Wholesaler · Mishawaka, IN · Member since 2013 · 438 posts · 346 votes
Hello all. I am looking into using land trusts for my real estate investing business. I have a few questions I'm hoping you can shed some light on for me.
1. Do you need to be an Attorney to set-up a land trust or can anyone do it?
2. Do you need to have an Attorney as the trustee of your land trust, or can it be anyone?
3. Do you need to be licensed, certified, or a lawyer in order to be the trustee of someone else's land trust?
4. If you use land trusts in your real estate investing business and appoint someone to be the trustee of your land trust(s), can you also be the trustee of other people's trusts at the same time?
5. What is the advantage of setting up a land trust in Illinois vs. Virginia, or vice versa?
6. Can you set-up a land trust in a state if the property being put into a land trust is not located in that state you are setting up the land trust in? (Example: can I set-up an Illinois land trust for a property located in Indiana)
Did anything ever come of this or did you find the information you needed? I went to my local REIA meeting a couple months ago on this topic and learned a ton. While I still have a lot of questions, I plan on posting in the forums a tutorial of everything I learned.
These are awesome questions. I too have the same questions, but I see no one responded. Hopefully mu post will pull this one to the top of the forums; so we can clearly understand them.