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Updated over 4 years ago,

User Stats

18
Posts
8
Votes
Pamela Villa
  • Rental Property Investor
  • New York City, NY
8
Votes |
18
Posts

Thoughts on 4-plex (gut renovated but VERY old original building)

Pamela Villa
  • Rental Property Investor
  • New York City, NY
Posted

Hey everyone! I'm looking at a 4-plex and would appreciate any insight on two Qs.

1) Submitted request for more info on loopnet and got some videos and an exec. summary but nothing detailed and no financials. While it's not technically commercial, (at least not from a lending perspective since its <5 units), I get the sense it's being treated that way by the broker. Would love your advice on the documents I can reasonably expect to get in terms of financials (or any other docs) before placing an offer since it seems to be in this in-between space. The broker didn't include pro forma in his email - just general info about the building. 

2) The building was gut renovated recently and looks well done. But the original building dates back to 1876 which makes me uneasy to say the least. Even with the best renovation, I know buildings this old will likely cause major problems even if they advertise minor repairs given the "quality of the build" (i.e. the gut reno). Do you all have any advice? Does anyone own any property this old that was gutted? Thank you all!

Pam

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