All Forum Posts by: Jared W Smith

As others have said 203k is a hard sell for most contractors. And if this is your first 203k loan, NYC is tough as a starting point not knowing the process. Best to get an Architect on board to help guide you through process and also keep your best interest at hand overall. Switching Contractors during the process is almost unheard of if you’re going to get project done on time and successfully. Also your 203k loan consultant needs to be WELL VERSED at construction in NYC! If they are not then they are doing you a disservice. Their cost will be off and won’t factor NYC regulatory approval and requirements. Do your due diligence and verify everything. @Hogarth Louis

203k Loans are a special type of loan product and require a knowledgeable Contractor but also a knowledgeable team in general. I’ve always advise to have an Architect on your team as well since, especially in NYC, since most construction requires permits and a level expertise dealing with NYC DOB. Plus, being that the Contractor is selected before the loan close you should have your own representative looking after your best interests. I’ve seen a lot of lousy Contractors guide people astray just to get paid and move on. Be careful since you are very new to the process. @Lynette Mcmillan

An Architect could be invaluable in steering you in the right direction on many fronts. We are trained to know various trades/disciplines and code implications. 

However if it’s the actual execution of the construction then you’re best to get a hold of a Contractor that you can work beside and learn. All the best

How did this work out for you @Billy Farley? I am looking to use my business LLC's LOC for purchase of buy and hold / BRRRR.

What you've shown here is not really a cause for concern in my eyes, however I see much worst conditions regularly. They can all be fixed. As others said, overestimate for the repairs. How are the foundation walls, basement/crawlspace framing, HVAC/heating & cooling, roof, windows, elec.? These are the main areas which I would look at closely in an over 100 yr old property. All the best 

Hello @Raul Tirado

I am currently working on a 2 units over 1 commercial mixed use property development converting it to a 6 over 1 in Bushwick, Brooklyn. Also in City approvals for a new development 6 unit in South Yonkers. From your post you are seeking to essentially knock down the house and build brand new. I may be able to assist in the initial zoning analysis and steer you in the right direction with my NYC connections to get the site developed. Feel free to reach out. Thanks 

-Jared W. Smith, RA - Principal Architect at Architect Owl PLLC (Licensed in NY & CT)

Hello @Victor Garcia

My Engineer and I have completed these in the past. If you are still in search, please reach out. Thanks  

-Jared W. Smith, RA - Principal Architect at Architect Owl PLLC (Licensed in NY & CT)

Hello @Mary june Martillo

I've been contacted by dozens of investors looking to do conversions in NYC but very few actually pan out. It's a highly technical process cumbersome by NYC Dept. of Buildings, therefore it hard to explain what to do in a few short sentences. Generally speaking, per the NYC Zoning regulations, a R4B is limited to a maximum of 2-family homes. You may be dead in the water. See the below screenshot.

If the zoning allows a 3-family, you would need to meet all the rules and regulations in the Building Code as well as the Zoning Ordinances. The main areas usually causing problems being means of egress, fire separation for each unit, ceiling heights within each unit, sprinklers throughout all units, accessible unit and required parking. 

-Jared W. Smith, RA - Principal Architect at Architect Owl PLLC (Licensed in NY & CT)
 

Hello @Annie Balagot, fellow Westchester County resident here. Have been living in county for most of my life. I have an idea of the location. I would strongly look at the rental market. Houses with that value in the rivertowns and surrounding areas may not command so much for rent plus finding those financial able and willing to rent it could be hassle-some. 

Please reach out if you end up need assistance with any renovations, permitting and/or construction expertise. All the best

-Jared W. Smith, RA - Principal Architect at Architect Owl PLLC (Licensed in NY & CT)