[Pete Escallier]

Pete Escallier

I’m the 1/3 owner of two paid off apartment buildings. The other two owners are my siblings. I would like to liquidate my interest, but they refuse to entertain the idea. So I’m considering finding a buyer for my 1/3 share in one of them. It’s a 5 unit property in Playa del Rey CA. It has been well maintained and consistently produced revenue. My siblings are in better financial shape than me, and are happy to keep it. I need the equity to continue with my lifestyle. I’m 75 years old, my sister is 78, and my brother is 68.
I’m trying to find a way to access my equity.
We incorporated the property to protect against liabilities.

[Bill Cook]

Bill Cook

Pete,

It will be difficult to sell your 1/3 interest because your siblings own the other 2/3s, which means the person you sell your 1/3 interest to will have no control over decision making because your siblings can easily override him/her.

You overcome this difficulty by selling your interest at a discount. Sometimes greed overcomes concern.

Have you approached your siblings about buying out your interest?

You’re welcome to call me about this. Once I find out more, I may be able to link you up with a buyer.

Hope this helps.

Bill Cook

[Pete Escallier]

Pete Escallier

I’m trying to sell my 1/3 interest in a 5 unit apartment.
I understand due to the inability of liquidity that I must sell this at a discount. Where can I find interest buyers.
The property is free and clear and professionally managed. It is in Playa del Rey,CA and is always full. Distributions are regular, equally between the three owners. My two siblings who each own a 1/3 interest like me have no interest in buying me out.

[Bill Cook]

Bill Cook

Pete,

Go to your local REIA and talk to investors who invest in apartment buildings.

Visit apartment building to find out who owns it. Then meet with the owner.

Bill Cook

[Pete Escallier]

Pete Escallier

Thanks Bill. I am being put in contact with an REIA group in Culver City. I hope I.I can network and find an investor. My friend Patrick Murphy told me a story Pete F. Told where his wife set down an empty plate for dinner. Pete asked what is this. She said it’s a plate of equity. The point is you can’t eat equity😳 and that is me very soon.
Thanks
Pete Escallier

[Bill Cook]

Bill Cook

Pete,

The story was told by Pete, but it’s actually John Schaub’s story. When John asked what was for dinner while looking at an empty plate, his wife said, “Equity!”

Bill