Legally switching from single family to two family

[Abe Rouz]

Hi,

Currently looking at a property that is singlr family and want to convert it to two family in Queens NYC. Id like to know who to get in touch with, whats the process to legally do so, how long would it take?

Greatly appreciate it 

[Abel Curiel]

Quote from @Abe Rouz:

Hi,

Currently looking at a property that is singlr family and want to convert it to two family in Queens NYC. Id like to know who to get in touch with, whats the process to legally do so, how long would it take?

Greatly appreciate it 

 Hello Abe!

Agreed with @Cathy B.

You can also reach out to an experienced architect or engineering firm. 

Beforehand, I'd insure that the properties you're looking at are zoned for multi-family. To search the subject property or any others you're interested in, check out Zola.

Once you've confirmed zoning, I recommend getting an estimate on the conversion costs. An estimate I have seen recently is $250-300/sq. ft. (please take this with a grain of salt!). For some properties, including one that our team recently inquired about, this could be a roughly $300,000 conversion (including renovation). For many properties, you'll need to have a long-term plan for the deal to make sense.

Process wise, you'd need to obtain permits and get plans approved by the city before beginning construction. Time, in addition to cost, will play a big factor in your decision here. Your holding period will be key as you account for vacancy and holding costs.

My recommended engineer recently completed a conversion on his own residence and even for someone in the field, his project ran into several hiccups. Other experienced investors in my network won't touch a conversion project unless they're purchasing the property at/below 50% ARV.

That said, it is totally doable and possible given the right deal, plan and a ton of patience!

All the best to you on your search!

Abel