Posted by cgell on September 02, 2005 at 16:16:57:
Why can’t you catch it up?
buying sub2 with corp and land trust??? - Posted by Jason
Posted by Jason on September 02, 2005 at 13:45:45:
I am finally landing another Sub To deal after lots of effort. Although I’m a little nervous as the seller can’t meet with me to sign the paperwork until Tuesday as business has her out of town.
ARV: 185K
loan: 145K adjustable rate mort $1100.00/month @ 5.125%
(Should I be concerned about having an adjustable rate)
Home needs no work. Seller will give me the deed.
Seller is 2 months behind ($2200.00 due to bring current) and will not do the deal unless she can get $1000.00 in moving money. What do you guys think?
I need to flip this one for cash and will market immediatelly to sell. I won’t be able to hold this one.
I want to buy this one under my company name (S-corp). I will be using your land trust setup.
This will be the first time I purchase using my company name. How do I write the sales agreement/land trust? Can the sales agreement be written as the buyer being “My company, Me as trustee”? Can I be the trustee of a property owned by my land trust?
thanks
Re: buying sub2 with corp and land trust??? - Posted by TaMo-Atlanta
Posted by TaMo-Atlanta on September 02, 2005 at 20:26:34:
Who can and can’t be varies depending on your state. For example in my home state of GA, a corporation cannot be trustee. Regardless, being the trustee is usually not the best way to go. The point of holding the property in trust is so that your name doesn’t show up on record.
With that said, I’ve done it once when I couldn’t find someone in 10 minutes to sign as trustee and haven’t had any ill consequences ;).
Re: buying sub2 with corp and land trust??? - Posted by Young Jedi
Posted by Young Jedi on September 02, 2005 at 16:45:00:
Let’s see - your’re picking up $40K in equity on a house that needs no work for only about $3200 cash.
Sounds great to me. How can you loose?
You have several exit strategies on this one.
Congratulations!
I sign everything as Young Jedi, Trustee.
Trustee is my last name you know!
Actually, someone else close to me (with a different last name) is my usual trustee for land trusts.
"Old Sith, Trustee for the 123 Maple Street Trust".
Your S-corp would be the beneficiary of the trust.Re: buying sub2 with corp and land trust??? - Posted by luke-NC
Posted by luke-NC on September 02, 2005 at 14:39:04:
Sounds alright to me, i’d sign it up with no guarantees to catch it up or pay it off…will she do that?
you’ve $1k to spare, I’d get it to her and immediately get it on the market.
Re: buying sub2 with corp and land trust??? - Posted by Jason
Posted by Jason on September 02, 2005 at 15:14:58:
Luke,
I asked her to catch it up and she won’t catch it up as she’s leaving. If i don’t catch it up, I wonder how much time I have to work with before a foreclosure notice shows up. I will market the heck out of it to sell ASAP, but don’t want to get too close to the foreclosure to cause any problems. What do you think is my timeframe? How long before the foreclosure notice hits the front door?
Re: buying sub2 with corp and land trust??? - Posted by luke-NC
Posted by luke-NC on September 02, 2005 at 20:04:29:
depends on your state…
here in NC once it gets to 3 months past due, they go ahead and send it to an attorney to start foreclosure proceedings.
I would get the house signed over, then list it with a flat fee listing service. Getting it on the MLS is the best way to go…