first an LLC, second a LAND TRUST, third...A BEER!!!! - Posted by chris

Real Estate Investing
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Posted by Eric C on April 13, 2000 at 04:19:28:

You guys have it all wrong —

The BEER comes first!

Yours,

Eric C

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first an LLC, second a LAND TRUST, third…A BEER!!! - Posted by chris

Posted by chris on April 12, 2000 at 15:28:42:

I currrently have a 4-unit house i am renting. i bought the house and put EVERYTHING (TITLE, INSURANCE, MORTGAGE, ETC.) in my name. i KNOW, STUPID MOVE. But i didn’t know about land trusts or LLC’s.

I am looking to create an LLC (me as sole owner), and a land trust…and assign the beneficial interest to the LLC. HOW DO WE DO THIS? DETAILS PLEASE! I MEAN…the property is in my name, so how does everything transfer, including the title, mortgage, insurance, etc… Will placing a property into an LLC drigger the DOS?

thanks in advance

chris

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Re: first an LLC, second a LAND TRUST, third…A BEER!!! - Posted by JPiper

Posted by JPiper on April 13, 2000 at 01:41:52:

When you deed the property, the ONLY thing that transfers is title. Deeding to a trust does not trigger the DOS clause.

When you assign the beneficial interest to an LLC, technically you have trigger the DOS…however this is a “silent” tranaction out of the lenders view.

The mortgage is not transferred…and chances are won’t be even if you formally attempted to do so. You will need to add your trust to the existing insurance policy as an additional insured.

JPiper

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Re: first an LLC, second a LAND TRUST, third…A BEER!!! - Posted by tb

Posted by tb on April 12, 2000 at 21:24:22:

Hi Chris,

If you are looking for information regarding Land Trusts, I must recommend Bill Bronchick`s Land Trust Course strongly.

Bill`s Land Trust Course is clearly written and easily readable, even to those with limited legal knowledge. I personally have used this course to get properties out of my name; allowing for a certain degree of privacy from those who may be out to “assess” my personally held assets.

Bill also has an LLCs and Family Partnerships Course available. Although I do not own this course, I have heard nothing but excellent reviews concerning the course on this site. If it is as well-written and easy to follow as the Land Trust Course, there is no doubt in my mind that you would want to look into this course as well.

Bills materials are available here on this site as well as Bills personal site (wwww.legalwiz.com).

Good luck Chris and I hope this information helps!

tb