All Forum Posts by: Justin Smith

I am trying to understand how land trusts are used to buy homes subject to the existing mortgages, without alerting the mortgagee to the fact that ownership of the property has changed. What I don’t understand is how, after the transaction has been completed between me and the seller, am I going to be able to get the seller to sign over their beneficiary interest?

Is it that when transferring property into a land trust, you no longer need a new deed, the transaction is completed entirely by the creation and terms of the land trust?

I do understand that land trusts don't make you immune to the due on sale clause, but am I correct in thinking that they greatly reduce the chance that the lender will notice? 

Why would a motivated seller on an absentee list (someone who I presume wants to get rid of a property quick), want to remain a landlord?

@Brian Gibbons

 Call a fan person to take care of it, and anything over $50, you pay for.  Anything under, she pays for.  Same for the dishwasher.  Paying $50 here and there, eventually, she'll get tired of sweating the small stuff or she'll just fix it herself.

Go to Staples.  They might have something for you.

They hate us cause they aint us.

Haters gonna hate.  Ainters gonna aint.

@Franklin Romine

I'm not a landlord yet, but I'm on my way. I made the decision to become a REI in August. Now, I'm in the process of buying a foreclosure which I am going to be living in. It is a HUD foreclosure that I won the bid on during owner occupant bidding, so I'm going to have to live in it for a year. But, in the meantime, I'm going to be looking for a fourplex.

So, what's holding me back is I haven't received the deed to this house yet, nor have I found a fourplex.  I'm thinking about using direct mail to find a motivated seller that will agree to some creative financing terms on one, provided the numbers allow for cash flow.

To further assist in locating properties, I have enrolled in South Carolina's real estate sales pre-licensing course, which begins next week.  To prepare for this course, I've been reading content on biggerpockets, listening to a lot of podcasts, and I also read one of the text books that the SCREC recommended.  

If you are interested in becoming a landlord or if you are already a landlord, if you haven't seen this guide, you should check it out.  I found it to be very informative and helpful.

https://www.fanniemae.com/content/tool/landlord-guidance.pdf

The way I see it, taxation is my charitable contribution to society.

 "Move your Hug-A-Thug program to your neighborhood!"

and

"Beware of those who preach the loudest!"

lol