Hey guys and gals I’m working on my very first deal and WOW how exciting, it has taken me 2yrs of reading and motivational talks with my wife but I finally did it.
I was just wondering if I can bother you all for some assistance with it.
Here is the situation: I am trying to help a guy in pre-foreclosure in SA, TX – I am going to take the property “Subject To” but am worry about the DOSC. I have read about Land Trust and still don’t really understand them.
Can you please break it down to me like who and where can I find a trustee to set one up and how much they cost?
And in this situation, who would be bene and trustee? Is there a co-bene?
If there are any % involved in the Land Trust, does the % have anything to do with the sell price?
As far as I know the home owner has to be bene (included in the land trust) but where would my LLC and Trustee fit in this Land Trust.
Sorry for all the questions and I really would appreciate any help. I only plan on keeping the property subject to within a year if that helps.
Thanks so much,
Vestor79