Decontrolling and Destabilizing

General Real Estate Investing
1

Hi,

I’m planning on attending Scott Scheel’s Commercial Investing Bootcamp. I’ve seen his home program and he preaches finding properties that are underperforming, maybe has 40% vacancies or rents are under market, etc…

My question is, I’m in NYC and there are quite a few apartment buildings that are rent controlled and rent stabilized, if they could be raised to market value, these properties have huge upsides. Has anyone been successful in decontrolling and destabilizing units?

Appreciate any comments/feedback.

2

If it was that easy to raise rents in rent controlled areas the NYC, etc marketplaces would be a much different place.

3

Can you imagine what the real estate market in NYC would look like if they ever got rid of rent control? The feeding frenzy would be fun to watch.

4

They’d have to get rid of too many Socialist politicians first…

Keith

5

Good Point!

6

That would better than UFC. I’ll bring beer for everyone and we can watch across the river from Jersey.

On a serious note, I was looking at a BOMBED out 3 unit in Harlem for 1.2 million bucks in 2004. Maybe I was out of my mind. Lucky thing the owner was NOWHERE to be found. whew Underperforming properties in NYC? Hard to find (now). If you do, you’re probably in grave physical danger or there’s something really really wrong with it. If you’re lookin for CF, might as well knock a brownstone down and then rebuild. That’s my 2 cents.