FIDUCIARY REAL ESTATE SERVICES

Transcription

1 Ruben Martinez Ruben Martinez (Fiduciary Real Estate Services) is a trusted Broker providing real estate services in Southern California. Ruben s services go beyond that of a typical Broker. His experience in the sales and property management for Fiduciaries focuses on two things: protecting the Fiduciary and bringing value to the estate. His experience in construction management and in the sales and operations of major companies; including the Los Angeles Times, PepsiCo, and Jack-In-The-Box, allows him to coordinate and select the highest quality of contractors and vendors to ready properties for sale. Ruben has sold and performed property management from single tenant properties to multi-family units, and shopping centers.

2 FIDUCIARY REAL ESTATE SERVICES PFAC Presentation Ruben Martinez, 4/10/14 Slide 1 - LIABILITIES ASSUMED WHEN MARSHALLING A REAL PROPERTY ASSET Brief Personal Introduction Slide 2 INCREASED LEVEL OF FIDUCIARY DUTY Higher Standard of Care, Preserve and Protect (P&P) Standard Probate Codes addressing Duty to estate, trust or conservatee Slide 3 IMMEDIATE CONCERN Pull a preliminary title report (Prelim) Property Insured Property Secured Visually Inspect Analyze Risk Residential, Vacant or Occupied Residential Rental Multi family Commercial Slide 4 LATER CONCERN Determine Next Steps Visit city, county or other jurisdictional entities Slide 5 PRELIMINARY TITLE REPORT Pull a preliminary title report (Prelim) Do you have authority and control Not just the last deed Various title transfers in and out of relatives, entities Chain of Title Issues; mostly resolved by affidavits Do you have title insurance; if not, buy it Slide 6, 7 INSURE ADEQUATELY Property and casualty Get an insurance agent that will handle all your properties She can begin advising you as well as get used to your needs and keep you safe See who is additional insured Add yourself; the entity you represent Occupied vs Unoccupied = varying rates Vendor coverage, Are your vendors covered? Are you unwittingly covering them; because they have no coverage? Are you an additional insured on their coverage? Who is covering their employees? Workers Comp Slide 8 SECURE ADEQUATELY Locksmith Avoid Locksmiths that have an 800 number only Doors, Windows, FHA Board Up Slide 9, 10 - INSPECT ADEQUATELY Adequately Inspect Visually Physical Conditions, what to look for. Deferred Maintenance Illegal Additions, Repairs Code Compliance Issues Snarls of electrical cords Look at corners of rooms, windows, doors, eaves Issues with Neighbors Latent Issues Mold Settlement

3 Structural Termite Damage Pay for an inspection, $ Slide 11 RESIDENTIAL (owner or relative occupied) Terms of occupancy for relative Memorialize terms early on to avoid disagreement in the future: It is my understanding that you are here short term and I want to make sure I understand the terms of your departure Slide 12 RESIDENTIAL (tenant occupied) Leases Estoppel Certificates Rent Collection Unlawful Detainers - Evictions Slide 11, 12 MULTI FAMILY Rent Control????? SCEP Inspections, Rental Registration Certificate, REAP Property Manager Transition or Transfer of Documents Leases Estoppel Certificates Income and Expenses Security Deposits Vacancies Unlawful Detainers - Evictions Slide 13 - COMMERCIAL Property Manager Transition or Transfer of Documents Types of Business Types of Leases Triple Net CAM charges Lease expiration dates Estoppel Certificates Hazardous Substances Slide 14 COMMERCIAL OTHER Gas Station Industrial Park Restaurants Marijuana Farm Slide 15 DO-IT-YOURSELF PROPERTY MANAGEMENT Pros and Cons Vetting New Tenants Establishing Vendor Relations 5% rule Cost Containment Vocabulary Apartment Association Trade Shows LA Housing Seminars Return of Deposit

4 LIABILITIES ASSUMED WHEN MARSHALLING A REAL PROPERTY ASSET FIDUCIARY REAL ESTATE SERVICES RUBEN MARTINEZ, PRESENTER

5 FIDUCIARY REAL ESTATE SERVICES Ruben Martinez, Office Damaris or Clara most issues re: Real Estate Rylee Property Management

6 INCREASED LEVEL OF FIDUCIARY DUTY Higher Standard of Care, Preserve and Protect (P&P) Standard Probate Code addresses Duty to estate, trust or conservatee

7 IMMEDIATE CONCERN Pull a preliminary title report (Prelim) Property Insured Property Secured Secure rents and other income Visually Inspect Analyze Risk Residential, Vacant or Occupied Residential Rental Multi family Commercial

8 LATER CONCERN Determine next steps Visit city, county or other jurisdictional entities

9 PRELIMINARY TITLE REPORT Pull a preliminary title report (Prelim) Do you have authority and control Not just the last deed Various title transfers in and out of relatives, entities Chain of Title Issues; mostly resolved by affidavits Do you have title insurance; if not, buy it

10 INSURE ADEQUATELY SLIDE 1 Property and casualty Get an insurance agent that will handle all your properties She can begin advising you as well as get used to your needs and keep you safe See who is additional insured Add yourself; the entity you represent

11 INSURE ADEQUATELY SLIDE 2 Occupied vs Unoccupied = varying rates Vendor coverage, Are your vendors covered? Are you unwittingly covering them; because they have no coverage? Are you an additional insured on their coverage? Who is covering their employees? Workers Comp

12 SECURE ADEQUATELY Locksmith Avoid Locksmiths that have an 800 number only Doors, Windows, FHA Board Up

13 INSPECT ADEQUATELY SLIDE 1 Adequately Inspect Visually Physical Conditions, what to look for. Deferred Maintenance Illegal Additions, Repairs Code Compliance Issues Snarls of electrical cords Look at corners of rooms, windows, doors, eaves

14 INSPECT ADEQUATELY SLIDE 2 Issues with Neighbors Latent Issues Mold Settlement Structural Termite Damage Pay for an inspection, $300-$450 Depends on square footage

15 RESIDENTIAL (OWNER OR RELATIVE OCCUPIED) Terms of occupancy for relative Memorialize terms early on to avoid disagreement in the future: It is my understanding that you are here short term and I want to make sure I understand the terms of your departure

16 RESIDENTIAL (TENANT OCCUPIED) Leases Estoppel Certificates Rent Collection Unlawful Detainers - Evictions

17 MULTI FAMILY SLIDE 1 Leases Estoppel Certificates Income and Expenses Security Deposits Vacancies Unlawful Detainers - Evictions

18 MULTI FAMILY SLIDE 2 Rent Control????? SCEP Inspections, Rental Registration Certificate, REAP Property Manager Transition or Transfer of Documents

19 COMMERCIAL Property Manager Transition or Transfer of Documents Types of Business Types of Leases Triple Net CAM charges Lease expiration dates Estoppel Certificates Hazardous Substances

20 COMMERCIAL OTHER Gas Station Industrial Park Restaurants Marijuana Farm

21 DO-IT-YOURSELF PROPERTY MANAGEMENT Pros and Cons Vetting New Tenants Establishing Vendor Relations 5% rule Cost Containment Vocabulary Apartment Association Trade Shows LA Housing Seminars Return of Deposit

22 FIDUCIARY REAL ESTATE SERVICES Ruben Martinez, Office Damaris or Clara most issues re: Real Estate Rylee Property Management

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