Posted by dewCO on December 23, 2000 at 19:13:17:
Far as I remember, they are OK everywhere. Post this Q to Bill at his site, he’ll let you know. He’s not going to bullsh*t you. But it is a typical answer from an attorney. Most don’t know trusts.
www.cal-equity.com
PACTrust in Missouri - Posted by Dan (MO)
Posted by Dan (MO) on December 21, 2000 at 18:30:09:
Has anyone done a NARS PACTrust deal (or attempted to do) in the state of Missouri? If so, were there any realtors or attorneys or accountants involved? What was their take on the PACTrust way of doing things?
An attorney next door to me who deals in real estate matters and owns rental property of her own looked over the material I gave her from the NARS website. She nixed the whole idea although she admitted to me that she knew little about trusts and she had alot of misconceptions about the PACTrust which I then clarified for her in Gattens book “No Down No New Loan”. So she just said good luck its too risky for me. She buys her property the most conservative way imaginable. Puts 10-20% down and then rents the places out for a little more than the payment. She ever admitted to me that she is conservative. But she did raise a point that although they may be legal and hold up in court in California they may not in Missouri. That is the root of my question, that plus finding out where I can find a pro-PACTrust attorney, accountant, and/or realtor in the state of Missouri in case I need them.
Can anyone shed some light here for me? Thanks in advance for responses.
Happy Holiday to all!
Dan (MO)