All Forum Posts by: Robert Hursey

Thanks for your advise Cody. I plan to seek professional help very soon, but right now I am looking for guidance and compiling different opinions and strategies. I have been told conflicting information so far. If I did not care about the cost I am pretty sure I'd do a combination of a Land Trust, LLC, and Umbrella insurance. The initial investments(s) will be in partnership with my brother, so we are considering an LLP as well.

I suggest you connect with either ILREIA or MEREIA. You might find someone willing to help there.  If I was more experienced I would be willing to myself.

Not sure about that. To add to my post though, if I partnered with my brother, would a LLP do the trick?

I am curious how investors in Illinois approach asset protection and privacy protection since an LLC costs $500 as opposed to the $50-$100 in most states. I am aware of the power an Illinois Land Trust provides for privacy, but this is not asset protection. I am also aware that an umbrella insurance policy is my first line of defense. It seems Illinois makes it difficult to create layers of protection. What am I missing?

My brother is hoping to buy a property from a family member via seller financing. The family member is not planning to charge interest which sweetens the deal. He was discussing this with someone who had done deals like this before and she said the seller is technically required to charge interest. He then ran it by an agent who said the seller does not have to as long as that is part of the agreed upon terms. Any input is greatly appreciated, thanks!

Does anyone know of any 2-4 unit multifamilies available (or coming available) in Millstadt, IL that will allow for good cashflow?

Thanks Nick!

I am looking for lawyers and tax accountants in the St. Louis Metro East who are experienced, knowledgeable, and well versed in real estate matters. Feel free to cite experiences and examples, both positive and negative.  I want to know both who to and who not to consider.

Oh, and thank you BOTH so much for your reply!

OK, here's a more detailed description of what I would like to achieve. My parents live in a 2 story home they can no longer maintain. They live off of SS and Medicare and have very little savings. My brother and I, however, have learned from their mistakes and have saved enough to purchase several properties. The FHA 203k would allow us to put a smaller down payment down for them and still have money to purchase other multifamily properties. We want to buy a property using FHA 203k under their name so we meet the owner occupied requirement, and have them put it in a land trust after the purchase for 1. ease of transfer in the future and 2. asset protection. We would make the payments and collect the rent and pay all taxes, while they would get to claim the property on their taxes. It is complicated, but is it legal? My next step is to talk to a real estate/assets attorney and accountant.