Home › Forums › General › EHTrust/EHT Topics and Creative Real Estate Financing › Diane Kennedy disses land trusts
May 27, 2008 at 5:18 pm #4828
Diane Kennedy, supposed “guru” real estate CPA, is promoting a “trust sandwich” to circumvent recent changes to Freddie Mac’s refi policies on properties in an LLC. She has a recording describing the process at http://www.assetprotectionforrei.com/popup/teleseminar_downloads.php
At 18 minutes 20 seconds into the recording she starts discussing the concept. At 21 minutes 15 seconds she’s discoursing land trusts are not legitimate outside Illinois, particularly in California.
I only mention this because she has a large list of real estate investors and is connected with the Kiyosaki crowd. I guess it’s more disinformation to counter.
I checked the archives and did not see her referenced, so my post.
Bill has always tried to nip these in the bud when it’s someone of some influence. Should we counter?May 27, 2008 at 5:38 pm #25887
since this is your 1st post and i dont know if you ever plan on posting again but what are your thoughts on this?
she would probably diss LLC’s then too right? land trusts are just a vehicle to hold real estate and just like an LLC can. bill gatten and his EHT system are just smarter and much more creative on how to manipulate these trust documents to simulate any type of seller financing and being able to mitigate the common risks and pitfalls.
you might want to look up land trusts and commercial real estate or (TIC)tenants in common/1031 exchanges since land trusts are commonly used here. why can’t we do the same in residential?
oh yea we’re smarter than most people. dont forget that.
people who diss on land trusts either got burned by doing it incorrectly, uneducated, or theyre promoting books or courses that they think are better than land trusts.
its just poison to make you procrastinate from taking action. just take that poison and see what you can do to handle those types of objections. if you can honestly answer those objections, then it will give you credibility that you know your stuff with confidence. if these people who are giving you a hard time about land trusts, forget about them and move on. theyre just going to hold you down with their negativity. get off the fence and make some offers.
scott moyes, jim pasquini and a few others who are active had already proven this system over and over again.
just make it work.May 27, 2008 at 6:59 pm #25888
alan dale grossMember
There is such a thing as Libel, etc.
I’d like to determine what things may fit that catagory, out of some of these Experts, just to kindly point that kind of thing out to them, if it is present.
With, there being Two ways to convey Real Property; then, the ones dissing their counter-parts are guilty of an attempt at monopolizing something, it seems to me, if not Racketeering, like I’d said in another post.
I’m just saying that this junk does need to be confronted at it’s sources, with facts, even when some of them have No Interest in Learning About What is RIGHT, about a Land Trust.
Not that I wanting to be confrontational, in a legal way.
Just that, It wouldn’t hurt my feeling, for somebody to be in these people’s faces, across the board.
( Casey asked, ” you mean these “faces” ? 8) : Yeah ! )May 27, 2008 at 7:00 pm #25889
Here is what I’ve found and experienced over the years when trying to “counter” these bozos.
First; you must understand that you can’t counter them, they are just too stupid, lazy or both to understand.
Second; they are all pissed off because they can’t do what we do or they would have to admit that they have been wrong all these years and would have to join the NARS Network, making everything they have ever done a lie. (which it is anyway)
Third; they would no longer be the “GURU”.
Fourth; they could no longer sell any of their own Bags O’Success (Books, Tapes, Seminars, etc.)
Fifth; in most cases they are flat out liars. They know the truth but aren’t willing to pay for it.May 27, 2008 at 7:04 pm #25890
I’m a network member and have used and believe in land trusts. I only posted this remembering Bill commenting on some attorney in Dallas at an REI seminar saying land trusts are no good now and the effect this had on attendees. Bill responded to that one.
I’m not personally concerned with Kennedy’s interpretation. Only wanted to document this incident from someone with some degree of influence and make us aware in case anyone wanted to pursue it further. It’s not my snipe at the NEHT.May 27, 2008 at 7:50 pm #25891
alan dale grossMember
Cool ! 8)
Thanks, AlanMay 27, 2008 at 8:02 pm #25892
Dianne Kennedy has been soliciting me for two years to take over our accounting…she has attained a big name in the business and is more interested in doing seminars that she is in accounting.
Re. her comments about land trusts, I don’t want to waste my time listening to what she’s saying unless you guys think I should. Hopefully we all know that anyone dumb enough to say that land trusts are not legal or are unacceptable or unusable in ANY state has absolutely no idea what they are talking about.
If I were to contact her (which I may) I’d simply direct her her to two cases – Walgren vs. Dolan and The Estate of Tutules. There are many others, but these two are all that are needed to ascertain the validity of the title-holding (land) trust in California. The land trust in California is a topic that has been discussed and advocated for twenty years and more by some of the most prestigious attorneys California has to offer.
Just remember guys: The higher up the mountain, the harder blows the wind. In the beginning of our endeavors twenty years ago every attorney in the country wanted to ridicule what we do, and the chiding soon grew into violently opposing what we were doing despite the ridicule; but we are now, at last, entering that “self evident” phase where the formerly unnoticed know-nothings are just now hearing about the concept without any history of our accomplishments and success. They haven’t a clue.
Scott, the attorney you’re refering to in Texas is Brian Dunklin a former major promoter of land trusts (until he developed another program that he prefers to market to his clients tht uses an AITD). His comment to the Dallas REI group what that Garn St. had been amended to exclude land trusts somehow…totally untrue)…when I questioned him about it, he said he had never made such a statement, but then I listened to the taping of his talk and found that that he hd in fact said exactly that. No big deal except that it constitutes malpractice and probably blew us out of talking to 300 or so investment club members that have always regarded us highly.
I’ve challenged him to another debate (at the DFWREIN Club…a separate investors club in Dallas), and I think he has accepted (‘whipped his ass in the last one we did…and am loaded up and truckin for another shot).
BillMay 30, 2008 at 2:16 am #25893
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