ILLINOIS LAND TRUST Vs LEASE OPTION
I have recently responded to a birddog add, for what is a group of investors utilizing an ILLINOIS LAND TRUST, that utilizes a servicing agent in California.
Has anybody heard of Bill Gatten?
This program offers shared equity without title transfer, buy/sell with minimal or no money down, no bank qualification. It leaves existing finance in place without "due-on-sale" violation, it also is an alternative to lease option, wraps, and contracts. If anybody could share their experience with this type of transaction would be appreciated 
Well, although you're apparently new to this board, you are in the right place.
There are probably more than a thousand posts and articles HERE on exactly these things...subject to, trusts, avoiding DOS, etc.
Just start looking and reading and learning. Nobody can do that for you
I think Bill Gatten is pretty well-respected, and operates here in So. Cal.
His website is http://www.landtrust.net.
I've been considering getting involved with the gentleman. I currently have no relationship with him or his company.
Some say do it yourself with forms from Bronchick (Colorado) or Ward Hanigan (San Diego) is the way to go. I think Gatten has a do it yourself provision, too.
Others say go to a lawyer, which will be more expensive.
AZ$Mkr:
Nice to meet you...
I am ONE of the Only TWO representatives BILL GATTEN and NARS has outside of www.So.Cal.
And personally b4 I becam associated with BILL-G/NARS I was able to PROFIT using their EQUITY HOLDING TRUST Techniques to do Real Estate Investing.
AZ-$-Mkr:
You were K-Rekt regarding the features & uses of the Title-Holding Trust for Creative REI transactions....However you wrote:
Quote:"it also isnullan alternative to lease option, wraps, and Contract for Deeds . If anybody could share their experience with this type of transaction would be appreciated ..."
The PACTrust(tm) or NEHTrust(tm) system IS NOT what WE DO ...IT'S HOW WE HELP the SELLER/BUYER DO What THEY WANT!!!
e.g. "SELL A HOME or BUY A HOME" using:
- NO CREDIT CHECK
- NO BANK QUALIFYING
- NO NEW BANK LOAN
Furthermore it's not a replacement but moreso a no-sweat deal Guarantee(r)
My personal REI Mentor: BILL GATTEN sayls it's like putting on SUSPENDERS While Wearing a BELT.
This ADDS PEACE of MIND for ALL parties to the transaction.
and Best of All the COSTS Are PAID by the new BUYER you locate.
Other problems that could arise that the PACT or NEHT EASILY SOLVES:
There won't be an instance whereby a Seller places an additional lien or line of credit onto the property w/o the L/O Investor or Tenant Buyer knowing about it.
ALSO NO PROBLEMS Due To Any Party Going
BK,
DIVORCE,
JAIL, or
IRS TAX LIEN
Appearing on nor Fouling Up the Title cuz it's nice and SAFELY Guarded Away inside of the TRUST.
AZ-$-Mkr, should you need any assistance or addl. info I'd be glad to be of service to you!
Finally the NARS books are OK (pretty self-expln) and as John Merchant mentioned their Website has a discussion forum for those DYI'ers in need of help with documentation etc.
I hope this helps!~
Derrick Ali
AllCash4Homes mentioned that Bronchick and Hanigan might supply do-it-yourself paperwork/forms to complete a Land Trust. How can we contact these people? Also, if there is a North Carolina investor familiar with this method of real-estate acquisition and can refer me to an attorney familiar with Land Trust work, I'd be appreciative! One more thing...is this method of purchase doable for duplexes, and other multi-unit properties?