Farmington Hills · Member since 2019 · 2 posts · 0 votes
Hello BP,
this is my first post, so please bear with me.
I've been following and educating myself in investing, especially in creative investing (owner financing, lease options, etc.).
However, I recently came across land trusts. I have a general grasp of why it's beneficial and how it works but I have a few more questions.
1. I know that there are people here who successfully put their houses into a trust in Michigan. Are those referred to as "Land Trusts" , Grantor Trust or Living Trust? I have a Land Trust Document and the Warranty Deed For Trustee which I can use. But can the title say "Land Trust" or does it need to be referred to as Grantor Trust or Living Trust or whatsoever?
2. Is there a title company or attorney that you can recommend to get the houses deeded over to the Trust?
3. What are the approx. costs with a title company or attorney?
Thanks so much!
Come to a few real estate meetups in the area. There is almost a couple of them every week within a 50-mile radius of the great Detroit area.
In Michigan, most people use LLC's for real estate transactions.
There are many title companies that are investor-friendly.
The costs of a title company are based on the type of transaction and amount of paperwork involved. There are also title insurance costs involved. Usually about $500 to $1000 for title company as a ball park.
Attorney costs are based on what needs to be accomplished. Setting up LLC? Eviction? Reviewing contracts?
Come to a few real estate meetups in the area. There is almost a couple of them every week within a 50-mile radius of the great Detroit area.
In Michigan, most people use LLC's for real estate transactions.
There are many title companies that are investor-friendly.
The costs of a title company are based on the type of transaction and amount of paperwork involved. There are also title insurance costs involved. Usually about $500 to $1000 for title company as a ball park.
Attorney costs are based on what needs to be accomplished. Setting up LLC? Eviction? Reviewing contracts?
Thanks for your response. Yes many investors use LLC's but I'm specifically looking for trusts for anonymity which you don't get with LLC's. It's easy to find out the owner of an LLC unless it's a WY LLC.
I’m actually going to my first meetup this weekend. Looking forward to meeting likeminded people and learn as much as I can.
You should be able to get the same level of anonymity by having a lawyer submit the LLC as a registered agent. As a real estate investor, I look up title and owner information and I have not found out to locate owners of LLCs that are created by a registered agent.
I am also interested in this topic. Want to try to put my houses into a trust in Michigan. Therefore, I would like to read the further answers on your post. Please, sorry for being useless in your question