All Forum Posts by: Donnell Suares

Thanks for the information Frank.

Hello,

I am considering purchasing a 2 family brownstone in Bed-Stuy.  It was built on or about 1899.  It does not have a Certificate of Occupancy.  The owner has configured it as a 3 unit building.  I would like to legalize it and was wondering if anyone would be able to give me a rough estimate of the cost to convert the property to a 3 family.

It does not have a sprinkler system.  Do you know if I would have to add a sprinkler system to the whole property or just the hallways.  I have been told two different things.  I was told that since it is a pre-1943 property, sprinklers would just have to be added to the hallways.

Has anyone been through this process?  What was the time frame for completion?  Thank you for your help.

Donnell Suares

Thank you for your response.

Hello,

My name is Donnell Suares.  I am an attorney and investor from Brooklyn, NY.  I have purchase a 3 family investment property in Stuyvesant Heights, Brooklyn.  All three units are newly renovated.  

I have listed one unit for no-fee for rent on Craigslist, Apartments.com, leasebreak.com and zillow.  (The renovations on the other two units will be completed shortly).

I have only gotten one inquiry from 10 days of advertising.  The realtor who sold me the property advises me to list it with her for no-fee (with me paying one month rent to her) to get it rented fast.

Can anyone who rents in Brooklyn advise me on what has been successful for them?  I would like to avoid paying thousands of dollars to a realtor to rent these apartments quickly.

Thank you.

Donnell 

Hello,

I have the opportunity to purchase a one bedroom coop in Dyker Heights, Brooklyn.  The purchase price is 250k.  I would like to purchase for cash, rent it out and refinance (cash out) in a couple of months.  The problem is my mortgage broker told me there are no investor loans for coops.   Does anyone know of any financing for this particular type of situation?  Thank you.

Donnell

@Dawn Brenengen

I like the demographics of Raleigh.  It has major universities near by and a growing mobile population.  The average purchase price in Brooklyn is close to 700k.  It is a short direct flight from New York.  I believe I can achieve a higher percentage cash flow in Raleigh.

Hi @Derek Moore,

I am looking for 3 family properties that will immediately cash flow with a 25% down payment.  I look for properties in safe neighborhoods with subway transportation close by.  Thanks for the welcome.

Donnell

Hi @Max Maxwell,

I am a buy and hold investor looking for SFH in the Raleigh area. Thanks for the welcome.

Hello,

I am an attorney in New York. I have been involved in corporate finance, litigation and real estate for over 15 years. I am a new real estate investor in the New York area.  I am focused on purchasing multifamily (2 or 3 family homes) in Brooklyn and the Bronx.

I am also considering investing in single family homes in North Carolina.

Donnell Suares