All Forum Posts by: Talha Qayyum

Hey BP, In NYC, there's no way you can avoid running into rent stabilized and rent controlled units in an apartment building. My question is why would an investor be attracted to a building with such low income? For example I have a client who says if there ever is a 50+ unit building with all rent controlled tenants, meaning they pay around $200-500 monthly rent, he is willing to overpay for that building. Why would someone want to invest into something like that if there is little to no chance of buying out the tenants or waiting 30 or more years until they pass away and that unit becomes vacant. I'm very curios to know and any help is appreciated.

@Dominic Jones No problem, property shark is a very useful tool  in real estate and can really give you a better understanding of the property at first glance. All the best to you

@Joel Owens Thanks for your output on this subject. My question is how would you find the owner behind the llc? Most of the time you cant find the owner of the llc, but you'll find the address of the llc and when you do a google search of the address, no information of use comes up. I have looked through the deeds of the property, and they do provide the signature of the owner of the llc, but sometimes it is impossible to read the signature of the owner. They usually scribble so people have trouble finding out the owner's name behind the llc and keep their name confidential from the public. If you have any different ideas let me know, any information would be appreciated. Thanks  

@Les Jean-Pierre I just checked it out and it's the same results as the property shark report. The mailing address is in the name of the llc and same mailing address. Thank you for the help though. Will look into that in the future. 

Fellow investors,

I use property-shark to track down owners of commercial properties in New York. My problem is that I find it very confusing to track down one legitimate owner of the property, especially if the listed owner is an llc. For example there is usually a head officer of the property, site manager, etc. Then the llc has their own mailing address on the property record. Then you also have the option to find out who is behind the llc, which most times leads to a separate address which the Divisions of Corporation Entity Information provides. Does anyone who uses or has experience using property shark provide an idea of which one leads to the correct owner? Or perhaps my best bet? Thanks for all the feedback. 

@Ned Carey Thanks for the reply. What I'm trying to say is that for example when you wholesale a property and you're dealing with all cash, what options does the end buyer have in purchasing the property? For example some of the options you wrote such as private lenders,owner financing, etc. I wanted to know all the different options an end buyer has to close a wholesale deal involving all cash. Hope that clarifies things a bit. Thank you for your response!  

Hey BP! Hope everyone is doing great with their real estate business. I was curious as to how can an investor pay cash for a property. What are the alternatives as to the misconception of using hard cash? All advice and answers are highly appreciated! 

@Chris Simmons Yeah that is the initial plan to find a buyer who is willing to buy the property on site @Jon Holdman I have tried endlessly to let him know that the best choice is to just let us show the property as he will get his initial amount, but I will talk to him and see if he's willing to budge on the price so the deal can close. @John C S. I have tried that but they don't want any money @Oisin Milne I have explained to him that this will not work as well as it should if you don't show the property to buyers, but he does not care. He expects me to find a buyer who will purchase on site. Also I am on good terms with him, but the seller is very stubborn and i am willing to take a cut out of my profit for this deal to be completed. @Davon Lowery Definitely will keep BP up to date on this deal @Michael Hayworth I was thinking the same thing. If the seller does agree to show it at least once, I'll get multiple buyers to see the property that time and hope the best works out. 

Overall thank you all for the advice and tips. Definitely will put your recommendations to use! 

Hey BP! I recently ran into a problem where I have a property under contract that I am wholesaling, but there is no way for me to show the property to my buyers because neither the owner or the tenant are willing to spare some time for me to show the property. The tenant does not want me to show the property because if it gets sold, she can't afford to live there anymore and will have to leave. (Their rent is about half of what the rent should be). The only way for me to get in is with the owner escorting me in. The owner does not want anything to deal with the property and isn't very reasonable. After various attempts of showing them the contract and trying to cooperate with them, I have decided on perhaps taking legal action (If it comes down to it). Any advice/tips on what I can do to transition out of this situation? Any help is appreciated.

@Russell Ponce Thanks for the advice. Definitely will watch the podcast and see whats best for me.