal law). I review the requirements with each applicant before they apply. Many do not meet each requirement but still choose to apply. I can always waive a requirement if I want to accept the applicant. This is probably not a good habit to get into, but I can do it. If I wish to deny the applicant, I have a form letter that looks almost identical to my cover letter that again lists the requirements. I just check off which one the applicant did not meet and send them the letter. 

Welcome! What areas of DuPage are you interested in? I see that you're from Frankfort. I'm helping a friend buy a house there. I always knew it was nice but hadn't really been there much until recently. Great area with many nice homes!

Hi @Martha F. 

In my experience, most (if not all) title companies will be "investor friendly" if you have properly structured the transaction. This includes proper disclosures. 

If you're using a lawyer (and you should, at least initially), make sure they know it is a non-traditional deal. The worst thing you can do is bring on a lawyer or title company that does traditional closings, have them quote you a price, then inform them that it's a creative deal. They will probably get confused, frustrated, feel he/she was misled and want to change the fee. 

Whether it's a title company or lawyer, you should be honest about the scope of the transaction and the hoops everyone will have to jump through to get it closed. There are many people out there capable of closing these deals. Good luck!

Good luck @David R.. Finding a 3-flat in Chicago that doesn't break the bank but still cashflows is not an easy task. But it can be done. I've met quite a few at our local meetup that @Brie Schmidt has helped. Good luck!

As others have said, it's all about your level of professionalism (doing things the right way) and your ability to close.

If you're assigning the contract, you probably will not deal much with an attorney and title company at closing. If you are taking title even just for a minute (double closing), the attorney and title company will just care that you're doing things the right way and have the ability to close. Good luck!

@Account Closed is exactly right. Most buyers and all lenders will require it. Just think of it as a cost of doing business.
But it's not a legal requirement. In other words, it's not illegal to sell a property without providing title insurance.

I use Steven Hamilton II Highly recommended and not too far from Antioch.

A title company can close a transaction. But they cannot (and will not) do legal work. So it really depends on what needs to be done to get it closed.