Posted by Jo on September 08, 2003 at 19:20:25:
AmSouth allows you to take out an equity line against your home held in a Trust. They just require that an Attorney do the closing and not a title company.
I think you should always have an Attorney do closings anyway!
Can someone explain a land trust in simple terms? - Posted by Glen Canady
Posted by Glen Canady on September 05, 2003 at 23:26:02:
I have set-up a new corporation that I’m going to use to do my short-term deals like rehabs, flips, and also some where I take it subject 2 and sell on a 1-2 year L/O. Can someone explain to me how a land trust fits in to all of this, in simple terms? I’ve read up on it but I’m just not sure what the purpose is when I already have a corporation. What am I missing??
Re: Can someone explain a … - Posted by David
Posted by David on September 07, 2003 at 14:13:21:
Glen,
Besides giving you an easy way to buy property ‘subject to’ the existing mortgage, land trusts are also effective defensive strategy from a legal perspective.
I am not a lawyer but from what I have read the land trust allows you to hide ownership in a property as the trust is the owner of record and not you or your company. A land trust has at least one beneficiary. The beneficiary is listed in another document that is not on public record.
Land trusts are definitely the preferred way to hold real estate. However, I highly recommend you read alot and consult a competent attorney. There is a lot of legal advantages to using them and you want to make sure you do it right.
Re: Can someone explain . . . . - Posted by Craig(IL)
Posted by Craig(IL) on September 07, 2003 at 02:18:04:
For tax reasons NEVER hold realestate in a C or S corporation. For tax reasons its good to have your corporation manage or oversee real estate and other ventures. Put your property into land trust ownership and let your corporation manage it.
Re: Can someone explain a land trust? - Posted by js-Indianapolis
Posted by js-Indianapolis on September 06, 2003 at 11:30:40:
It’s another layer of protection, and keeps your name off public record. Read: if you get sued, one more obstacle for them to find your assets. A corporation isn’t the be all end all of protecting assets. Good step, but a land trust goes a step further. Read (or listen to) Bronchicks new audio article.
http://www.creonline.com/articles/art-226.html
Re: Can someone explain . . . . - Posted by Sara Marsh
Posted by Sara Marsh on September 07, 2003 at 10:21:14:
Put the property into a trust with who as the beneficiary - you personally?
Re: Can someone explain a land trust? - Posted by keith hutson
Posted by keith hutson on September 07, 2003 at 08:14:54:
I asked Bronchick about holding my house (for my residence)in a trust. My question was how can I borrow against the equity in my house if it is held in a trust. His response is that the lender’s legal department upon review should not have a problem with it.
My question now is, has anyone had difficulty in doing this…borrowing against the equity of a house held in a trust? Bare in mind I am not quiestioning Bronchick’s answer, I am interested in whether this can be a problem.
I would appreciate feedback on this.
Regards,
Keith Hutson