 Land Trust and Subject-To (by Preferred Investing [OK]) Feb 22, 2017 7:40 PM
 Land Trust and Subject-To (by Nicole [PA]) Feb 22, 2017 11:19 PM
Land Trust and Subject-To (by Lynda [TX]) Feb 23, 2017 11:06 AM
Land Trust and Subject-To (by Ray-N-Pa [PA]) Feb 25, 2017 7:24 PM
Land Trust and Subject-To (by Preferred Investing [OK]) Posted on: Feb 22, 2017 7:40 PM
Message:
State Specific Question About: OKLAHOMA (OK)
I would like to purchase a single family home subject-to the existing mortgage and place the property in a land trust. During closing I would have an attorney (trustee) assign the beneficial interest of that land trust over to my LLC. Is this legal in the state of Oklahoma?
Also if the existing mortgage has a "due on sale" clause, what should I be concerned about if I am able to place the property in the land trust?
Thanks! --166.137.xxx.xx |
Land Trust and Subject-To (by Nicole [PA]) Posted on: Feb 22, 2017 11:19 PM
Message:
no idea if it's legal nor why you would want to go to all that trouble.
what you should be concerned about regarding the "due on sale" clause is that their lender will demand payment. Is it done often? Apparently not but it's there and you need to have a plan to pay that loan off or face foreclosure if the lender invokes that clause. --72.95.xx.xx |
Land Trust and Subject-To (by Lynda [TX]) Posted on: Feb 23, 2017 11:06 AM
Message:
I think you misunderstand the purpose of the land trust. When you do a land trust, YOU are always the beneficiary! This is NOT the kind of trust where you are trying to leave the value to a child, aging parent, or for future education costs, etc. A Land Trust does not "entrust" anything. ANd it cannot be the beneficiary of itself.
A land trust becomes the legal "owner" of the property--but YOU are the beneficiary. As such, you are able to manage the the trust to YOUR BENEFIT. THAT is how you control the trust--AND become the MANAGER. THe "Land Trust" is just a HOLDING entity, a vehicle that keeps the ownership of the property out of your name, so your name doesnot get recorded as the owner for the world to see. But as the beneficiary, you can manage and control the property. It makes NO SENSE to dis-include yourself from that management and control. --108.87.xx.xxx |
Land Trust and Subject-To (by Ray-N-Pa [PA]) Posted on: Feb 25, 2017 7:24 PM
Message:
Subject to investing can make you a good amount of money......but at best it is working in the gray of the law.
Asking someone for their deed but allowing them to keep the mortgage does not sound all that Christian. I suppose though, you need to justify it. In my eyes, I consider it fraud - but if you can sleep at night, that is what matters.
If you are trying to operate below the radar of the bank a trust name like "The 123 Main St Land Trust" works well for a house located at 123 Main St. This is what makes land trust a solid tool for doing some initial hiding in asset protection.
Then use the LLC to manage the properties with you as an employee of the LLC........what that will do is create active and passive income from a source that is normally only passive. With active income, you can charge high management fees and fund your SIMPLE IRA/401K
--24.239.xx.xxx |
Reply:
|
|