All Forum Posts by: Zenish Mahaseth

https://www.zillow.com/homedetails/0-E-Pierce-Rd-Hesperia-MI...

Looking to get a loan on this rather then sell it. I have invested over 300k on the land buying it (135k) , fence (100k) , water well (30k) , landscaping (45k). 
many kind of loan would work asking as terms make sense. 

I highly appreciate the help and input from everyone here. My attorney says we have a case however he will be witness and can’t represent me ,  hence I need to find another attorney, potentially more money. And definitely a lot of time.

Yes I was transferred all the Stock of the LLC by seller. Township refused to transfer permits and said seller lied to u just like the couple of other people that fell for it (they bought properties from the seller and had same case). Township is willing to testify as they were aware of it without me raising the issue.

I agree that selling the property and getting out is the best case scenario, however I have failed at selling it so far, I would greatly appreciate it if anyone can help with getting it sold. It’s been on market for almost 4 months with a 50k price reduction. 

Another thing, on Zillow it has wrong price history. I bought the property March 2021 (the 4th month of 2021) for 135k, did a lot of work on it as mentioned on post. 

Zillow says property was listed for sale on 09/06/2021 for 16k 🤣😂. I owned the property at time and I did not list it for 16k. That’s a bad look in my opinion and is definitely hurting me finding a buyer. 
 

Quote from @Rachel H.:

@Zenish Mahaseth If you can't sell it and get cashed out, another option would be to offer owner financing on the land. You may want to bring up the deal at your local real estate investment club to see if there are any investors who may be interested. 

If you still need help in this area, feel free to send me a DM. I can send you some resources that may be helpful. 

Hope that helps! 

I would appreciate your help and resources, I see u specialize in mobile home parks. Maybe my property could be a good candidate for mobile home park if I’m not able to get this sorted with the township and seller. 

https://www.zillow.com/homedetails/0-E-Pierce-Rd-Hesperia-MI...

The link above is my property, I would love to get your help on this. Me and the current realtor tried and we aren’t getting anywhere. If we can get this moving quick I’ll save a lot of headache and time (I already wasted 2 years) , I can put in a little “gift” for u from the proceeds for your very kind help if we can get this moving quickly through u. 

Quote from @Patricia Steiner:

Let's start with the last question about suing the seller:  No.  As the buyer, you have the duty of due diligence and under Michigan law: "Each license is exclusive to the licensee, and a licensee or any other person must apply for and receive the board's approval before a license is transferred, sold, or purchased." (Source: https://www.legislature.mi.gov/(S(vpmdcwmtfl2ilehvtou3vlar))/mileg.aspx?page=GetObject&objectname=mcl-333-27406#:~:text=Each%20license%20is%20exclusive%20to,transferred%2C%20sold%2C%20or%20purchased)

And, I bet the seller didn't include any guarantee of transferability in the sales contract either.  Simply, put - it never was an option.

***** looks like I won your little bet @Patricia Stiener (I live in Tampa too ) , I’ll put it towards recouping my losses of over $325k cash alone.  the seller sold me the property , the licenses and permits as a package by selling me the holding llc (as stated in purchase agreement)  And yes I was promised , garunteed by the seller that the permits would be transferred to me . The seller and her office also stated the same claim to my attorney at the time .Hence in the purchase contracts all the permits and licenses are included. The seller also knew the only reason I’m buying her property is because of the permits and licenses, if she had told me that she can sell me the property but permits and licenses  woudnt be transferred I would have never bought it, the fact is that she told me the opposite promising me and garunteeing me that the permits will “transferred” to me through allocating 100% of shares in the holding llc. I do have valid witnesses such as my attorney at the time and the township office themselves as they were aware of the seller and what my problem was before I could even finish her name. 

Back in 2021 I bought vacant land from seller that promised me that cannabis permits could be transferred to me and sold it to me for 136.5k  , however later on city council said cannabis permits can not be transferred. I put up almost 100k for a fence , 45k for landscaping and got a well put on 35k since city council refused cannabis permit , property is currently residential zoned. I am looking to sell this but having rough time. Real estate agent can’t help sell it (been on market for 4 months). Please give me advice as what to do to get it sold or get equity out . (I can’t get loans as non citizen) . I would love to sell it for as close as I can to break even (not looking likely)  or do a 100k secured collateral loan with the property . I put in total of 310k of my hard money back in 2021.

**** can I sue the seller for essentially “selling” me a permit that can’t be transferred through selling me property , causing Me to loose my total investment ???