Land Trusts

I hearld that there are 14 or 15 states that a LLC or Corporation can be used as the trustee of a land trust. Can anyone tell me if this is true in the state of South Carolina. Thanks for all and any assistance on this issue.

Comments(7)

  • 401kjan22nd March, 2006

    Da Wiz,
    Thanks for the information on land trusts!
    Leroy

  • bgrossnickle22nd March, 2006

    If there is equity, then it might be worth taking a loss in the short tem to get the equity. I have taken two houses subject 2 where I gave the owner a lease. I am losing money in the short term, but both houses had about 80k of equity and so far they are the best tenants that I have.

    if there is no equity, then try a short sell.

  • mcole23rd March, 2006

    Vcrindc,

    Another option is to go ahead and take it sub-to, increase the price over market value (maybe 10%), and then sell it on a Contract for Deed or Land Contract.

    The buyer receives all the benefits of ownership, equitable interest, write-offs, appreciation, etc. You receive a down payment, monthly payments higher than rent, and make the rest of your profit in a year or two.

    It’s simple and easy to do.

    My 2¢

  • mcole23rd March, 2006

    Robert,

    You’re welcome. And I didn’t take it as argumentative at all. I guess my point was simply that sometimes you can slip under the radar and a find a deal that at first might look slim or non-existent.

    But if you’re easily finding deals way below market where you’re at, congratulations! That’s awesome.

    Heck…maybe we should come down there and help you out!

    : )

  • mcole23rd March, 2006

    Mtnwizard,

    You’re right about tax consequences. Good point.

    I’m not a CPA, but aren’t there ways to structure your reporting of of a CFD so that it’s based on what you actually receive in a given year?

  • mtnwizard15th March, 2006

    Never have an attorney send you a contract. YOU send them a contract. I use a Non-Exclusive Option Agreement and this is much simpler than it appears.

  • BBagnall23rd March, 2006

    I agree with Gary. You ALWAYS want to use your contract. Read your contracts and memorize them so you know them like the back of your hand.

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