Looking for a Lease-Option in the Champaign-Urbana area

5 Replies

BP Fam,

We're taking our show on the road and will be moving to the Champaign-Urbana area in the next few months. My family and I will need a home when we move. We have other investments that have our cash tied-up and won't allow us to immediately get a new mortgage. Are there any investors in that area or close by (30-45 minutes) that's willing to work with me to find a good Lease-Option in a Class B+ neighborhood? If so, shoot me a message. Once I get more familiar with the area, I'll start investing their as well.

Hey @Melvin F.

I have actually seen a couple properties pop up on Craigslist in the "Chambana" area which might fit your needs.  Take a look and let me know if you have any questions about specific properties and/or neighborhoods.  Since you will be coming to the area and looking to continue investing you can check out http://www.cirpp-live.com which is the most active local investor group.  Also @Zach Morrison might be able to provide a little more guidance on the lease option / rent to own market in Champaign Urbana.    

Best of Luck and reach out when you get to the area and we can meet up for a beer or coffee and talk a little REI

Scott Dixon

Originally posted by @Melvin F. :

BP Fam,

We're taking our show on the road and will be moving to the Champaign-Urbana area in the next few months. My family and I will need a home when we move. We have other investments that have our cash tied-up and won't allow us to immediately get a new mortgage. Are there any investors in that area or close by (30-45 minutes) that's willing to work with me to find a good Lease-Option in a Class B+ neighborhood? If so, shoot me a message. Once I get more familiar with the area, I'll start investing their as well.

 Hi Melvin,

You know, many laws have changed in IL and federally and Rent to Own as it was done is pretty much illegal for investors to do with tenant-owner occupied transactions. No doubt, you'll find landlords ignoring or unaware of the laws. Search the topic here and as to the Dodd-Frank and SAFE Acts. 

You might also know lease-option to purchase deals now have a much better chance of being deemed as an installment sale and those aspects have and are still changed or changing.

An option that is improperly drafted with a lease, as many investors do them, will allow you as a buyer additional avenues to control the property acquiring an interest in the property which is not usually intended with an option agreement. 

I suggest you re-learn what you may already know about options before getting involved.

Any questions you can ask here or PM me. Good luck :)  

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