Posted by Russ Sims on October 07, 2003 at 15:27:57:
It took my attorney a few weeks to do my LLC paperwork and get it registered with the State. I have since learned that I could do it myself much faster (and cheaper!). Still, having the attorney do it gave me peace of mind that it was being done right.
Since you will make your LLC the beneficiary it probably makes sense to set it up before forming the trust. If you have the proper forms you can form a trust in a half hour…then prepare a Deed to Trustee, take it down to the county and record it. You can do the whole thing in a couple of hours.
Russ
“Seller Carryback” & The Discount - Posted by Hal K
Posted by Hal K on September 27, 2000 at 21:29:47:
I have a house and the seller carried a note for $60K with a 7 year call.
Now “MY BUYER” decides after 3 years to Re-Fi because he can now qualify for financing.
I now call “MY SELLER” who holds the $60K note and I tell him I’m coming into some money and wanted to pay off my note (with a discount) in lieu of an early settlement.
Seller outright refuses…says he wants the whole amount owed to him! Ok Hey That’s Cool, at least I tried.
Now that I have failed at getting a discount on the payoff, am I forced to pay him NOW, because of the sale? I know the note was for 7 years but it is in 2nd position and for my buyers lender to loan the money to purchase, the title needs to be clear and his 2nd makes that impossible (correct?)
Posted by dewCO on September 28, 2000 at 12:46:39:
No, just pay off all (you aren’t real clear, but sounds like there is a 1st in addition to the $60 2nd) the notes on the property, and hopefully there is some left over for you. Naturally there needs to be enough value to do this.
Re: Just bought property what now??? - Posted by Rental Man
Posted by Rental Man on October 07, 2003 at 14:22:40:
Thanks for you response. Just wondering, does it matter whether the LLC has been formed yet? The property is just sitting vacant in my name. Should I form LLC first or land trust first? And how long does the process take?
Ed, what type of owners are you targeting, and how are you getting the information? Sounds like what you’re doing is very effective. Thanks in advance.