All Forum Posts by: Mansi Kothari

Thank you all for your recommendations! @Brittany H. @richramjatan

Hi BP Community! Looking for recommendations for fast and thorough building code consultants/expediters for a 3 family conversion in Brooklyn. Any and all recommendations are welcome!

Hi there! Curious, did you ever find the right Property Manager in Brooklyn? 

@Michael G.

HI Adnan, 

What did you end up doing? Not sure if this is too late - But I wanted to share my experience as I am currently doing the same thing in Brooklyn, NY. The short answer is yes, the conversion process  requires a change in the Certificate of Occupancy, which is extensive and can take a long time. Plan for at least a year, possibly 2, as this process requires plan approvals and multiple inspections based on the rules set out by  the Dept. of Buildings. You need architects/engineers and expediters, which adds anywhere from $30-$90K in soft costs to renovate.  Hope this provides perspective.  

Wish you well on your investing journey.

Congratulations on the updated terms on this property! Your due diligence has really paid off! 

Thanks for sharing such an inspiring story - in the current market no less! I'm in a similar boat, working full time and have already dabbled in two 2-4 unit MFH and am ready to make the move to a larger multifamily property in the hopes of being able to transition into multifamily investing full time at some point. 

Curious, what resources have you used to up your financial literacy, especially multifamily financing? I have the basics of REI down - what do I recommend a newbie know before heading out to make offers on larger multifamily properties? What kind of lenders should I be speaking to?

@Faye R. 

Hi Roanna, Thanks for sharing your beginning experience with True Submeter. I am looking for a submetering option for my duplex. New tenants moved into the second floor and my water & sewage bill went from $500 every quarter to $1200/quarter! I am curious, what exactly happens when you try to measure both cold and hot water, especially in the bathroom/shower? What makes it awkward?  Where do the meters get installed? Appreciate your help with this!

HI there, 

Is this still available? If so please send me more details including maintenance/common charges.

[email protected]

Thanks, 

Mansi

@Raza Rizvi @Ceasar Rosas 

Just landed on this thread as I am researching ways to simply and effectively separate out heat in a 2 family house in Jersey City. What did you ultimately do? I have gas furnace, three water boilers (under one water meter), and three gas meters (one for each unit and for the house, which is gas). Tenants complaining about not being able to control heat. Any help is appreciated. 

@Chris Rosenberg @Les Jean-Pierre

Hello there, I am in the same predicament today with my first property in Jersey City and am wondering if either of you ever came up with solution to separating out the heat. I have one gas furnace and centralized forced air heat. New tenants are complaining. 

Google Voice for the win! They can text as well as call.