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Updated over 5 years ago on . Most recent reply
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Due Diligence on property in East NY, Brooklyn
How much diligence should I do before vs. after making an offer?
Also, does anyone have a lawyer they recommend for doing multi-family deals in Brooklyn?
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Hi @Greg Hills,
It depends how many families? 2-5 vs 6+ are very different beasts. Any rent stabilization/control will significantly increase you due diligence requirements especially since the new laws have been passed.
Assuming it’s less than 6, you should at the minimum:
Get a rent roll per apartment and a P&L (income and expense statement).
Verify taxes. I met an agent passing off properties that had tax abatements expiring in a year or 2.
Assuming you’re going to see the property you should check the physical condition of the property. Basement basement basement. I can’t stress that enough.
Also check the roof.
Oh, and check DOB BIS for violations! That’s a major one!
That’s all before an offer.
I can recommend my attorney if you need one. He’s very experienced and he’s friendly.