here’s the deal- Lady wants divorce husband don’t work house is for sale, payoff is 70k cost of minor rehab 5k (major could go 20k but I think I can hit top of range without it) ARV is 125-130k, owners are willing to deed prop. sub2 as long as they walk away with some cash. I hear how easy trusts are but don’t know how to put one together, I could do it with my LLC but really would like to use a LT for the experience. Also I have never done a sub2 but beleive I have a firm grasp on how its done. I am a buy rehab sell kinda guy, but want to expand into the sub2-wrap or sub2 buy - conventional sell, What I need here is any direction on the sub2 I can get and can someone please demystify the landtrust thing for me??
The LT should keep the mortgage company from ever knowing the mortgage was assumed and could give you more protection. Make your business the beneficiary and the lawyer the trustee so know one will be able to penetrate and find out who owns the property
I suggest using a lawyer on your first couple anyway.
Good Luck.
Thank you for your input. The attorney I would normaly use is not convinced that using trusts in this way is here to stay, which of course turned on my cautious side. But I have another RE attorny in town who is willing to make it happen for me, Does any one know what big brother is up to concerning trusts?