Posted by Bill Gatten on April 19, 1999 at 14:41:15:
Already solved.
Chinese Proverb: “Cat who pee on electric light when lit, get lit… das it”
recruiting a trustee for land trust assignment deals - Posted by rayrick
Posted by rayrick on April 19, 1999 at 09:52:00:
Okay, I’ve got a wonderful candidate in mind for a trustee for my subject to deals. She’s family and I trust her implicitly, she lives out of state, she has a different last name AND her address is a P.O. Box.
My plan is to do a “property manager” type agreement after the trust is established so that I handle all the day to day duties of the trust.
So, what exactly are the duties and potential liabilities of the trustee at that point? I want to do my best to make her feel at ease about the post, while being entirely honest about worst case scenarios as well.
Thanks a lot,
-Ray
my two cents - Posted by karp
Posted by karp on April 19, 1999 at 10:36:45:
Your LT blows up everybody gets sued and have you just lost all your money?
Nope, you just lost “family”…
I have bought my brother 5 different, very profitable investments. I have never partnered or anything like that, however…
Food for Thought.
Thanks,
karp
So do you have any alternatives? - Posted by Jim Beavens
Posted by Jim Beavens on April 19, 1999 at 14:42:44:
Ok, Karp, you’ve made the point that a family member as a trustee might be a bad idea (although you seemed to use the term partner and trustee interchangably, which I’m not sure they are based on my limited knowledge). Who would you recommend somebody use as a trustee?
Re: my two cents (Reliable Land Trust Trustee) - Posted by Bill Gatten
Posted by Bill Gatten on April 19, 1999 at 11:34:13:
Call Chicago Title and request the number for their land trust division (Security Trust Co.) We find them to be very reasonable in their set up and trustee fees (like REALLY cheap). Since they have offices in Illinois and California, I presume they’re in all other states as well. Their number in CA is (619) 544 0028.
For those who are scratching their heads right now, understand that our corporate trustee (P.A.C) is generally too expensive for simple title-holding. They (P.A.C.) are quite reasonable when collections, disbursments, substitutions, assignments, construcitve notices, and any kind of creditor-debtor interfacing and beneficiary cooperation is involved: but for straight no-brainer title holding, I always recommend Chicago Title.
Chicago Title created the Illinois Land Trust at the turn of the 20th Century… for Henry Ford, as a matter of fact. Then their next most famous land trust client, about 15 years later was one Mr. Al Capone… and that’s why in Illinois today, some fokks still refer to the land trust as “that Mafia trust.”
See how much you learn by hanging around me?
Did you know that cats are the only animals whose urine glows under an ultra-violet light?
Bill G.
Pet Urine Followup - Posted by Dave T
Posted by Dave T on April 22, 1999 at 24:02:19:
Thanks for the info. I once bought a HUD foreclosure that appeared to have a fairly clean carpet. There was a slight musty odor however.
I got the carpet cleaning guy to come in and see if he could deodorize the carpet. He brought in a “black light” that caused some carpet spots to floresce and promptly declared that the odor was caused by pet urine (though he did not specify cat urine). He also told me that cleaning and deodorizing would not completely resolve the problem.
I had to have the carpet and pad replaced, and the slab flooring treated and sealed. My carpet expense was about $1200 more than I had put in my fix-up estimate.
Functional Fixedness - Posted by Marvin
Posted by Marvin on April 19, 1999 at 18:30:46:
Bill,
With all due respect, how do you know MY urine
does not glow when exposed to ultra-violet light?
You probably think that’s the reason they (cats)
can see in darkness.
Please do us all a favor and stick to those title
holding PACWhachamucallits.
Best Regards, Marvin
Re: my two cents (Reliable Land Trust Trustee) - Posted by rayrick
Posted by rayrick on April 19, 1999 at 12:25:37:
Thanks for the heads up, Bill. I’ll call them right away. And the cat urine thing, man, what a wealth of valuable information one can glean from this board thanks to contributors like Bill! I love CREO!
-Ray
Maybe not an exclusive list - Posted by Jack (Ky)
Posted by Jack (Ky) on April 19, 1999 at 11:54:43:
A summer spent working for the health department taught me that mice and rat urine glows under UV light, which leads me to thinks that many other mammals (and their respective bodily fluids) may have the same attribute.
Jack
Re: my two cents (Reliable Land Trust Trustee) - Posted by JohnBoy
Posted by JohnBoy on April 19, 1999 at 11:50:06:
Could that urine be used as an invisible ink?
Is that glow of a yellowish color or of a greenish color???..LOL
Re: Maybe not an exclusive list (picky, picky) - Posted by Bill Gatten
Posted by Bill Gatten on April 19, 1999 at 13:32:09:
Jack,
Have you considered that… just maybe…that’s WHY cat urine glows? (Gawd!)
I mean, after all… what do cats like to eat? Mice and Rats… (Sheez! Picky, picky, picky)
And, Jack, why on Earth, would you ever take on something like this as a livlihood? But, perhaps more importantly, how in the world do you get a mouse to pee on command… when you just “happen” to have your trusty UV light with you?
To be honest, I’m betting that alligators that have eaten the cats that have eaten the rats, have the same urinary distinction: but I’d like to see you catheterize one of THEM babys (let alone make one pee, just because you say so).
Bill
PS, Given its maximum (not to mentioned its ‘mean’) surface variance of 5/8000ths (i.e., Mt. Everest and the Mariannas Trench), the Earth’s surface is smoother than that of a marble. Go try THAT on your “Health Department” pals!
BUT THE PRIMORDIAL QUESTION IS… - Posted by karp
Posted by karp on April 19, 1999 at 15:56:48:
WHAT DO THE DA** Rats and Mice eat?
If alligators glow from cats
and cats from rats
then rats from__________________________?
Dioxin? Soybased ink? WHAT?!?
this is killing me.
Thanks
karp
Re: picky, picky - Posted by Jack (Ky)
Posted by Jack (Ky) on April 19, 1999 at 13:56:52:
It was only a summer job and and that bit of training was ancillary to my main job duties, which included evaluating the site conditions (including soil type, depth, slope position, etc.) for installation of in-ground septic systems for new houses.
As a young college kid, I got be around new-house construction, see bad and good subdivision planning, and watch a major Japanese construction company (building a Toyota factory) try to get around every local construction ordinance. They learned one word of English very quickly and that was “variance.”
Oh to relive my wasted youth.
Jack
PS Re: the earth and marble analogy, perspective is everything.
Also, I would suggest a controlled test whereby rats, mice and cats are raise in confinement and not allowed to chow on one another. Then just shine a light when they leak and the mystery is solved. Gee, I bet my wife could write a grant and get about $500K to answer that question.
Re: BUT THE PRIMORDIAL QUESTION IS… - Posted by Walt_FL
Posted by Walt_FL on April 19, 1999 at 19:56:42:
DA CHEESE! But don’t Cut it…