So I've been racking my head about this for the last few months, about getting an Allodial title. I wanted to see if any of you guys have stumbled upon this or have figured it out. If you don't know what this is, an Allodial title basically states you own the land fully, and you are not subject to taxes from anyone in government.
I know Nevada allows this to happen, but the law is written in such a way that it's improbable for it to actually happen. Texas is a little harder to get information on about this. Other states seem to say no, but then again I'm not a lawyer. Some say to get a land patent, and you're in the clear. Is this true?
I'm asking because this is an excellent way to truly establish a legacy, and generational wealth by doing what the ultra elites have done. Own the land, and pay 0 taxes.
Heck, I'd buy a 2000 square foot land and build upwards if I didn't have to pay taxes. I even thought of doing what that one Indian billionaire did.
Buy a skyscraper-like hotel/condo
rent/lease out the rest of the rooms.
make sure cash flow covers total debt service
Live rent-free forever with family
Suppose one could dream and work to own an island. I've seen some in the 250's range, its just that logistics would be a pain in the a$$ not to mention security.
edit:
Saw an island listed at 500k obo, owner Financing available with only $25,000 down, 30 year AMO at 7% interest and a 5 year balloon. No prepayment penalties.
I know Nevada allows this to happen, but the law is written in such a way that it's improbable for it to actually happen. Texas is a little harder to get information on about this. Other states seem to say no, but then again I'm not a lawyer. Some say to get a land patent, and you're in the clear. Is this true?
I'm asking because this is an excellent way to truly establish a legacy, and generational wealth by doing what the ultra elites have done. Own the land, and pay 0 taxes.
Heck, I'd buy a 2000 square foot land and build upwards if I didn't have to pay taxes. I even thought of doing what that one Indian billionaire did.
Buy a skyscraper-like hotel/condo
rent/lease out the rest of the rooms.
make sure cash flow covers total debt service
Live rent-free forever with family
Suppose one could dream and work to own an island. I've seen some in the 250's range, its just that logistics would be a pain in the a$$ not to mention security.
edit:
Saw an island listed at 500k obo, owner Financing available with only $25,000 down, 30 year AMO at 7% interest and a 5 year balloon. No prepayment penalties.
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