process of the land trust in california?
take title from seller to you/entity- have you/entity the beneficial trust and appoint a third party as trusee
keep seller has a small % of the beneficiary to show some sort of ownership?
a few things i dont understand… why appoint a third party as trustee? could that be me personally even though my llc is the benficiary, do i have to make the seller a % owner of the beneficial trust? does anyone understand the detailed process of the land trust or know good sources how to identify the differences…intervivos trust,living trust, all inclusive trust etc… thanks investors!
so let me see if i can quarterback this
we’re both from cali here
use a form–grant deed to trustee? or what would u use?
put the property into the trust (named after seller or me or anybody?)
the trusts beneficiary is my company/me
the trustee is a third party to take care of the trust and for public record to conceal myself as owner( trustee has not incentive but an obligation then? can i get rid of them as i please and do they have any rights at all or can transfer their rights when they want?)
would this be the same formula when taking ownership of ure principle residence or only to investment property, i believe a living trust would be for personal residence? thanks investment gurus! ;D
i’m about to give you the THE ABSOLUTE BEST advice you can get when it comes to land trusts and considering them for your investment holdings.
ready?
on here, this forum, you’ll get alot of info. certain individuals know alot about it. BUT - none will be able to give you enough information that would help you to actually engage in this type of investing.
besides - never take any advice or feedback from any online forum without verifying information.
here’s what you want to do.
DO NOT WASTE YOUR TIME ON THIS FORUM or ANY OTHER REI FORUM regarding land trusts.
i don’t know what type of circle you run in - lawyers etc - but regardless - the best thing you can do that will SAVE YOU TIME -
find an attorney that you can meet with, sit down, get a free consultation and discuss his/her familiarity with land trusts. period.
ONLY AFTER YOU FIND THIS ATTORNEY, then you’ll need to contact an investor who is familiar with this type of investing - this investor will be able to help you with marketing and understanding the next most important thing when it comes to purchasing real estate using land trusts - HOW TO GET A SELLER TO ACTUALLY:
- UNDERSTAND THE PROCESS
- BECOME COMFORTABLE WITH YOU AND THE IDEA
- UNDERSTAND THE CONTRACT
- SIGN THE CONTRACT
good luck! i believe if you put your mind to it, you can do this - i chose not to, but that’s me.
good luck
I agree with TMCG, sort of…
If you come here to ask specific questions about land trust, you will get good advice but you need to have a solid platform to build upon.
Most atty (even real estate guy) do not understand land trust. You need to find someone to hook up with that will either teach you or mentor you to do it. just do a google search; I’ve found at least a dozen out there…
Here’s a couple of good resources to consider
-
Mark Warda book on Land Trust; available on Amazon; excellent resource and has most of what you need to get started.
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www.foreclosureforum.com run by Ward Hanigan out of San Diego; he does training for land trust for a very reasonable amount. I have taken it and it is the only course I have paid for in 9 years as an investor. I’d do it agian in a second.
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Bill Gatten book on Land Trust; also available on Amazon. I personally don’t like it as I see a number of short-comings, but its $15. Buy it and if you like it hook up with him (he is also in Calif). His “system” is quite different tahn others, but it may appeal to you.
Good luck.