All Forum Posts by: Sam Sam

This property is a total gut. Bones, siding, water heater and bathtub left but nothing else. Beautiful ugly house on a charming street. 2 beds / 1 bath 814 Sq. Ft. ARV $43k

More pictures available upon request. 

Seeking Cash Buyers with the ability to close in 30 days or Less.

Must Be Able To Provide POF if interested in this property.

Okay let me clarify things. Originally the property was brought by one owner, than she later transfer the property to a non-for profit corporation that she operates. The non-for profit corporation members now have a stake in the building. The designated individual(s) who were entitled a stake of the building have now deceased but the original person who purchase the building. The organization has grew from when she purchase the building 65 years ago and was still up and running out of the building I have in contract. My attorney states that I need to get approval by the State Attorney to sale the building because this property was tax exempt and had a non-profit corporation association. My concern is My Attorney states if the organization does not dissolve it self we can not proceed with the sale. Also when a non-for profit organization sells of any assets association with the organization, they can not make a profit from it.  I was hoping I can get some advice and find creative way I can buy this building myself or sell this off quickly to another person. Even if that means creating a organization to complete the sale. 

I need advice on how to wrap up this deal. I located a mix use property in Queens NY, 2 one bedroom apartments on the top floor, store space on main level. The main floor was being used as a women's sorority. This property would easily be appraise within the high $400K and low $500K. I locked the owner in a contract to sell the property for $300K. My issue is during the process to close the deal I discovery the property was incorporate as a nonprofit. The owner does not want to dissolve the organization, she just wants to get rid of the building. During the process after preparing the paper work for the Attorney State general as advise by counsel, the owner receives a form stating she lost her tax exemption because of not filling taxes and maintaing the proper paper work. I don't know if this means anything I just want to give you all the facts. The owner is well past frustrated as well as I, because this is taking a long time; deal was put in contract in the month of february. Plus at the very beginning everybody was not on board to sell the building, even the owner at times so I received a lot of resistance gathering the necessary paperwork. Now everybody is on board and I want this done. What must I do to wrap up this deal. 

Thank you Christopher, it is good to be seen. 

What area in Queens do you specialist in?

Hi BP, I go by the name Short Sale Sam, others know me as Seriously Sam. I practice within Brooklyn & Queens, New York also Long Island. In my Real Estate career I have help plenty of families and Investors. 

I enjoy Real Estate and Real Estate is my life. I have done many bird dogging deals and wholesales. I'm looking to secure a few buy and holds, manage more properties and/or join a property management company. I also am a Real Estate agent, thanks for your time.