Has anyone done "land trusts"?
I have been interested in Lease Option and just a couple of days ago heard about land-trust and its benefits, however, I know nothing about them. Are they worth persuing (studying) more? what is there greatest pitfall? 
[addsig]
Hi Nica and welcome,
The greatest pitfall will be if, (depending on what you're doing with the prop.),
you didn't put each prop. in it's own Land Trust...then it may not be a bad idea to put the Land Trust into a Personal Property Trust for added protection.
Hope this helps,
Clif
Thank you Pbody for your answer to the question on Land Trust. The concept they are trying to sell in a seminar-to-be is that we can buy properties even if they have no equity, as long as we have a motivated seller and a buyer with credit dificulties. We would get the buyer into a 3-way LandTrust with the future purchaser and agent (me). In the LT, we are all partners, I keep control of the property, the buyer to be (with a contract of ...let say..... 5 years renewable LT) will get his own Loan by the end of the contract (hopefully his credit is good then). Why do it? I would have a property which I control, I am not buying with cash because the buyer (poor credit but willing to pay more for the house) will come up with a small down payment, the motivated seller (no equity) we just take it away via the LT and his credit is not ruined and he can go and buy a cheaper house. and me? increased the value of the property (so I make some money), could increase the percentage rate to the buyer and get some cash that way. Mean while I have a say in the property, the original owner still have it and the new owner may still have it. It he defaults on payments, he is out and looses all and I can find another buyer.......if it really becomes a nightmare property, it is returned to the original owner as the land trust is desolved or I purchase it via standand loan. Sorry for the long speach by that is in brief what they are telling me that the seminar will show me how to do. Apparently is a lot of paper work and lots of "i" to dots and "t" to cross. You seam to be knowledgeable about them.....is this a scam?
Nica
Nica,
The arrangement you're referring to is already in existence. It is called a PACTrust/Equity Holding Trust. You can read about them at this website:
http:/www.landtrust.net/
Derrick Ali (a TCI Partner) specializes in using them. Go back and check out some of his previous posts on this subject. It will be a real eye-opener!
HTH.
[addsig]
Thank you much Kevin. I checked it out already and it is great........ I will contact Derrick Ali
Thanks,
Nica