i know some stuff on land trust and i decided to call a professional and get free consultation just to confirm what i've been learning. talked for a good hour over the phone and i was really impressed on the innovation and dynamics of using land trusts to buy property, assigning beneficial interests, asset protection and IRS benefits. overall we're going to set up a few joint ventures to do flips and rentals and at the same time i get to learn more of the advantages and disadvantages of utilizing this vehicle.

one of the cons about using land trust is that most people, even attorneys dont understand land trusts. he said since most people dont understand, they say its unethical or illegal and they get in a defensive mode just because they dont understand.

so im just looking to see if anyone in this forum is on the same page as me? i have a alot of questions and maybe we can start a long discussion about land trusts.

thanks for listening!

Yes to paragraph one

Triple Yes to paragraph two

Yes to paragraph 3 But no to a long discussion, becuase of paragraph 2

Anything else????

Alvin,
Land Trusts are the way to go when purchasing properties. You will get bad Land Trust advice from the majority of attorneys. The attorneys at Chicago Title are your best source of information as the Land Trust was born in their office in Chicago.

Always take possession of the property in a Land Trust. If you do most of your work with an LLC then the LLC would have the beneficiary of the trust.

Put your own home into a Trust. If the mortgagee asks just say it is for estate planning purposes. If someone gets a judgement against you it is much harder to attach to your home since you do not actually own the home, you are only the beneficiary. Also should anything happen to you the property does not have to be probated to pass title to your heirs.

i think ill educate myself by posting all my research on this thread. hopefully you guys/gals may learn something new and utilize this information to your advantage.