All Forum Posts by: Luis Cabus

Thanks all for the sound advice. Sounds to me that I would need a real estate attorney before I structure anything creative just to make sure I'm within Illinois laws. I'm guessing laws may very state to state, and the last thing I want to do is fix a problem and instead prevent or at least limit my liabilities. 

Would it be advisable to tell seller to place property in a sort of land trust deeded to me?

Luis J Cabus

Hi all,

I read about lease option and what I understand is the seller's loan is being paid by the renter we put in place for a lease option. My hypothetical question is, what would happen to the loan if the original seller dies? Thanks in advance for expanding my knowledge. 

Luis J Cabus

Hello BP, 

My name is Luis J Cabus. My background is in nursing and still have not done a deal just yet. I took care of an elderly man in his house at one time and he has gotten better but we kept in touch and i to see him once a month or so not for work but because he does not have any living family. He has discussed his hope to move into a smaller place. he lived in the house for 70 years and you can see it needs a lot of updates. Basement looks like a dungeon, bathroom water doesn't flush. old sinks and old appliances, but house bones are sturdy.  He just did the roof last month or so. I want to start off my real estate investing with this property, and help my friend at the same time. But I have very little to no money. I know the property is paid off considering he's lived there for 70 years. I also know the comps in the area are around 250K but they renovated already. Whats the best way I can help my friend out? I dont want to screw him over cause i want to make sure he has a place to live still.  

Luis J Cabus