All Forum Posts by: Vincent John Tucci

Real Estate Investors  come see the trust doctor.  Here is his bio.  W. Bailey Smith

I graduated from Stanford University and the University of California, Hastings College of Law. After serving as an Agent in Counter-Intelligence in the United States Army, I practiced law as a Deputy District Attorney and then with a major Los Angeles law firm. I taught estate tax planning as an adjunct professor at Long Beach State for ten years. I continue to teach informative and timely seminars on estate and gift taxation, and provide lectures on tax savings throughout Southern California. I have been quoted in the Wall Street Journal, the Reader’s Digest, the American Bar Association Journal, the Orange County Apartment Magazine, and the Orange County Lawyer.

I am a Trust Doctor, not a medical doctor. I fix trusts! Some trusts are broken, some are antiquated, and some need to be created. I help families avoid creditors and predators. I also assist families to reduce or eliminate the voluntary death tax. I show families how to keep their family money in their blood line for generation after generation by avoiding the in-laws that often become the “outlaws”. How would you feel if your children or your grandchildren did not receive their inheritance?

I am a Certified Specialist in Estate Planning, Trust Administration and Probate. I have over 45 years of experience and have drafted over 7,000 estate plans. My offices continue to serve the greater Los Angeles and Orange County areas and are conveniently located in Irvine and Long Beach, California. Please call (949) 756-0684 for your complimentary consultation today.

@Jason Grey can I get the list as well

Chris Clark with CoStar will be speaking . Chris has over 18 years of Commercial Real Estate experience with a primary focus on property acquisitions, dispositions and project leasing for various landlords in Orange County. I started in CRE as a Real Estate broker for two regional firms, Voit Commercial and Lee & Associates. From there, he transitioned to working with local institutional landlords to manage leasing, operations and asset management. He gained valuable experience in the multi-family industry with the Irvine Company, where he worked with leasing managers, operation managers and maintenance supervisors at various apartment communities. This experience helped him understand the importance of market rents and expenses at the property level. His current role with Costar allows him to work with multifamily owners to help them make educated, strategic decisions on buy/hold/sell scenarios based on current market conditions.

Thank you everyone who has responded.  I have forwarded all links and messages.  Again, thank you.

Response from my friend ...

Thank you for the response thus far, to answer some of the questions presented:

1) We did not buy title insurance. I do not recall if we were able to because of the type of deed we acquired or if was newbie ignorance, or both. I had a different title company do a search to determine if the first company missed something, but they both had no record of anything. For whatever it's worth, the person at the title company told me that because of the nature and timing of what occurred that even title insurance would not have protected us. I don't know if that's true, but it what they told me.

2) The only notices from the city were for snow removal and cut grass which we remedied. There were no other notices whatsoever. We did not check for open orders from the city prior to closing, but we called the city when we took over and they made it just seem like it was a routine house in need of repair. They even made us pay for turning on the water despite no one living at the property.

3) The house sat vacant apparently for years and we did some preventative maintenance and also addressed the grass, snow, and other issues affecting the neighborhood. There was activity at the property and we were actively selling it to another investor. I understand the social responsibility aspect, we have already turned a vacant property into a home and a new tax source for the city in the past couple months, but this came out of nowhere. No posting on the home after condemning it? Allowing it to go to sale without any notification? It's been in bad shape for years, but suddenly it needs to be removed within 30 days? It's one thing if it was in bad shape but repairable and we let it go to the point of condemnation, but that's not the case. We had interested buyers willing to take on the project, which would mean more money for the city rather than a vacant lot that won't be built on for years if this goes through.

I've seen instances where the city works with people like us and acts reasonable. Gives deadlines, benchmarks with timelines, modifications, ect. There has been nothing here (so far) and there was no way for any buyer to see the true condition of the home without breaking in and trespassing prior to the sealed auction (which I know many investors do). Not sure how our new found family business can sustain such losses.

Thank you to everyone who has responded.  I am sure my friend is reviewing all the posts so thank you. I feel terribly for the guy because it has put a sour taste in his mouth about investing in real estate.

Posting for a friend of mine who would like to remain nameless.  Thank you in advance for anyone that can shed some light for him.  He is a biggerpockets follower so he will see your posts.  

....."Purchased House from County in Tax Delinquent Sealed Auction in Wisconsin, “As Is”. Prior to purchase we obtained a title and judgement search, all results showed no liens, judgements, or anything else. Once we entered we saw the home needed more work and money than we could do at that time so we focused on other projects. A year later we returned to the house for construction bids and for potential sale when we received a “Raze Order” requiring us to demolish within 30 days or the City will do it at our expense. Our realtor called/emailed the city and the city admitted that the house should have been demolished years ago but they never got around to it. City said they tried to contact the previous owner in 2017 (before we purchased) but they had “issues” notifying the bank and because of that they did not record any raze order. In the emails they use the word condemned. There has never been any posting on the house that the property was condemned (nor is there a posting now about the raze order). They also told me on the phone the property was condemned for health reasons.

I believe we get 30 days from notice for to file restraining order/injunction and I believe they have not followed many procedures of raze or condemnation, but I’m not sure of the relevance, it may only delay the inevitable. State law says that if it costs more than 50% to repair the house then it is subject to raze order. I was on the verge of a sale when we got the raze order as I was just looking to make the money back I spent on it. I can’t spend another 10-15k on an attorney only to wind up in the same place in a year. The fight is not whether it costs more than 50% to repair, that is fight I believe we will lose. The thing I’m having trouble with is the government owning and having access to the house, making a determination that the house needs to be demolished, yet not file any paper or put up any postings or anything until after it is sold at government auction. They have sinced filed the raze order, further destroying my chances of a sale even if I were to get the raze order removed. Again, just looking to make my money back and not lose my shirt. Thank you for any assistance."

https://www.meetup.com/Lifetime-Cash-Flow-through-Real-Estate-Orange-County/

Please park in the gated area and check in with Security. We are meeting on the 1st Floor. You need to confirm your attendance by 12:00 so i can leave your name at the front desk. Thanks

 I just posted a response for your review.  If you need any further discussion please feel free to reach out.  Good luck in your real estate endeavors.  

I just had my parents purchase a single family home from Martel Turnkey in Birmingham.  The process was smooth and I am very happy with the property manager we have managing the property.  I had met Antoine Martel at an LA Meetup.  I asked him if I could take him to lunch to pick his brain.  I gave him some ideas and he gave me some for what I am trying to achieve in the real estate arena.  I wanted to break bread with the guy before I did any business with him.  I am a criminal defense attorney in Southern California so I needed to cross examine him in person.  I explained that my parents are on a fixed income but looking to generate cash flow to help them with costs for their assisted living.  He helped me in suggesting a property, got me a better rate for insurance for the property and found me a lender in St. Louis who I now use on all my residential loans.  In fact, today I just wired money for a duplex I am purchasing on my own using Antoine's bank that he refers to his turnkey buyers.  He has been straight with me from the start and I would trust him to do another turnkey rental for my parents once we build enough reserves and pay down some other debt.  I hope that whomever you chose for your turnkey property you get the same satisfaction that we have had with Martel Turnkey.