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.
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
Structural Termite Damage Pay for an inspection, $300-450
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
