A Little History
 There is no doubt that a living trust helps you get your
affairs in order, but what is a trust really? The history of this unusual legal creature is very
interesting and important to understand for our purposes.
Trust law developed in England around the time of
the Crusades (12th and 13th
centuries around the same time as the Knights of the Round Table; this no
coincidence). The Crusades was a
war of Christian nations including England against Muslim nations with modern
day Istanbul, Turkey being ground zero.
As required by the feudal system, an English knight had to go to war so
he would often entrusted his land to a friend to run the estate in his
absence.
Because England was a long
way from Istanbul, the Crusader, as they were dubbed, would actually convey
ownership of his lands to the friend, on the understanding that the ownership
would be conveyed back to him if he made it back alive. What do friends do when you give
them your house and no return date?
They party. By the time the
Crusader returned, the friend had gotten so used to being the head honcho with
all of the attendant perks, he would refuse to transfer title back to the
rightful owner. You gotta love
friends like that.
Unfortunately for the
Crusader, English law at the time did not recognize his claim so the courts
offered no remedy. The pissed off
Crusader would then petition the King, who would refer the matter to his Lord Chancellor. The Lord
Chancellor had the power to offer any remedy to someone that was wronged that
he deemed "just" and "equitable". Time and again the Lord Chancellor would consider it unjust
that the legal owner, so called "friend", could deny the claims of the Crusader
(the "true" owner) and would find in favor of the returning Crusader.
Over time, the idea evolved that the legal owner ("trustee") was only holding
title for the benefit of the Crusader ("beneficiary") and the trust was born.
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LOL - Laughs OnLine
"Little Bobby's been watching too much Project Runway"
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Food for Thought
by Dennis Duling
I have become so enamored of a particular product I've been
using that I feel compelled to share my thoughts. The product is called Cooks
Illustrated. It is unlike any other food or cooking magazine on the market.
First of all, there are no ads. Each issue has an article comparing a specific
food product, e.g. balsamic vinegar, without concern over loyalty to advertisers.
It includes a section on useful cooking tips and tricks as well as kitchen product
test results. But what makes the magazine compelling for me is that each issue
contains about a dozen recipes that have been painstakingly tested over and
over in the publisher's test kitchen. The results of each failure and ultimate
success are included with the recipe, so you the reader/cook know exactly WHY
brown sugar was used instead of white or WHY the vinegar was removed from the
marinade. I know when using one of these recipes that I'm likely to produce the
best version of that dish that I've ever made.
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Share If You Care
Our goal with this newsletter is simple: Cover every important topic that might help homeowners and investors make more informed decisions concerning real estate. You can help in two ways:
1) Send us any articles or information you come across that might be of interest to other readers
2) Forward this newsletter to anyone and everyone you know that owns or plans to own real estate!
Sincerely,
Kwame J. Granderson
Equinaire
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Investor Tip
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When buying a property, always insist that the seller initial the arbitration clause. Arbitration is cheaper than going to court. If the seller does not initial this clause, he or she gains a lot of leverage.
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Deal Summary
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2005 Hemminway Place
San Jacinto, CA 92583
Acquisition Costs
Purchase Price $123,000.00
Loan Amount N/A - All Cash
Closing Cost N/A - Trustee Sale
Total Acquisition Costs $123,000.00
Renovation Costs $7,000.00
Miscellaneous Costs $498.17
Total Capital Outlay $130,498.17
Sales Price $176,500.00
Sales Costs $16,932.52
Sales Proceeds $159,567.48
NET PROFIT $29,069.310
Purchase Date 7/30/09
Sales Date (Close of escrow)
10/01/09
63 days
For information on deals like this call 626 653-2728
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Upcoming Webinars
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Be on the lookout for upcoming webinars in the "Flipping the Smart Way" Series:
How to Identify a Profitable Flip Project
How to Write a Winning Offer
What to Look for in the Home Inspection
How to Market for Resale
Analyzing Your Profits
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Need a Loan Modification?
AmeRestart Can Help
Lender: Bank of America
Old Principle Amount: $397,483
Old Int. Rate: 5.25%
Old Payment $1,739
New Principle Amount: $421,053 ($23,570 of late payments capitalized)
New Int. Rate: 2.75%
New Payment: $965
(Savings of $774 per month w/no neg. amortization)
THIS WAS AN INVESTMENT PROPERTY!
These are real numbers!
Click Here to learn more.
Call 877.619.3258
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