Landtrust in Michigan

[Yasha Babaei]

Hello BP, this is my first post, so please bear with me. I've been following and educating myself in investing, especially in creative investing (owner financing, lease options, etc.). However, I recently came across land trusts. I have a general grasp of why it's beneficial and how it works but I have a few more questions. 1. I know that there are people here who successfully put their houses into a trust in Michigan. Are those referred to as "Land Trusts" , Grantor Trust or Living Trust? I have a Land Trust Document and the Warranty Deed For Trustee which I can use. But can the title say "Land Trust" or does it need to be referred to as Grantor Trust or Living Trust or whatsoever? 2. Is there a title company or attorney that you can recommend to get the houses deeded over to the Trust? 3. What are the approx. costs with a title company or attorney? Thanks so much!

[Saravanan Saravanan]

@Yasha Babaei

Come to a few real estate meetups in the area.  There is almost a couple of them every week within a 50-mile radius of the great Detroit area.

In Michigan, most people use LLC's for real estate transactions.

There are many title companies that are investor-friendly.  

The costs of a title company are based on the type of transaction and amount of paperwork involved.  There are also title insurance costs involved.  Usually about $500 to $1000 for title company as a ball park.

Attorney costs are based on what needs to be accomplished. Setting up LLC? Eviction? Reviewing contracts?

Good luck and welcome to real estate.