Flipping And Land Trust??
I was wondering how can you avoid the double closing scenario when doing flips by using a Land Trust. I've read recently that it is the way to do such deals. Also doing it this way is there any loss of profits? Anyone done a deal this way yet?
KFarzin:
First of all I focus MOSTLY on PFLs (Pre-Foreclosures)...
I get an agreement to dispose of the property through a Land Trust...
I also get a Pwr of Atty and QC Deed from the Owner/Sellers...
Then I Set up a Land Trust and record a Warranty Deed as the "123 Main Street Trust" nominating myself (via POA) as Trustee
I list the property for Wholsale if there is enough equity to another investor and either grant them 100% beneficial Interest for my $FEE$ (NO DOUBLE CLOSING COSTS---YIPPEEEE!!!)
or
When I decide to sell the property RETAIL--
When I go to the closing I Direct the Title Co. Officer to pay all Proceeds in the name of the Trust c/o Derrick Ali as Trustee.
Still NO COUBLE -CLOSING COSTS!!!
GOT IT???
Hope this Helps!
Derrick