First deal - Best way to take title? - Posted by Mike Leiter (KY)


#1

Posted by Rob FL on November 05, 1998 at 20:59:52:

Take title in a trust for both of them. Especially the owner financed deal. If your trustee signs the mtg and note but you and your wife are the beneficiaries, then you control the property but have no personal liability on the note.


#2

First deal - Best way to take title? - Posted by Mike Leiter (KY)

Posted by Mike Leiter (KY) on November 05, 1998 at 24:03:37:

I’ve got closing on my first 2 deals coming up RSN (Real Soon Now) - see previous posting.

I need to get back to the attorney drawing up the deed for one with information on how I want to take title. It’s an owner-financed deal in this case, but will get a Title I HIL shortly after closing to do a rehab.

The second deal will be all cash with refi in hopefully 30 days or less.

What’s the best way to go for taking title?

The plan on the first is to use general warantee deed. I plan on eventually moving it into a land trust. I will eventually (next year or so) set up a corporation as a part of my REI strategy. I’m married, and also don’t know what is best in terms of my wife and I taking individual or joint title in particular properties, as beneficiaries of the trust, as owners of the corp, etc.

Please help! As of now I was just planning on taking title in my name alone, and doing whatever I needed to do later on to transfer title for the $42 recording fee, after I get things set up better, get an attorney, order some courses from here, etc… Is this a mistake? Should I start off directly with a land trust? Isn’t it a privacy disadvantage to have your name recorded as owner at all?

Thanks for your help.

Mike