All Forum Posts by: Ty Patillo

I'm in the same situation as you!

Call the local economic development dept. in your city and see if they can recommend a few office brokers you can talk with.  Give them a call and ask them the same question in your post.  They may have a client(s) interested in leasing your property.  Also check out: https://www2.colliers.com   and https://www.cbre.us/  Look up the office reports and or look up their reps for your area.  Hope this help

Look into Triple NNN deals you can invest in.

Create a capital structure to use the $1mill to acquire properties.

Your situation is true.  However, the board/bylaws govern how the shares are handled correct? A co-op could be sold as-is. And in your situation, the only thing would change is property management or ownership.  Your shares(and others) would be intact.  Each state is different as it pertains to Co-Op or HOAs laws.

In the deal I'm currently seeking, there are 50 units.  41 are rented(non-share holders) and 9 shareholders(The Board) remain. The board voted to sell the complex.  How do they do that?  Well,  after speaking with an attorney in length, the co-op will have to be dissolved(according to the bylaws).  Proceeds from the transaction will go to pay off any debt the co-op has outstanding.  Anything remaining is divided amongst the remaining shareholders.  This is the only way to make it attractive for an investor.  

I hope this provides some insight.  I thought the same thing as you initially. But when dug in a little deeper, there's an opportunity my midst.  Its been a journey my friend learning about this Co-Op business.

The Journey continues.......Stay tuned

I'm in the process of getting a 50 unit multi family Co-op under contract.  The units are 2 story garden style(1,2, & 3 BD RM).  Its a value-add opportunity.  

Has any every purchased a multi-family co-op property before?   

I've already consulted an attorney who has experience with HOAs & Co-Ops. They've reviewed the bylaws and advised me to dissolve the Co-Op as a contingency of the purchase.  

I've identified a PM however, I need more info on vetting/interviewing them.   

Can any one provide a list of questions to ask a PM to help me determine if I should use them or move on?

Thanks in advance for your input/insight!!

I would advise against using the seller as the property manager.  Hopefully that's not a caveat of your purchase.  Search your market and interview other PMs in the area.  Be sure to give yourself contingencies that will all you to walk away and keep your hand money.

Hi Thang.  Do you live in the Columbus OH market?  I may be able to assist. inbox me a contact number so we can discuss further.

Live vs Online.  Personal preference!  I like live class because that give you an opportunity to network/Interact with instructors and meet people/classmates that you may work with in the field.  Depending on where you take your classes live, they may have a meet the broker meeting day.  There you can talk with potential sponsoring brokers that you could consider working with.  If you take classes online, you more than likely won't experience these interactions.  But again, this is my take on Live vs Online.  Its all personal preference.  Good Luck!!  Dive In!  Stop Waiting!! 

Alex,

No prep work needed my friend!  Just jump in with both feet!  You can do it!!  If you can get into a pre-licensing education program where you can do nights and weekends to burn through the 4 courses the better(try and get a course in before years end if you can).  No need to wait-Seriously!  Get in the game!

If you have test anxiety, take a lot of practice exams when you've completed all your course work.  And pound the vocabulary into your head.  You'll be fine.  

Go to your local library and utilize their website to access this resource(otherwise you'll pay):  www.learningexpresshub.com

Once on the site, look up real estate exams and find the RE test for your state MN.  They'll be practice tests for you to take for free as many times as you want(memorize these Q & As).  It will come in very handy.

Good luck!  

Ty