All Forum Posts by: Mitch Kronowit

Hey Chris,

Wish I saw your post earlier. What part of Orange County are you in and what kind of food are you in the mood for? I have several favorite places all around the place.

For seafood, I love Rockin' Baja Lobster on Balboa Island in Newport Beach. Joe's Crab Shack is another place nearby where your food is served in a bucket. Can't beat that!

If you're near Anaheim, I love RB's Jazz Kitchen in Downtown Disney. There's plenty of good choices nearby as well in and around the Anaheim Garden Walk.

For sushi, there's Nagisa in Corona Del Mar, but our favorite is in a little hole in east Mission Viejo called Sashimi. Best sushi ever.

However, being out of town, you may want to soak up some atmosphere along with enjoying good food. There's always the Orange County Mining Company in east Orange, with Orange Hill atop an adjacent peak. There's plenty of great places in Laguna Beach, one famous one being Las Brisas (Mexican food) on top of the bluff overlooking the ocean. There are also several places down in Dana Point right along the harbor. Cannons is on top of the bluff overlooking the harbor. There's also two places in San Clemente right at the base of the pier.

There's also a lot happening on Main Street in Huntington Beach (plenty of eye candy) and a couple of places on and near the pier. You can check out The District (a huge shopping center in Tustin next to the old Tustin Marine Corps Air Station). You can also find many high-end restaurants such as McCormick and Schmicks and Bistango near the airport.

Have fun and report back.

I once provided a Peter Conti web site an email address in order to access the page. It was shortly sold to spammers after that (I used a disposable e-mail address so I know). I would never do business with him.

Keep up the good work, Bienes. I think over time you'll find that 75% go up, not down.

10 to 1 (good to bad). I'd quit this business if I were 50/50.

Hey Shane, I wish I knew enough to save you the $500 or so (just a wild guess really) for an attorney. It may be as simple as your mom and uncle signing a new Grant Deed transferring the property to your mother, but there may be transfer taxes, county reassessments, reconveyance fees (is the property free and clear?), and other issues to worry about.

What is their plan for the property? Does your mom want to move in and live in it, sell it, or rent it out? Good luck.

It looks high to me. They're basically charging you over $2,000 just for writing the loan, which is high as a percentage, but then again a $60,000 loan is about the same amount of work as a $500,000 one. They better be giving you a great rate for the expense.

Ok, first a couple of clarifications. One does not "will" a trust to somebody else. A trust has what's called a "successor trustee" when the original trustee or grantor (your grandmother in this case) passes.

Your late grandmother's house is still, or should be, in the name of the trust that she set up. The trust should also name the successor trustees, which may be your mother and/or uncle. If the trust doesn't have any restrictions on the disposition of the house, for example it doesn't say the house must get donated to charity, then the successor trustee(s) may do what they wish with the property, such as transfer the title to your mother.

This is way over my head as a non-attorney, but hopefully I've pointed you in the correct direction. Find the trust paperwork and read it. Also get a copy of the house's current deed. Pay the $500 or so and have an attorney assist you in properly transferring the property over. You don't want to violate the conditions of your grandmother's trust and get somebody in some hot water.

Forget about the 2% "rule" in Southern California unless you're prepared to buy a crack-house in Watts. You can find great opportunities in Riverside County a little north of 1% that should appreciate moderately once the economy recovers. I don't know much about Banning except it's a fringe area and highly volatile like Hemet and San Jacinto. These properties will be the last to see their values rise, after more mainstream areas such as Temecula and Redlands recover.

Just for comparison, we have a 2 BR, 1,000 sq. ft. SFR not far away in NORTH Moreno Valley (if you know the city, you'll recognize the significance of "north"), that we paid $97k for and it's been a great rental at $1,050/month.

Gabriel, this may sound like a trivial point and possibly something you're quite aware of, but asking "Am I an LLC now?" denotes an improper perspective regarding a Limited Liability Company or Corporation. Please understand I'm not jumping on anybody's case here, but there are several new investors and entrepreneurs on this forum that could misconstrue the relationship between a legal entity and themselves with that question in mind.

Forming an LLC does not make YOU an LLC. You and your LLC are separate legal entities who stand independent from one another. Yes, you may own and control the LLC, but it isn't you and you are not it. This concept is very important because the liability protection afforded by a Corporation or LLC can be diminished or even eliminated if the principle of "Alter Ego" is ruled to apply to your entity. Therefore, it is paramount that everybody adopt the mentality that their LLC or Corporation is a separate being from themselves. Avoid drawing or implying any similarities between you and your entity. Always refer to your entity as such and not to yourself.

Again, forgive me if you completely understand this, but I've said it many times on this forum before (and will probably repeat it again) - language is important (in the legal arena it's critical) and BP is a very large learning forum, so we must be careful not to instill any inaccurate or misguiding information that could steer somebody towards an erroneous perception.

Errr, no. I don't think Shawn has a publicly posted speaking schedule, but you can get more info about what he's up to in the short term at his web site: http://www.investorsworkshops.com/events