==> My First Investment... Where To Start?
Hello Forum Members,
I am an internet marketer trying to break into the RE game...
I have been reading and learning about RE... yet it seems a bit complicated and I am not sure where to start. Maybe some of you can help me out a bit.
I have nearly $103k to invest... I want to invest it so I can cash out later and make a profit on it. Another thing that is very important, is that I want it to be as hands-off as possible.
I look forward to hearing your comments.
Thanks!
I always have the trustee I use. sign and notarize a substitution of trustee document that I keep in my safe unrecorded. If any such problems arise in the future I record the substitution & my new trustee (me) now has complete control.
I also like to record a trust deed against the property & over encumber it, removing any apparent equity to discourage anyone from buying the property from my trustee. I of course have a notarized reconveyance in my safe to remove the "lien" if I need to sell the property or refi it later on.
Having a corporate "owner" has asset protection flaws. Seek professional advice before you launch your plan.
I have a question with the substitution of trustee. I use trusts on all properties with the llc as my beni. My question is if your trustee dies. I was told that you are not supposed to file a document post death even if it is signed earlier, and notarized. Is this a correct statement, if so what are the options?
I initially had deeds to a new trustee, that were held in safe. My question is it better to go with a new deed with a line stating if one trustee is incapacitated another trustee would take their place. If this is a good option does anyone have the text to be added to the document?
thanks for the help.
I am not a lawyer and this is not legal advice, but I believe that what you heard is correct. You cannot file those documents AFTER death. Consult appropriate counsel on this.