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makrita1
RE Investor
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lease/buy backs
Monday, June 11 2007 11:42 AM
Pls help my husband & I settle a bet... With regard to the new 1/1/07 law here in IL, is it your understanding that:
it is now difficult/not recommended that one lease/buy back property on any home here in IL;
OR
only difficult/not recommended that one lease/buyback ONLY distressed or foreclosure property here in IL???
PS I know you are NOT an attorney!
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Jim Hughes
Investor
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Re:lease/buy backs
Friday, June 15 2007 11:52 AM
Makrita1,
Thanks for posting your question on Senate Bill 2349 which is now law.
#1 question -- I would never buy a house and then lease it back to the seller. My reasoning is that the seller who can not make payments on a mortgage probably will not make rental payments to me as the buyer.
Secondly, after years of dealing with tenants and tenant buyers I notice a big difference between tenants and tenant buyers who have not been through my tenant training process. I like to spend alot of time with a tenant or tenant buyer teaching how the relationship needs to work in order to occupy my investment property.
Randy and I created a Get Rich Managing Property course that illustrates what I am talking about in great detail which you can order in the section of the SHOP ONLINE section of this web site.
Question #2
As you have already acknowledged, neither Randy or I are attorneys, so we can not interpret the law for you. Probably the best way for you to become fully informed on this law effective 1-1-07 is to order the SB 2349 booklet ($39) and the SB2349 DVD ($39) or both for ($59) and study them closely. This is a 2&1/2 hour workshop that attorney Mr. Jim Nelis (member of our real estate club) did for our members and guests back in Feb of 2007.
Please call me if you with to order per my recommendation.
Jim Hughes 847-741-9797
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