All Forum Posts by: Bobbi Casalino

If so, would you share all the steps, including permits and costs involved? I may buy a 3 family (currently set up as a 2 fam with only 2 kitchens) in Greenpoint/Wmsburg. Comp Rents avg 2500 per apt, so 3 units= 7500 (90,000/yr), 4 units 10,000 (120,000/yr)

I plan to hold so paying a hefty sum upfront, it seems, would pay off - depending of course HOW hefty that cost

Every time I start thinking it through, I realize how much is unknown: time it'll take to get approval/permits for addition, cost, steps, and if i'd have to hold entire house empty during the build.

My cost for the unimproved (2 kitchens) building will be $1,450,000, which I'm hoping to buy on installments.

  If anyone has experience, I'll be grateful for your insight.  Thanks very much =)

Hi. I have rentals in Philly and Brooklyn. Presently, my husband and I are kicking it old school, doing everything ourselves, which includes driving from Long Island to do small fixes as well as big things like renovating from the studs up. I realize it's time to work smarter and outsource labor, so I'm asking you all for recommendations for plumbers, electricians, drywallers and especially jacks-of-all-trades.

If someone has done excellent work for you, I'd love to give them more business. My specific areas are: Manayunk in Philly, Greenpoint/williamsburg/Bushwick/East New York in Brooklyn, and Point Pleasant in New Jersey (a potential new buy). 

Also, I may have missed the area on the BP website that has these resources. If so, please direct me to it.

Thanks so much. Having this network of people I know I can trust is priceless =)

Thank you @Account Closed. 

The 3 owners agree to sell. She wants to buy them out and keep the house. It's a good house and I'd like to help her find a way to keep it . Thing is, she needs money to buy out and reno and wont get any cash flow for months. My aim is to find a way to make that possible for her. She thinks she can get 250K mortgage at 4%.  Realistically, conservatively, she Needs additional 700k

On the other hand, I could buy it. 

Hi. I'd be grateful if you could help me untangle the ways I could help a friend. She's 1/3 owner of a 3 fam in Brooklyn, currently inhabited by family. It's contentious. She'd like to keep it. The 3 owners agreed to sell at $860k (market). She can get a mtge for $250K. She works a min wage job. We spoke about her somehow getting the money together (hard money), renovating and moving into 1 apt and renting the other 2. The reno will cost $60k-ish.

. a) I'm a realtor

. b) I have the money to lend- but I'd be afraid she'd default

c) I could buy it from them privately, which would work out for me... but not for her? She needs a place to live for herself and brother

Hi. I'd be grateful if you could help me untangle the ways I could help a friend. She's 1/3 owner of a 3 fam in Brooklyn, currently inhabited by family. It's contentious. She'd like to keep it. The 3 owners agreed to sell at $860k (market).  She can get a mtge for $250K. She works a min wage job. We spoke about her somehow getting the money together (hard money), renovating and moving into 1 apt and renting the other 2.  The reno will cost $60k-ish.

.  a) I'm a realtor

.  b) I have the money to lend- but I'd be afraid she'd default

    c) I could buy it from them privately, which would work out for me... but not for her? She needs a place to live for herself and brother

Thanks for your input!

What makes a cellar different from a basement?

I could use some insight on a house that could be great  The house is in an appreciating neighborhood,  in good condition and *Rent Stabilized (of course). Upon inspection, we find 2 parsed-out, additional rentals. Walls can be taken down, i know... but no COs so I wonder if I'd be responsible for work done before I take ownership, PLUS there could be immense expense of architects, permits, construction and time. One apt. is completely illegal because it has just 1 form of egress. 

The basement has a kitchenette and bathroom.  

  We could buy, then restore to what DHCR has on file as far as Rent Registration... BUT, one tenant has been paying for an entire apt, while living in only part of it.  NY's laws are such that overcharged RS tenants may receive 3 times what the rent should have been for as long as they've lived there.  

  Owner communicates only through agent and will not deliver empty- which makes me think he knows and I'll be responsible.

Is there a legit solution to be had? If there is, I'll buy the house and price in all I'll need to do, plus Legal =)

Hi. I'm in the process of buying 6 fam in Brooklyn- a very quickly improving area. The owner wants all cash but it makes much more sense for me to finance 75% of it and not pay all cash. I watched an episode where Brandon made such a scenario work... earn the seller's trust that they'd not be wasting their time and yet keep yourself protected by submitting provocative offer 'subject to inspection'. Please lmk how you'd work this or direct me to those answers.

I own an 8 unit MF in Brooklyn and a single fam in Philly. 

In NYC, there are MFs for sale. the problems are: they are expensive... like a 2% cap rate if you're really lucky, and many are rent stabilized.  I'll be looking at a possible 6 family investment tomorrow. Every unit is below market and RS. I'll be meeting with aan L&T attorney that I hope will give me some guidance and good news. If he doesn't, then there doesnt seem to be a way to buy a property and not LOSE money. Does anybody know something I don't?  

  Thanks!! =)