Posted by John on February 02, 2006 at 21:45:26:
I had the same problem. I created a LLC and the trustee signed a management with the LLC. The LLC collects the rent, pays the mortgages, makes repairs, and enforces the leases, and leases the property for the trust.
Reception of Rent and Trustee - Posted by mei122@aol.com
Posted by mei122@aol.com on February 02, 2006 at 16:41:23:
I have a question. What is the best way to receive rent from tenants when the property is in trust? I have several properties in trust. The tenants make their rental payments payable to my LLCs. If the property is in trust, wouldn’t it be better to have the tenants make their checks payable to the trust and/or the trustee? If so, how can I manage the money without setting up ten or so bank accounts for the trusts?