Stacy, That was a good idea about the land trusts. Will that work on homes in MH parks. Aren’t they considered personal property?
Steve
Steve,
I was just curious if you ever learned any more about this? I know that moho’s are personal property, but I would think that a park wouldn’t be. However, this area is not one of my strengths.
Did you ever find an answer? I would think that unless it were privately financed, that a land trust might be difficult. My actual experience with commercial is limited, but the impression I get is there is much more monitoring and oversight with these loans, if done traditionally.
Steve,
You can put personal property in trust just like you can real property.
You’re getting caught up on the word “land” in land trust. It’s still just a trust.
Here’s something else you may not know, most people don’t. Texas doesn’t even have laws regarding “land trusts”. That doesn’t stop people from using them though.
I have an attorney whose pulling all the case law for land trusts in Texas. So far she hasn’t found anything. That means they probably haven’t been tested in Texas courts yet.
Don’t let all this stop you. Get out there and do some deals and worry about this stuff later.