Land Trust

[Christopher Adkins]

Hi Guys,

I could really use some help on this one as I do not have a lot of experience with Land Trust.

Here is the scenario from the owner:

Or I can owner finance to a LLC or other entity, property stays in the land trust you are assigned beneficial interest in the land trust I stay on as lien holder and you sign an assignment of beneficial interest in case of default you give up your right to foreclosure.

$84,900 purchase - $10k down (we can do $2500 non refundable deposit to hold until May or whenever your wife makes it here to take possession)
8% interest P&I $549.59 / taxes approx $123 / insurance approx $84 / total monthly $758

The P&I is calculated on a 30 year fixed. I would prefer a 15-10 year fixed as the interest rate is quite high and I want to pay down the principal balance sooner. Re-finance after 1 year at a better rate.

I would really appreciate some advice on this one.

Thanks