Land Trust

[Gabriel Reff]

I want to know the good, bad and the ugly about land trust and why I haven't heard of to many people using them..

[Mike S.]

@Mak K.

You definitely need a separate land trust per property. Do not put more than one property in a single land trust.

Cost wise if you use a full service attorney for drafting the trust that may cost you between $300 and $1000 to set it up, then if you want a separate trustee service that may cost you between $100 and $509 a year.

But you can also DIY if you invest enough to learn how to do it properly (maybe by paying a lawyer to do the first one to teach you and then simply repeating the process). Then it costs nothing as the trust is just an unrecorded document. You can also set up your own anonymous entity as trustee. Be careful however that there may be some differences in the trust wording depending on the state.

In my case I learned everything I could about land trust with different books and training. I then used an attorney to set up my first ones and now it takes me five minutes to set up a new trust before signing an offer on a new property.