All Forum Posts by: Jeff Hursey

If a family member who owns a property free and clear dies and has no spouse or children, and no will, who does the property go to? Would it go to the next of kin, perhaps a sibling? 

I am a non accredited investor, but I am very interested in investing in syndications and/or crowd funding for real estate. I want to start making my money work for me, however at this point I do not have a lot to work with. Does anyone have any advice or resources to help me get started? Thanks!

Thanks for the responses, they are very helpful. I think I'm starting to zero in on what to do. From what I understand, the land trust is a means of maintaining privacy. The trust holds the title, not me, so when its searched my name is not shown. Am I wrong about this?

This is a great thread, thanks for posting. I've been trying to figure out my strategy as well. I'm a little turned off by the cost associated with LLC's in Illinois compared to other states. From what I've gathered from talking with various people 1) start with liability insurance and an umbrella policy 2) put the property in a land trust for personal privacy 3) use an entity (LLC or whatever) to manage the property. Does this make sense?

I am curious how investors in Southern Illinois approach asset protection and privacy protection, specifically for a partnership. I've hear that most buy and hold investors use an LLC, however the cost of an LLC is much higher than most states.  One opinion I've heard is that a C-Corp is the better than an LLC in Illinois. I am aware of the power an Illinois Land Trust provides for privacy, but this is not asset protection. I also understand that an umbrella insurance policy is my first line of defense. Any thoughts?

Does the seller have to charge interest? I am planning to buy a property from a family member via seller financing and the seller has agreed not to charge interest which really sweetens the deal. Also approximately what is the cost of having an attorney or title company draft the agreement?

I am 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. I was discussing this with someone who had done deals like this before and she said the seller is technically required to charge interest. I 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!