Discussion Forum

Jim Hughes
Investor

Re:Land Trust in AZ

Friday, November 20 2009 06:36 PM

Victor,

PLEASE SEE MY RESPONSE TO YOUR POSTING BELOW.

I can use a land trust in AZ, you just have to disclose all the parties involved in the transaction in the state of Arizona. Does it make sense to use a land trust in the sate of AZ and does a land trust still give you protection in AZ?

YES, IT STILL MAKES SENSE. YOU JUST NEED TO BE A LITTLE SMARTER THAN THOSE BUREAUCRATS THAT MAKE THOSE RULES. ALL YOU NEED TO DO IS USE A PERSONAL PROPERTY TRUST AS THE BENEFICIARY OF THE LAND TRUST. THIS WILL PREVENT THE STATE FROM KNOWING ANY PERSONAL INFORMATION ON YOU.

As of right now I am using private money to fund my RE deals. When I find the deal, I have the PL put up the money to buy the property and take title in their company name. Then at closing, they give me an option for 50% of the upside over the strike price minus any repair costs. In the option, I spell out the agreement. The option does not get recorded but I record a deed of trust or a mortgage to secure it.

I would like to use a land trust for the upcoming deals if it can give us more protection and maybe make these transactions simpilar? Does your course go into detail on AZ land trust's or are Trust all the same in every state?

TRUSTS ARE NOT THE SAME IN EVERY STATE. EVEN THO WE HAVE NO FEDERAL LAWS REGARDING LAND TRUSTS...EACH STATE HAS INDIVIDUAL LAWS OR THEY DEFER TO ILLINOIS LAND TRUST LAW. OUR COURSE GOES INTO MUCH DETAIL ABOUT LAND TRUST LAW AND RECOMMENDS WHICH STATE'S LAWS TO USE (AND IT IS NOT AZ)


P.S. Heard about you both in Jackie's conference call from CashFlow Depot (Jack Miller).

THANKS. WE HAVE RECEIVED A LOT OF COMPLIMENTS FROM THAT CALL AND GLAD YOU ENJOYED IT.

RANDY
Thank You,

Vic Huerta
Phoenix, AZ.
FreeAgentProperties.com

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