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Plesh696
Investor
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Setting up new Land Trust
Saturday, April 05 2008 08:10 AM
Hello,
I live in NJ and have rentals in NJ & PA. I would like to get my properties into LT's. I have read thru the courses and have a few questions.
1. Should I use the Virginia LT and the Deed to Trustee in the course if I reside in NJ?
2. Do I need a Trustee from Virginia?
3. If a tenant does not pay rent in a land trust what would the eviction process entail? If the house is personal property not real property?
Thanks Tony
REPLY
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Randy Hughes
SFH Master Advisor
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Re:Setting up new Land Trust
Wednesday, May 28 2008 12:39 PM
TONY,
Sorry for the delay in responding to you. We had a problem with our Discussion Forum, but all is well now.
Hello,
I live in NJ and have rentals in NJ & PA. I would like to get my properties into LT's. I have read thru the courses and have a few questions.
1. Should I use the Virginia LT and the Deed to Trustee in the course if I reside in NJ? YES, YOU CAN DO THIS. DO YOU KNOW AN INDIVIDUAL IN VA TO USE AS TRUSTEE OR WILL YOU USE OUR RECOMMENDED TRUSTEE?
2. Do I need a Trustee from Virginia? YES, AT LEAST INITIALLY.
3. If a tenant does not pay rent in a land trust what would the eviction process entail? If the house is personal property not real property?
NOT A PROBLEM. YOU SUE THE TENANT FOR EVICTION IN THE NAME OF WHOEVER IS INDICATED AS THE "OWNER" OR "LANDLORD" ON THE LEASE. TYPICALLY, THIS IS EITHER YOU AS "AGENT FOR THE OWNER" OR YOUR MANAGEMENT COMPANY OR THE TRUSTEE. THE FACT THAT THE PROPERTY IS IN A LAND TRUST AND THE BENEFICIAL INTEREST IS PERSONAL PROPERTY DOES NOT EFFECT THIS PROCESS.
Thanks Tony
Randy Hughes
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