So here is the interesting situation I find myself currently in.

Several months ago I took a property over via a Land Trust. The original owner was a friend of mine who slowly but surely started working on my last nerve. She started showing up at my job, calling me 40 times back to back, wanting money etc. I told her to quit calling me and that our friendship was over.

Weeks later (yesterday), I receive a letter in the mail from her attorney that the land trust agreement we entered would not be valid in 30 days. Now I have tenants in place and furniture that was rented for these tenants in the house.

What do you think I should do? I ultimately don't care about this property anymore. The area is turning bad and the property has devalued greatly. I just don't want to lose the cost of the furniture.

What does that mean - that you took over a property via a land trust? Who is the beneficial interest? If you are the beneficial interest, then you own the property and I would continue with your original agreement with the owner (your ex-friend). If she still owns the property, then you've got a problem.

One other point. Being a landlord involves a lot of stressors - such as the owner calling you. If you can't take this kind of stress, you probably shouldn't be a landlord.

Good Luck,

Mike

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www.1MinuteToRentalPropertyRiches.com

Why did she change her mind? How can her attorney tell you that the land trust that YOU created isn't valid? Did she sign the deed over to you?

I agree with Mike, it sounds like it's your property now...

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Thank you for being a part of the FIB Team!

Well, it appears as though the Land Trust Agreement I have gave an out, Each party could notify the other and give 30 days notice to break the agreement.



It is also, not the fact that I could not handle the calls from people. She was stalking me and causing grief at my job and with my wife. She didn't like the fact I was going to press charges on her.

At any rate, this property was a big headache, the whole neighborhood is just about in foreclosure. What once was 500k homes are now 270-315. Grass is growing all over the place, vandalism, etc.

She started stalking me, causing grief in my life and I was going to press charges on her. She gave me power of attorney etc. After further review the land trust has a 30 day notice clause where each party gives 30 days notice to revoke the agreement.

The seller having an out sounds like bad news to me... but I have never done a land trust.

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Thank you for being a part of the FIB Team!

There is not technically an out once the benificial interest has been transfered over to you. You are an/the owner of the property, she has given up her claim to the property with assigning her interest to you. Once someone does this they are out of the loop all together and no number of attorney's can change that. The trust can be broken, but title would still be versted the same. She would be on the hook for the mortgage though.

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Steven Brown
Cash 4 Houses, LLC
HomeVestors
Mobile, Al
251-366-HOME
steve.brown@homevestors.com

sounds like she's going to be in big trouble soon

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"I'll make you an offer you can't refuse"

I'm confused. Your post sounds as though you're surprised that the land trust "gave an out." If, indeed, this is correct, wouldn't you have known about the possibility before signing the documents? Have you had your documents reviewed by your real estate attorney prior to using them? If you haven't, I STRONGLY recommend that you do. Generic documents from Office Max, Office Depot, and even real estate courses are great, but they are just that - generic. You need to make sure that they will conform to your state real estate laws and that they will accomplish what you want them to do.

regards,
Bill