Looking to convert multi family property into condo units
I currently own a 3 family home in park slope, Brooklyn. The zoning is R6B. I have always dreamed of getting into real estate development. The property is owned free and clear with no mortgage. Here are two options I have:
1. I intend on demoing the property and potentially building out 6-8 units.
2. I think I can get the neighbor to sell her property which is semi attached to mine - for an even bigger project.
Either way I will need capital. I can maybe get some close people to invest with me but I am not looking to bring on too many investors.
I want to get the ball rolling, but I don’t know where to start. I don’t even know the questions I should be asking. For example, how much capital would I need? How long can such a project take?
I’d appreciate any advice.