Input on Possible First Property

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Hello All,

I have never been into forums and posting information online but since real estate is a huge investment I figured it would be important to hear what other investors have to say. So I have a always loved the idea of becoming a real estate investor and since I am not getting any younger I am finally committing. 

I am scheduled to go see a house in Bronx next Sunday July 8th and would like to hear your input. I will copy and paste the information I currently have and you guys let me know. I think it's good especially since it is in NYC  but it is always good to have a second opinion. Note that this is all preliminary but I think I can get away with buying for $450-500K. Thank you in advance. 

"Hi Roman,

Sorry for the delay in responding. I had a dental appointment today.

Anyway, I have attached pictures of the house from front, one side, and back. Please note that the empty lot next to the house belongs to the house on the corner, and is not part of the property I will be selling.

I will describe the house from the top floor down. The third floor is considered to be an attic by NYC. We never looked at it as an attic as it consists of three finished rooms (2 large and 1 smaller) and a small bathroom which has a small tub, shower, sink and toilet.

The second floor can be assessed by a stair case in the front of the house, and a staircase in the back of the house. The second floor has 4 rooms. A master bedroom, 2 additional bedrooms, small room which we considered the nursery as it is situated off the master bedroom, and a full sized bathroom.

The first floor was made into an apartment for my mother as she wanted to be secured from the roomers. There is a living room, dining room, kitchen, tv room, laundry room and full bathroom.

The basement is finished, and has a bathroom with shower stall. There is also a place where a kitchen can be installed (my mother used to have one there, but removed the stove and had the gas cut off), and there is also a place for a full sized washer and gas dryer in the basement. The upstairs laundry has only a small washer/dryer combo unit.

It is just my opinion, but this property would be ideal to make into a multi family dwelling.

If you have any question feel free to ask. Hopefully, I will see you next week."

-Roman

[Joshua Diaz]

I eventually bought my first one out of NYC but I did start by looking at the Bronx.

The first thing I would do is the the certificate of occupancy. Is that house a legal multifamily or did someone just decide to add rooms?

I know a lot of people rent out illegal apartments in NYC but I considered that way too much risk to take. (And I wouldn’t feel right about anything that’s considered illegal)

Just my thoughts on it