Posted by gerald(tx) on February 13, 2004 at 11:28:29:
You’re a little confused. A land trust is simply a vehicle to take title anonamously, in order to conceal your ownership identity. It has nothing to do with you being able to get in with less down payment.
There are creative ways to possibly make this a no money down deal, but you need to get educated in REI before you jump in. Buy a course, read books and this forum first. You’ll find lots of great deals then.
land trust - Posted by T.Martinez Sr.
Posted by T.Martinez Sr. on February 13, 2004 at 07:18:59:
I noticed a home that is for sale in Denver that was FSBO. I called the lady and aked her when she wants to get out of the property. She said by April of 2004. She currently owes around 130k on the mtg. She refinanced and the last appraisel was about 185k. She said she was willing to except 25k “cash” to get out of the property. Someone suggested a land trust to just take over the payments. But If I set up a land trust and want to close out in 2 years. What would be the best way to position her price of 25k that she wants now?
I’m new at this so am looking for some assistance. I don’t want to use my own money. “don’t have any” credit is good, but don’t want to use credit. What would be the best way to position this property? And what is the best way to get soft money? Is a “subject to” a good way also?
If any “seasoned investor” would give their thoughts on this I would appreciate it! Or how they would propose this?