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homerandivot
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Land trust 4 multiple investors
Wednesday, November 19 2008 12:37 PM
I've been working on a plan to take advantage of the uncommon opportunity's available right now in the short sale market. Finding this website answered a looming question on how to protect multiple investors from each other (in case a judgement were to occur with one of the investors). Forming a Land Trust solved that piece of the puzzle.
I'm looking forward to purchasing "Land Trusts Made Simple" (advanced) to learn how to form a Land Trust for each purchase but for the moment I need to be able to answer some questions.
Is there any limit to the number of beneficiarys in a trust and can you add or replace a beneficiary after the trust is formed? After exploring your site I read that Real Property converts to personal property, when the time comes to sell, part of my plan is to seller finance the property. If you seller finance the property are you financing presonal property or does it convert back to real property? In the case of default, is repossesion on option or does it go into a non-judicial foreclosure? Does it make a difference being personal or real property if a default were to occur?
Is there any licensing requirements to set up a Land Trust for individuals?
Thank you for your input, Bob
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Randy Hughes
Master Advisor-39 years of experience
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Re:Land trust 4 multiple investors
Sunday, November 23 2008 11:09 AM
BOB,
SEE MY COMMENTS IN BOLD BELOW.
RANDY
Is there any limit to the number of beneficiarys in a trust and can you add or replace a beneficiary after the trust is formed? NO LIMIT AND YES YOU CAN CHANGE THEM AT ANY TIME.
After exploring your site I read that Real Property converts to personal property, when the time comes to sell, part of my plan is to seller finance the property. If you seller finance the property are you financing presonal property or does it convert back to real property?
THIS ONE OF THE BIG ADVANTAGES OF USING A LAND TRUST. IF YOU STRUCTURE YOUR DEAL CORRECTLY, YOU ARE SELLING PERSONAL PROPERTY (THE BENEFICIAL INTEREST).
In the case of default, is repossesion on option or does it go into a non-judicial foreclosure? Does it make a difference being personal or real property if a default were to occur? YES, A BIG DIFFERENCE! PERSONAL PROPERTY ALLOWS FOR REPOSSESSION. REAL PROPERTY REQUIRES JUDICIAL FORECLOSURE.
Is there any licensing requirements to set up a Land Trust for individuals? NO
Thank you for your input, Bob
Randy Hughes
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