Forming A Land Trust

Comments(7)

• 
  ray_higdon17th August, 2004

  I had an attorney draw up my trust agreement, you can learn how from people like William Bronchick, Mark Warda or Lou Brown for $$, I believe all of those guys have books on land trusts
  [addsig]

• 
  videla17th August, 2004

  Thanks Ray for writing back. I spoke to an attorney today. They said that Land Trusts are illegal in Michigan but that Trusts are not. So what I can do is have them write up a trust for me and make it the "benificialary" of the my LLC. Phew. Now that was a mouthfull.

• 
  ray_higdon17th August, 2004

  illegal in Michigan huh? That sounds strange, anyone else in Michigan heard this?

• 
  DerrickAli17th August, 2004

  Hi George!
  
  I'm in Jackson county Michigan.
  
  Have set up trust(titleholding) here in Michigan for about 4 Years now.
  
  Haven't been put in jail or reprimanded by the magistrate about being a beneficiary of these trusts nor have the Settlor(homeowners) in these trust gone to jail for this aspect of property titleholding.
  
  I suggest you visit www.landtrust.net they have an association (which btw sets up + records the same trusts used here in MI by me) for less than a couple of Ben Frankllins + deed & recordation costs.
  
  first off why do you feel the need to do land trusts?
  
  What kind of deals do you plan to do?
  (area or aspect of CREI, etc.)
  
  Let us know what you need and I'll be happy to throw in another two-cents or more help get cha going in the right direction!
  
  Hope this Helps!
  
  Derrick Ali
  
  
  Set up of Land Trust are quite simple :-D

• 
  videla18th August, 2004

  Scarywood/Derrick, thanks for writing back.
  
  Scary, yes my attorney almost said verbadim the same thing, "...doing this so it's basically pointless." And then addded the remark, "like THOSE real estate seminars are teaching"
  
  Bottom line is I'm working on not recreating the wheel and am following the directions that have been laid out for me. I went to a free seminar and then purchased from Ebay the Ron Legrand information. The one that they sell for 1495 is available for 295. Perfectly identical and not a bootlegged copy.
  
  Scarywood. Your explaination was very clear and well written. I will be printing these postings to take with me to the attorney so that they understand what it is that I am doing.
  
  So Derrick that is why I am intersted in creating the trust.
  
  As for the deals I will be doing, my very first ones will be wholsale. But am ramping up for future lease options, possibly rehab/retail, and would like to learn the art of the short sale.
  
  I have only been reading on this subject of real estate investing for the past week and am excited to get started. I'm employed as an engineer doing chem. mgmt at a gm plant but and so ready to get outta' here. My why has gotten big enough
  
  Guys thanks again. I'm glad that I found this website. Derrick, I saw that you have some products. I'll keep you in mind for the short sale tutorial.

• 
  DerrickAli18th August, 2004

  GEORGE:
  
  Thanks for your interest.
  BTW - when meeting with your Atty.
  
  Have the legal beagle to look up the briefs for codifications on title-holding Trust in MI (on LEXUS-NEXUS) ... they were drafted by former Atty. David A Williams of Midland MI (Who's now doing CREI full time...I wonder why???)
  
  
  Let's have coffee sometime whenever you're down near Jackson county...OK?
  
  Happy Investing!
  
  Derrick Ali :-D

• 
  scarywoody18th August, 2004

  I just copy pasted the contents from another site. I take no credit for knowing anything