All Forum Posts by: Mark Buchheim

This is a weird and possibly illegal activity. I won a $50,000 judgment against someone. His only asset is his house. He has a first and second mortgage and he knew that I was going to put a judgment lien against his house for the $50,000 amount in 3rd position as soon as I was legally able to do so.

Days before I was able to file my stamped Abstract of Judgment the LA County Recorder’s Office, the judgment debtor filed what is classified as a "private party lender" lien TO HIMSELF for $89,000! I think he was thinking that if he is in 3rd position then when I file I would be after him in 4th position.

No actual refinancing of the 1st and 2nd occurred.  He is just basically trying to say "I loaned $89,000 from myself to myself and it's secured on by this property" and anyone who files a lien after me can only recover their funds after I get mine.

Is this legal? What can typically be done if not?

Without going into the fraud and embezzlement by the judgment debtor, I will just go into the specifics of this unique collections situation.

10 years ago, this husband and wife were investigated by the state attorney generals of AZ and NV for fraud. In prep for a potential collection against them, they moved assets around to try to protect them from seizure.

On May 21, 2008, this couple had the deed of their home in Henderson, NV switched from one of their investigated shell companies (which is now closed) to a guy name Dominic. They still live in this house and call it their primary residence; however, since it appears as if they don't own the title, it can't be levied as a result of a judgment or collection.

Here is where more of their fraud kicks in. Dominic died on May 17, 2007 ... a year before the transfer of title shows he signed to take ownership of the title!

I contacted LAPD (where I live) and the Henderson, NV PD and they were no help. One completely disinterested detective said "would be considered a forgery however only the victim (whois deceased) can testify that it is not his signature".

Any suggestions on how to pursue this?

Without going into the fraud and embezzlement by the judgment debtor, I will just go into the specifics of this unique collections situation.

10 years ago, this husband and wife were investigated by the state attorney generals of AZ and NV for fraud. In prep for a potential collection against them, they moved assets around to try to protect them from seizure.

On May 21, 2008, this couple had the deed of their home in Henderson, NV switched from one of their investigated shell companies (which is now closed) to a guy name Dominic. They still live in this house and call it their primary residence; however, since it appears as if they don't own the title, it can't be levied as a result of a judgment or collection.

Here is where more of their fraud kicks in. Dominic died on May 17, 2007 ... a year before the transfer of title shows he signed to take ownership of the title!

I contacted LAPD (where I live) and the Henderson, NV PD and they were no help. One completely disinterested detective said "would be considered a forgery however only the victim (whois deceased) can testify that it is not his signature".

Any suggestions on how to pursue this?

@Kiera Underwood I am breaking even on these unfortunately.  If these were sold, after paying off the loans and the closing costs...I would also break even.  The only path with these is to maintain month or yearly breakeven-ness...and eventually the equity will increase.

Instead of buying 8 units...I should have only bought 4 and put more down.   In hindsight we would do a lot of things differently.

What I am looking to do now is control my costs.  New property managers.  Lower turnover expense.  Longer stay tenants.  Lower insurance.  Things like that.

I'm actually going out to OKC in 3 weeks to check these out for the first time.  Weeeee!

I have 4 duplexes in Yukon, Oklahoma (just outside of Oklahoma City).  I have a large property management company who has been managing my units for a while, but I feel like a number to them.  

I am looking to find a younger, but experienced property management company to work with and hopefully be my last property management company (if you know what I mean).  Any recommendations would be appreciated.

In addition, I currently have homeowner insurance coverage with Safeco on those duplexes (each policy covers both sides of the duplex); however, I don't know what I don't know.  I am interested in exploring new companies if there are any recommendations.  Also, they are basic homeowners coverage.  I have heard there is specific Landlord Insurance and I am also interested in Umbrella Coverage.

I live in Los Angeles, CA and I have 8 properties in Yukon, OK. The loans and title of the properties are under me personally. I have a CA LLC that I have run the income and expenses of those OK properties through. I file both a CA and OK tax return every year, but never registered the CA LLC in OK. I typically just break even every year as the main investment strategy with these properties is to pay down the mortgage aggressively to eventually get to full cash flow potential.

The questions I have are:

1) Should I even continue to run the income and expenses through the LLC in general.

2) Should I hold title on those properties in a different manner than personally and can I do a change without having to refinance?

3) If I should still run the income and expenses through an LLC, should I just create the OK LLC and be an out-of-state member as opposed to being a CA LLC operating in OK?

4) If I should still run the income and expenses through an LLC, and that LLC should be based in CA, then is it a requirement to also register in OK if all I am doing is managing real estate rentals in the state?

I live in Los Angeles, CA and I have 8 properties in Yukon, OK. The loans and title of the properties are under me personally. I have a CA LLC that I have run the income and expenses of those OK properties through. I file both a CA and OK tax return every year, but never registered the CA LLC in OK. I typically just break even every year as the main investment strategy with these properties is to pay down the mortgage aggressively to eventually get to full cash flow potential.

The questions I have are:

1) Should I even continue to run the income and expenses through the LLC in general.

2) Should I hold title on those properties in a different manner than personally and can I do a change without having to refinance?

3) If I should still run the income and expenses through an LLC, should I just create the OK LLC and be an out-of-state member as opposed to being a CA LLC operating in OK?

4) If I should still run the income and expenses through an LLC, and that LLC should be based in CA, then is it a requirement to also register in OK if all I am doing is managing real estate rentals in the state?