I have been investing in RE for about 3 years now in Texas. We usually pay cash or get a mortgage on REI properties and I’ve never dealt with a land trust. Working on a pre foreclosure residential property that I am purchasing at 50% ARV. Going to give the owner a little cash, make the loan current, and take over payments until we can sell it. Looking for examples of Texas landtrusts or RE attorneys in Texas that are knowledgable with landtrusts. I am going to the court house tommorrow to look at a few of the more recent land trusts recorded in my county. You guys have any recommendations?
You probably won’t find land trusts (in the way we small RE investors use them) recorded in the courthouse. Mostly only large public corporations.
You see, the primary purpose of the land trust is to provide a degree of anonimity. All that has to be recorded is the deed which lists the trustee as the grantee. The trust itself can be hidden in your file cabinet. No one else knows who is the beneficiary. If asked, all the trustee has to say is the info is private. Only a judge could compel the trust to be open and disclosed.
Recording the trust would provide too much info and defeat the purpose of it.
why landtrust and not in your/your company’s name?
if you insist on landtrust, contact r2srealestate’s website and ask them if they would sell you their landtrust paperwork. They sell it for $150 i believe and they use it in Texas. You can use my name they know me well.