Clint, very informative and helpful video. I'd love to see you do a video on comparing/contrasting a land trust, living trust and personal property trust. Are there specific powers or provisions that make a trust one type vs another? Since they are all revocable grantor trusts, I'm not sure what makes them different. Thanks.
Clint, very informative as usual. Regarding the 180-day FHA hurdle; if you need to move the property within that 180-day period, could offering the buyer a short term lease option be a solution?
Clint, while FNMA and FHLMC are generally okay with the property being closed in the name of a Living Trust (if statutorily authorized), the beneficiary needs to be in the name if the borrower, not the LLC. This is my understanding. If I'm incorrect, please explain why. Thanks!
Clint, thank you for this video. I am selling my property that is under a Land Trust and an LLC trustee. I just accepted an offer from a buyer who has a pre-approved VA loan. Do you see any issues that may come up that can delay the closing of escrow? If so, what can I do to ensure a timely closing without taking my property out of the trust? Thanks in advance for your advice.
A lot would depend on how your trust was set up. Have you watched by video on selling property in a land trust? The typical issues surrounding who is the trustee (nominee) and do you have an EIN and bank account set up for the trust.
In Indianapolis Indiana, Anonymity is not possible in my opinion because Chapter 851 Indianapolis Landlord Registration program (act No 1403) forces you to list first and last name of the owner of the property and list the property management as well. Is there a work around on this?
You list the LLC entity as the owner. Listing your name as a manager does not imply you own the property, just manage it. Also, is this information publicly available?
@@ClintCoons Unfortunately the Chapter 851 Act No 1403 supposedly was made for dead beat landlords that leave tenants in bad condition houses, and tenants unable to know who the landlord was, are able to acquire, far as address and phone number. I have not fully investigated this but I pay a $5 registration fee in Indianapolis Indiana to register, and they ask first name and last name with no way of listing LLC
A 1st time home buyer, as defined by FHA, is an individual who has had no ownership interest in a principal residence within the last 3 years. So, it a 36-month waiting period.
Clint, very informative and helpful video. I'd love to see you do a video on comparing/contrasting a land trust, living trust and personal property trust. Are there specific powers or provisions that make a trust one type vs another? Since they are all revocable grantor trusts, I'm not sure what makes them different. Thanks.
Great suggestion!
Clint, very informative as usual. Regarding the 180-day FHA hurdle; if you need to move the property within that 180-day period, could offering the buyer a short term lease option be a solution?
Lease with an option to purchase - correct.
Needs: List of ALL states that recognize land trusts during refinancing.. or is it only the two, IL and FL ?
Just IL and FL.
Clint, while FNMA and FHLMC are generally okay with the property being closed in the name of a Living Trust (if statutorily authorized), the beneficiary needs to be in the name if the borrower, not the LLC. This is my understanding. If I'm incorrect, please explain why. Thanks!
Correct
Wow... this was really good.
Thanks
Great content
Appreciate your watching.
Any recommendations of lenders that will close on a land trust?
No I do not know of any.
Clint, thank you for this video. I am selling my property that is under a Land Trust and an LLC trustee. I just accepted an offer from a buyer who has a pre-approved VA loan. Do you see any issues that may come up that can delay the closing of escrow? If so, what can I do to ensure a timely closing without taking my property out of the trust? Thanks in advance for your advice.
A lot would depend on how your trust was set up. Have you watched by video on selling property in a land trust? The typical issues surrounding who is the trustee (nominee) and do you have an EIN and bank account set up for the trust.
In Indianapolis Indiana, Anonymity is not possible in my opinion because Chapter 851 Indianapolis Landlord Registration program (act No 1403) forces you to list first and last name of the owner of the property and list the property management as well. Is there a work around on this?
You list the LLC entity as the owner. Listing your name as a manager does not imply you own the property, just manage it. Also, is this information publicly available?
@@ClintCoons Unfortunately the Chapter 851 Act No 1403 supposedly was made for dead beat landlords that leave tenants in bad condition houses, and tenants unable to know who the landlord was, are able to acquire, far as address and phone number. I have not fully investigated this but I pay a $5 registration fee in Indianapolis Indiana to register, and they ask first name and last name with no way of listing LLC
Will Fanny and Freddy allow for an LLC to be the trustee and you signing all the documentation as the manager
50/50 depending on the underwriter. Best case when selling would be to remove the LLC and appoint yourself as the trustee.
20:00 What????? 12 months waiting period , when selling to a first time home buyer FHA financing,
I do not beleive it..
A 1st time home buyer, as defined by FHA, is an individual who has had no ownership interest in a principal residence within the last 3 years. So, it a 36-month waiting period.
Wow! Why do we have to jump through all these hoops? It's all paper technicalities! I just want to make money with real estate.
That’s America/lawyers
Lol! @Mark Forest that's a good thing. Without all these technicalities, the real estate industry would be even more saturated and competitive.