All Forum Posts by: Anthony Gallagher

Thanks for your insights Owen! Forgive me going into details but just wanting to give you a clearer picture of our rental property townhome, which is zoned 2 family there are 4 habitable 800 square foot floors for a total of 3200 ft habitable. 

They request interior pictures and a walk thru.

The Upper duplex is a single unit with the kitchen & living room on the 3rd floor and the bedrooms on the 4th.  

Below that is a parlor floor, which has the highest ceiling in the building and this floor is connected to the ground floor via an interior staircase which we added doors to both ends to break up the lower duplex into two separate living areas.  

In the Parlor floor we added a large-ish kitchen with electric oven and cooktop that goes to the sub-panel that belongs to the Parlor floor, making it a nice 800ft 1 bedroom apt, with access to a shared backyard.   

The ground floor has gas hookups for a gas oven and that floor has its own gas range/oven and kitchen which is also controlled by a ground floor sub-panel also with access to the backyard and to a lower cellar area where they have their own washer dryer and storage area.   

All are on separate 800 square foot floors, with front and back door egress, well maintained and gut renovations were completed in 2019.      

I mention all this because it's not a jammed up, slap dash space but from an insurance perspective do you think I should be concerned about the interior inspection and the 2 family zoning but 3 separate tenant discrepancy?  

If you made it this far, you are amazing! Thanks for your time and insights! 

I will also check in with the broker who connected me with this insurance company. 
 
THANK YOU!  
 

Hi we have a zoned 2 family home (double duplex fully gutted in 2019) with 3 kitchens. One kitchen is for a subletter that occupies one level of a duplex.  All kitchens were professionally installed and the building is in great condition. I'm assuming this will this affect the landlord policy insurance inspection? What is the best way to manage this situation before the inspection happens?  Remove the kitchen all together and convert it back into two duplexes or is there another option?  Thank you!

Thanks for your in-depth response Zeb! Its very helpful! Interesting that you mention ADUs. 

My wife is a licensed architect in NY and CA and the other parts of this equation are that we bought in Hawthorne, CA (after refi-ing in Brooklyn) and are 1) Planning to build an addition or an ADU here in CA and/or

2) Weighing the future possibilities of maxxing out the FAR in Brooklyn which would mean adding around 2000 sq. ft to the existing 3,200 ft. living area. 

Too many considerations in the mix, I know, but while we have the options... were trying to consider and educate ourselves on them all!  You're right to say getting a better idea of the tax repercussions of each scenario is a helpful start!

THANK YOU!

Hi BP folks!

We have a Bushwick-BedStuy, Brooklyn double duplex / 2 family close to the Halsey Brown line stop.  It is fully rented and cash flows 3k+/month. We bought in 2013 for $800k, renovated in 2016, refi'd & moved out  Jan 2021 and bought in L.A.  For the 2021 refi, the property appraised for $1.7.  We still have about 50% equity in the property at 3.25% interest rate which is now considered an investment property.  It cash flows about 3k/month.   

At this point we're considering our options to take advantage of the "2 in 5 rule" to capture max capital gains which would mean selling in this depressed economy OR to choose to hold for a much longer term to capitalize on the long term asset appreciation, rental income and potentially maxxing out the FAR but with the management, maintenance and developing headaches.

 Kind of a long winded question but considering our options. Thank you!  

Thanks for that referral.  I'm open to a smaller Mom and Pop licensed PM.  If you know of any please let me know. Can you also share LEXITI's info.  Will tell them you referred me.  Thank you! 

Anthony

Hi we have a 2 unit building in Brooklyn (Bushwick/Bed Stuy 11207) and are now living out of state. It is fully rented until September 2022.   We're considering using a property management company. Does anybody have any referrals to quality licensed management companies that they endorse that work in this area? 

Thank you in advance!

Anthony 
 

Hi. We own a home in Brooklyn and I got my agent license last Feb. 2020 and joined EXP and REBNY. Then the pandemic hit and we decided to relocate to Los Angeles a couple months ago with our 2 young kids.

I'm not necessarily trying to be an active sales agent anywhere, but I did want to get my license in case I wanted to sell my Brooklyn home or invest in other properties.

Given we've moved to L.A. for the foreseeable future does it make sense to keep paying dues to REBNY and EXP? I ask this with the longview of potentially selling my Brooklyn home sometime in the future and recouping some of the commission.

I know that EXP has alot of agents in L.A. too but given I'm new to the area and I'm taking care of the kids I'm trying to decide whether to keep my standing in NYC active or not as well as the EXP membership.

Sorry for the multi layered question but any insight would be appreciated!

thanks!

Anthony

Hi I'm new to BP and interested in getting some insights on a potential project with our home. This is our 1st home and it's been a good investment thus far and we're trying to be smart about what we do.

We own a double duplex 3,200sq ft (800ft per floor liveable space + a cellar) in Bushwick, Brooklyn. Gut renovated the top duplex 3 years ago and it looks great and prettied up the developer special lower duplex for rentability. We have two young kids and are considering our options. 

We owe about 700k on it and it's been assessed at 1.6 conservatively and 2+ by friendly realtor that wants to sell our place. We haven't replaced the roof or the boiler, because they work fine, since we purchased in 2013 but they are on the older side.

1) Sell As is and Move

2) Develop it as there is 2000sq ft of FAR that we could build and the neighboring property which was the same foot print has already maxed out their FAR and condominiumized and sold 4 condos for about 4m.

Not attracted to the condo option but it could be the only way developing the property makes sense.

3) Move, Rent out both units and Hold. 

4) Move, Rent it out and downsize in another area potentially upstate or a "better" neighborhood in NYC

I know this is a very wide open question and alot depends on what we "want" to do. I'm sure I'm leaving alot of important details out but I'd like to see what people here have to say.  Thank you!

A