 Ray & Ken (by 6x6 [TN]) Mar 6, 2025 2:48 PM
 Ray & Ken (by Ken [NY]) Mar 6, 2025 3:01 PM
Ray & Ken (by Ray-N-Pa [PA]) Mar 6, 2025 3:10 PM
Ray & Ken (by 6x6 [TN]) Mar 6, 2025 7:15 PM
Ray & Ken (by Ken [NY]) Mar 6, 2025 7:20 PM
Ray & Ken (by 6x6 [TN]) Mar 6, 2025 7:21 PM
Ray & Ken (by Ken [NY]) Mar 6, 2025 7:34 PM
Ray & Ken (by J.R. [OK]) Mar 6, 2025 7:49 PM
Ray & Ken (by zero [IN]) Mar 7, 2025 9:07 AM
Ray & Ken (by Ken [NY]) Mar 7, 2025 11:49 AM
Ray & Ken (by Ray-N-Pa [PA]) Mar 7, 2025 11:54 AM
Ray & Ken (by zero [IN]) Mar 8, 2025 7:57 AM
Ray & Ken (by Ray-N-Pa [PA]) Mar 8, 2025 8:58 AM
Ray & Ken (by 6x6 [TN]) Mar 8, 2025 12:31 PM
Ray & Ken (by Ray-N-Pa [PA]) Mar 9, 2025 9:35 AM
Ray & Ken (by zero [IN]) Mar 10, 2025 5:38 AM
Click here to reply to this discussion.
 Click Here to send this discussion to a friend
Ray & Ken (by 6x6 [TN]) Posted on: Mar 6, 2025 2:48 PM
Message:
Ray and Ken, or others, of course.
This is in the LL and Tenant laws in TN.
Would this not make a land trust useless?
(a) The landlord or any person authorized to enter into a rental agreement on the landlord's behalf shall disclose to the tenant in writing at or before the commencement of the tenancy:
(1) The name and address of:
(A) The agent authorized to manage the premises, which may include a third-party management company; and
(B) An owner of the premises or a person or agent authorized to act for and on behalf of the owner for the acceptance of service of process and for receipt of notices and demands; and
(2)
(A) A telephone number or electronic mail address for maintenance services; or
(B) An online portal system designed for landlord-tenant communication.
(b) The information required to be furnished by this section shall be kept current and this section extends to and is enforceable against any successor landlord, owner or manager.
(c) A person who fails to comply with subsection (a) becomes an agent of each person who is a landlord for the purpose of service of process and receiving and receipting for notices and demands. --73.19.xxx.xx |
Ray & Ken (by Ken [NY]) Posted on: Mar 6, 2025 3:01 PM
Message:
I dont see why that would make a trust useless.Any of that would be my manager in my case.An owner or manager would give a tenant that info as a regular course of business for the tenant to be able to contact the owner or manager anyway.If i were in your state i would make an addendum to my lease showing those items in order so if someone ever complained i could show it to them and show them the tenants signature rather than having it scattered throughout the lease --74.77.xx.xx |
Ray & Ken (by Ray-N-Pa [PA]) Posted on: Mar 6, 2025 3:10 PM
Message:
Not at all.
A land trust must have a trustee and it must have a beneficiary.
A land trust may also have an administrator that may act as a property manager.
You shouldn't be all three.
It is best to have an out of state trustee in my opinion.
A land trust can be tailored to fit what your objective is at the point you are in your real estate career. For some people it is asset protection, for someone else it can be taxation management, for someone else it is estate planning, a four person may be focused on doing Subject to deals and the fifth person is trying to do wrap around financing while avoiding a due on sale clause. These points are not really taught that well as some might say they are in the gray of the law. What exactly are you trying to achieve with your land trust?
For you it might be just telling the tenant:
"Yes sir I hear you. The owner of this place is some land trust and that trustee they have is up in Ohio - they are a real treat to work with. As the assistant to the property manager, I get beat up from all kinda angles. I really don't want to lose my job though - would you please do this for me.........."
When I tell people I am only the manager - I absolutely mean it. Ray doesn't own much in this world. Ray doesn't volunteer to let them know what he controls or benefits from. --50.96.xx.xxx |
Ray & Ken (by 6x6 [TN]) Posted on: Mar 6, 2025 7:15 PM
Message:
I will need to go back and look, but in another section of the law it mentioned something about it not being able to be a PO Box but had to be the persons address. --73.19.xxx.xx |
Ray & Ken (by Ken [NY]) Posted on: Mar 6, 2025 7:20 PM
Message:
6x6 I consider that dangerous,how would the politicians like it if we advertised there addresses to people who hate them? maybe we should.In my case i would use an office address,they do not get my home address or my manager can use his office address --74.77.xx.xx |
Ray & Ken (by 6x6 [TN]) Posted on: Mar 6, 2025 7:21 PM
Message:
Maybe this is what I was thinking about.
66-28-107. Residential landlord registration.
(a)
(1) Each landlord of one (1) or more dwelling units is required to furnish the following information with the agency or department of local government that is responsible for enforcing building codes in the jurisdiction where the dwelling units are located:
(A) The landlord or the landlord's agent's name, telephone number, and physical address, which does not include a post office box; and
(B) The street address and unit number, as appropriate, for each dwelling unit that the landlord owns, leases, or subleases or has the right to own, lease, or sublease.
--73.19.xxx.xx |
Ray & Ken (by Ken [NY]) Posted on: Mar 6, 2025 7:34 PM
Message:
6x6 that is no big deal, thay already have that info anyway if they are smart enough to look at your deed and tax bills --74.77.xx.xx |
Ray & Ken (by J.R. [OK]) Posted on: Mar 6, 2025 7:49 PM
Message:
You can use a private mailbox (e.g. UPS store) as an office/street address. This would count as a physical address and not a PO box. --99.69.xxx.xx |
Ray & Ken (by zero [IN]) Posted on: Mar 7, 2025 9:07 AM
Message:
If pressed I use the storage building I have. Small town and everything on that side goes to the PO box anyhow.
Give the addy of the post office if you get forced into a physical address.
Still working on my first trust. I bought the package from Randy at the last convention. Was paying for the online service and never used it. It expired once I started looking into it. Ugg
My good buddy Ray helped me to get a better understanding of how this all works. Going to set my house up in one as a trial run. No worries about mortgages or tenants that way. --107.147.xx.xx |
Ray & Ken (by Ken [NY]) Posted on: Mar 7, 2025 11:49 AM
Message:
zero- bank cant stop you from putting a house in a trust if you do it for long term estate planning purposes. just remember if you do you need to get a new insurance policy because there is a new owner and if you live there remember you might want to get a renters policy for your personal belongings because the policy on the house is a landlord policy --74.77.xx.xx |
Ray & Ken (by Ray-N-Pa [PA]) Posted on: Mar 7, 2025 11:54 AM
Message:
If you need to give them an address 6-er, give them mine. --174.131.xxx.xxx |
Ray & Ken (by zero [IN]) Posted on: Mar 8, 2025 7:57 AM
Message:
Ken, I was not aware of the policy being a landlord policy.
I guess it makes sense unless I wanted to prove to them I am the owner still. Does that mess with homestead exemptions?
Need to look into this as the house is still in the LLC name right now. We are getting homestead exemption and not paying for LL only insurance. Need to verify that the insurance company realizes it is my house. Would hate to lose the place to fire or tornado and not have my stuff covered. --107.147.xx.xx |
Ray & Ken (by Ray-N-Pa [PA]) Posted on: Mar 8, 2025 8:58 AM
Message:
I can understand that land trust can be daunting. Is it safe to say that along your real estate journey that your priorities change?
Once I wanted my name on the largest building in a town. I saw that as the mark of success. Well, I made it to the second largest building in that town before I opened my eyes. Hmmmmmmm if privacy is a concern - should one put their name on a side of building? If asset protection is a concern, should one have their name tied in public view to anything of any value.
Folks I am not lying when I say, THE NAME OF THE GAME ISN'T OWNING ASSETS. IT IS SIMPLY CONTROLLING ASSETS.
Land trust are one of multiple tools that you can modify over the year to match your current objective. These objective can be growing your business, paying less tax, doing wrap around financing on a mortgaged building, estate planning from beyond the grave, gifting assets, shielding liability, improving privacy and allowing people like me sleep better at night. --174.131.xxx.xxx |
Ray & Ken (by 6x6 [TN]) Posted on: Mar 8, 2025 12:31 PM
Message:
Ray, that is an interesting point about the name on a building. Donald Trump has his name on a lot of buildings and other things. I am wondering if he uses land trust and why he puts his name on those things. --73.19.xxx.xx |
Ray & Ken (by Ray-N-Pa [PA]) Posted on: Mar 9, 2025 9:35 AM
Message:
For me - I realized I needed to put my ego in check which will help in staying under the radar.
If you are the leader of the free world - staying under the radar isn't really a choice. My guess is power goes to your head at some point.
How many times has he been sued? --174.131.xxx.xxx |
Ray & Ken (by zero [IN]) Posted on: Mar 10, 2025 5:38 AM
Message:
He definitely has a huge ego.
Plus his name is his brand.
Whereas I do not want my name to even exist. --107.147.xx.xx |
Click Here to send this discussion to a friend
Report discussion to Webmaster
Reply:
|
|