All Forum Posts by: Julie Greene

Long story short, we had been looking to purchase a 3 family unit that is currently only on the books as a two unit.  The contract that we received specified that it was a three unit, so seller would need to provide legal certificate for a 3 unit.  Seller does not actually want to deal with converting it as he no longer lives in town, and because he bought it three years ago when it was listed as two unit and had no problems renting the three units.  So his lawyer disapproved the contract .  We are still interested in the property, however, we are extremely wary of operating as a 3 unit building if it's not zoned that way.  At the price we had agreed on, the place is not worth it as a two unit.  I had a quick conversation with an architect who did an initial walk through of this property a few months ago, as the owner was considering converting it.  The architect hasn't actually done any work on this project beyond walking through it - I asked him what is usually entailed in a conversion from two family to three family and he mentioned sprinklers.  Does anyone else here have any experience with this?!? It is a 100 year old brick structure that has one unit on the first floor, one unit on the 2nd floor, and a third unit that has a bit of space in the basement and first floor.  I clearly have a lot to learn, but I am currently frustrated...I don't know how to determine whether the property can even be converted legally, and how much it will cost (since I don't yet own the property).  Can anyone point me in the right direction?  I feel like  I am getting in my own way here and I'm kind of paralyzed...if I need to walk away I am ok with that, but I'm not sure how I go about determining this!!

Any help/guidance is appreciated!

Welcome @David Eisenberg !! There are quite a few of us Buffalo peeps here on BP. My husband and I are just gearing back up into REI ourselves...but whatever any of us can do to help, do not hesitate to ask. Also, as I'm sure you've come to realize, there is a WEALTH of information and knowledge on Bigger Pockets so be sure to take advantage of it!! Look forward to hopefully meeting you at a meetup someday!

@Mark Bookhagen great question - I actually just stumbled into reading a general overview on 1031 exchanges a half hour ago on a local ccmi certified, multi-family investment brokers website in our area.  So wishing I knew about this two years ago when we were approached about selling our duplex - it would have spurred me to into action two years sooner to buy the next, larger place and helped me defer some taxes...but at least I know now.  @Darrie W. Bennett , @Steven J.  good luck and let us know how it goes!

@David Stott thank you for posting the article - have been out of town for a few days so haven't seen today's paper. Although I don't think we've ever done or said anything discriminatory in our past (and future!) advertising or screening, this is all good information to remember. Thanks!

@Andrew Schultz , sure that would be great too. I wouldn't mind checking him out too. Much appreciated.

-Julie 

Mike,

I am definitely interested in his information!  Thanks so much!

Hi all of you from the Buffalo NY area- wondering if anyone has any recommendations for home inspectors in the area?  We do have one that we have used twice on personal properties, but just thought it might be wise to get a few additional recommendations...it is for a 3 unit we are likely going to purchase.

Thanks in advance!

@Daniella Ortiz , thanks for asking this question (and @Joel Owens 

 and @Nathan Brooks thanks for your responses) - this is helping me as well, to figure out how to proceed!

Hi @Scott Stevens  - I just read the following two posts in the last two days about some of the ways that other BP Members retain their tenants.  I guess I am not really answering your question about "what kind of mindset do you think your tenants have" -- but I think maybe you don't really need to think too much about that.  In the words of @Rob K (seen in the first thread listed below) "The bottom line is if you want them to stay, treat them right and make them feel they are getting a good value".   I think those are wise words, and the threads below have some excellent ideas on how to achieve this.  Many of the ideas are creative (and simple!)-- most I never even considered doing; many I am now considering implementing for the future!  Hope these are of some help to you: 

http://www.biggerpockets.com/forums/52/topics/77470-what-kind-of-incentives-do-you-have-to-retain-tenants?page=1#p77470

http://www.biggerpockets.com/forums/432/topics/139609-what-is-something-nice-i-can-do-for-apt-residents?page=1#p139609