Land Trust??? - Posted by Anna

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Land Trust??? - Posted by Anna

Posted by Anna on May 27, 1999 at 16:34:46:

I am currently working on my first deal. I have read a few books (legrand and whitney) and I am wondering if I should buy with a land trust or incorporate before my first deal. Any thoughts…

Also, feedback on the deal would be appreciated. Out of state buyer, owns house free and clear. House is 2 1/2 years behind in taxes (this year the county will foreclose). Owes 3299 back taxes. house is 3b/1ba 1848 sf in a so so neighborhood. Assessed at 68,500, asking 79. The house is listed with an agent, i plan to use an agent to offer the buyer the following: 35k cash now (32 to him, 3 to back taxes) i pay closing, or 40 k, 2k now and the remainder due in 180 days (he pays taxes and closing), or 45 k, 5k now and the seller carriers the contract for 20 years at 8%(he pays closing, i pay taxes). What do ya think?

Re: Land Trust??? - Posted by Bud Branstetter

Posted by Bud Branstetter on May 27, 1999 at 19:42:11:

Personal opinion is to take title to any real estate in the name of a land trust. Make sure you know how to do it. While it may be best to operate as a corporation I did several dozens in my own name before I did the corporation. The best thing is to not let the entity get in the way of you doing something.

On your deal, I would be offended by your offer. Not really, but I just wouldn’t counter. If the house is worth much more why would he take your offer when my realtor says he can get me more. I don’t need the cash and I won’t let it go for back taxes. Just an way to borrow until I have to pay the taxes.

If you deal with his agent you are more likely to find out his motivation.