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.
Da Wiz,
Thanks for the information on land trusts!
Leroy
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.
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¢
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!
: )
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?
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.
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.