All Forum Posts by: MJ Tukina

The property is located in LA county. My goal is to not trigger a sale. I would like to keep the property in the Living Trust and have my sibling sign a deed transfer then have it notarized the same day with my sibling present, then I will pay him his Equal share of what the total value of the property is. 

I would like to start a Charity in my Late Mother's name, so I am thinking I would keep the Trust open for that reason. I am thinking that I need to speak with my CPA regarding this. I also am considering putting or buying the property in a Self Directed IRA. That is just another idea I have

I also just learned that My Father and my Late Mother had an agreement:

My Father told me yesterday that when he lists and sells his commercial property, He is giving half of the proceeds to me and my sibling equally. His tenant is vacating after a 2 month notice. May 15th is his vacate day. I told my tenant to stay and consolidate his paint( he is a CA state Licensed Painting Contractor)

I have a feeling I can consult my NOLO Estate Planning and Trustee books for anything that has to do with Living Trusts. We have been filing K-1's since 2008, that is when my late Mother passed away As always, I am probably missing something.

The bottom hit in the Summer of 2018 here in San Diego. I am a local here and have been watching the RE trends. Very competitive market here. It is a Buyers market here for now.

I was named Trustee of this Living Trust in 2013, I helped my late Mother establish her own Living Trust in 2007. She passed away in 2013. Now my one sibling needs money for his kids Colleges tuitions. I paid for a Commercial Property Appraisal, the  current appraised value is $195K. I do not need a broker. I have the cash liquid. But I also am entitled to 1/2 of the 195k SO I NEED TO OFFER TO MY SIBLING HALF OF THE APPRAISED AMOUNT, CORRECT? That number is $97,500.00.

I googled and downloaded a 10 page Commercial RE Contract. There is already a tenant established in the property for the past 25 years. I have been his landlord since 2007.

My next question is do I need to hire a RE Attorney or just an Escrow Company? I am very familiar with the property it was built in the 1970s when my parents bought it The property has no mortgage and property taxes are grandfathered in (Prop 13) Property is in CA in LA county near Malibu. I am the person who deals with the insurance payments as well as paying the property taxes. The insurance and property taxes run 2334 annually. The property currently rents for 950/mo but I have 2 new potential tenants @ 750.mo each.

Water, sewer and trash are included. They will be paying the electric bill and whatever Cable, internet landline they decide to use, if any.

I just figured a mo/mo would give me more Control over the property. They obviously have the $. Maybe I should ask for 1st, last and Refundable Security Deposit.
I mean, it would be an easy $19,200.00 now, but what happens in 6 months when I need/want them out?

Just being ultra conservative here.

The couple viewed the property today. Sent in apps this afternoon. They told me since they are not employed (not laid off or on unemployment), they want to pre pay 1 year of rent.
The State is in CA. Is this legal to do?

One Applicant is a Research Scientist (between projects)
The other (Mother of female) gets a monthly Disability Check and the Male is on VA Disability. They also wrote about an inheritance left to them (Mother's Mother died)

What is your advice on this, if they screen out ok. They claim to have excellent credit scores. I am going to go through NTN, after I call LL's for refs.
Also, for NTN, what type of service am I to use? Their website mentions several different services.
Thanks

I am:

Paying off debt

watching the banks I have money in

saving money

paying extra principal to mortgages

not borrowing money

The less debt I carry I figure it will help the banks, and yes I want to be responsible and also own my -property free and clear one day.

My aging parents own a small parcel of commercial property.

Approx 110X100 square feet.

It has 2 parcels and 2 buildings. They bought in the 70's and are still holding the property on 2 separate parcels (divorced now)

My Father says the depreciation is running out (they bought it in the 70's)

Since they own it free and clear, would it make sense for them to look into razing the buildings and building a self storage facility?

A similar raw piece of land of .67 acres is on the market for 750K within 1 mile, just BOMK BTW.

My father says he wants to sell when his tenant gives notice, but I think the taxes will eat up a lot of the profit.

What are the costs of razing and building and the income for self storage facilities?

Guess I need to see if there is any competition in the area.