Shareholders of a C Corp owning an apartment building won't contribute to mandatory repairs

[zddoodah]

Other things to consider. All the apartments are either rent controlled or stabilized, which means it's not very profitable. Which also means that the cheap shareholders don't believe in putting out much money since their income from the building isn't much. I'm in bed with these losers because I inherited it from my father, who recently passed. The other shareholders are all elderly and not much for believing in bylaws. Titles don't matter with old school owners. I need a solution soon, so selling is not an option. Especially in this climate of renters deferring their payments.

I'd suggest taking the relevant documents to an attorney who is knowledgeable in both real estate matters and corporate law.

 

[quincy]

I'd suggest taking the relevant documents to an attorney who is knowledgeable in both real estate matters and corporate law.

That seems to be the smartest course of action.

 

[dleung65]

Is there a note on the property?

Debt free.

 

[dleung65]

I was hoping for a quicker solution than selling it. But that seems like a great idea now! But another wrinkle is that I own a restaurant in the building. Having ownership in the building helps keep the rent manageable since I have some input on it.

 

[quincy]

I was hoping for a quicker solution than selling it. But that seems like a great idea now! But another wrinkle is that I own a restaurant in the building. Having ownership in the building helps keep the rent manageable since I have some input on it.

Can you/your business benefit from any of the small business assistance provisions in the new government “rescue” package, to help with the cost of rent increase or repairs?

I think you really need to sit down with an attorney in your area for a personal review of your corporation and its finances.

 

[dleung65]

Can you/your business benefit from any of the small business assistance provisions in the new government “rescue” package, to help with the cost of rent increase or repairs?

I think you really need to sit down with an attorney in your area for a personal review of your corporation and its finances.

Yes, I've considered the conventional solutions, all of which would take time. I was hoping for some "unconventional" ones from the experts here!
But thanks to all who offered advice. Sucks to own multi family rental property in New York. I found out recently about the 2019 Housing Stability and Tenant Protection Act which makes NY the worst state to be a landlord! They think ALL landlords are rich and cruel! It's just not worth it anymore and even trying to sell a rent protected building won't be easy!

 

[quincy]

Yes, I've considered the conventional solutions, all of which would take time. I was hoping for some "unconventional" ones from the experts here!
But thanks to all who offered advice. Sucks to own multi family rental property in New York. I found out recently about the 2019 Housing Stability and Tenant Protection Act which makes NY the worst state to be a landlord! They think ALL landlords are rich and cruel! It's just not worth it anymore and even trying to sell a rent protected building won't be easy!

It is not especially easy being a landlord in any state but New York (City, especially) and California are probably two of the worst.

Good luck.

 

[dleung65]

It is not especially easy being a landlord in any state but New York (City, especially) and California are probably two of the worst.

Good luck.

Thank you!

 

[Zigner]

An outdated saying. I'd travel a whole lot faster on a modern commercial jet packed in with hundreds of others than I ever could alone.

Tell that to an F-18 driver

 

[Taxing Matters]

Tell that to an F-18 driver

You mean F-18 pilot? Sure, if I was in the Marines (the Navy no longer operates them), had passed flight school and the extra training to be able to fly fighter aircraft, and got assigned an F-18 I could fly faster than a commercial jet could take me. But I don't meet that very select set of skills, and neither do 99.9% of Americans.

 

[PayrollHRGuy]

You could always get one of these with that extra $3mil you have hidden in your mattress.

http://www.oneaviation.aero/

 

[quincy]

Thank you!

You’re welcome, dleung65. Good luck.

 

[Litigator22]

Other things to consider. Blah, blah . . . I inherited it from my father, blah , blah . . .

Thank you for confirming my suspicions that you acquired your corporate shares by means other than the sweat of your brow!

Your stark ignorance of the commonly understood relationship between a corporation and its stockholders and the latter's limited liability leaves it unsaid.