I’ve been reading about using land trusts on this board (and I checked Bill Gatten’s web site) and I am intrigued about possibly using this as another tool in my investment strategy…but I have a few questions…
What if the house is already included in the owner/seller’s existing living trust? Can another trust be created just for the house?
If the house isnt in a trust and a living trust is created just for the house…what happens if the owner/seller later wants to create a living trust for their other assets?
(I guess the real question is, how many separate legal living trusts can one person have…or is there a way to separate the ownership interest in the house from the other assets within a trust? )
I read another post in which the poster was told by his/her mortgage company to make the mortgage company a beneficiary of the trust…how would that work if using a land trust in this way (and why would you make your mortgage holder a beneficiary in your land trust? I can’t understand why that would be desirable…)
Can someone explain to me the difference between the Trustee and the Beneficiary(s)? If my LLC purchases a home “sub2” using a land trust, is the LLC the Trustee, a Beneficiary, or both? If the LLC is a beneficiary, who or what is the Trustee? I guess I am in the middle of a “Who’s On First” confusion LOL [and I am really dating myself using an Abbot and Costello reference ;D ]
In case it matters, I am setting up my company (probably as an LLC) in Oklahoma (Tulsa area). Before I started reading these boards I planned only to purchase, rehab and quickly resell properties, using my own funds and hard money. However, purchasing houses using a land trust may also be a possibility.