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Results (10,000+)
Joe T. No 1099 - what to do?
3 March 2025 | 6 replies
Also, download and save all your bank statements showing funds they sent.
Agatha Simmons Advice for newbie. Evicting Sec8 tenant
28 January 2025 | 16 replies
This one has been walking all over you.
Samantha Bartlett New member hoping to make connections in Metro Detroit
3 March 2025 | 8 replies
Wishing you all the best on your journey, and happy to connect anytime.
Shiloh Lundahl Those of you on the sidelines
30 January 2025 | 45 replies
Everyone; what's your take on the 10yr cycle and where we are?ย 
Drew Sygit A Logical Way to Understand & Monitor Your PMC's Maintenance Charges!
26 January 2025 | 2 replies
Hopefully, you've followed all of this so far.
Michael Genari Multifamily Investing in NYC: How to Profit from Properties with Permit & Violations
4 March 2025 | 0 replies
Always consult an architect or expediter before making an offer.Step 2: Conduct a Full Violation & Permit Search ๐Ÿ“‹Before buying, research all open violations & permit issues.โœ… Check DOB NOW & BIS Systems โ€“ Look up the propertyโ€™s compliance history.โœ… Review ECB (Environmental Control Board) Fines โ€“ Some violations carry daily penalties.โœ… Look for HPD (Housing Preservation & Development) Violations โ€“ If the building has tenant complaints, HPD may have issued orders for repairs.โœ… Assess FDNY Fire Code Violations โ€“ Missing sprinklers, blocked exits, or outdated fire alarms can delay approvals.๐Ÿ“Œ How to Speed Up the Process:Working with a permit expediter can help clear violations faster, making it easier to close deals and begin renovations sooner.๐Ÿšจ Red Flag:โŒ Buildings with pending lawsuits โ€“ Some compliance issues involve legal disputes with the city or tenants.Step 3: Close the Deal & Start the Legalization Process ๐Ÿ—๏ธOnce you acquire the property, the first priority is to resolve violations and legalize any unapproved work.โœ… Hire an Architect โ€“ Architectural plans must be submitted to the DOB for any structural changes.โœ… Expedite Permit Filings โ€“ New permits may be required to bring illegal units, extensions, or renovations up to code.โœ… Negotiate Fines & Penalties โ€“ Some ECB fines can be reduced or dismissed if corrections are made quickly.โœ… Apply for Variances (If Needed) โ€“ If the building doesnโ€™t comply with current zoning laws, a zoning variance may be required.๐Ÿ“Œ Why Speed Matters:Multifamily buildings with violations cannot be refinanced or sold easily until compliance issues are resolved.๐Ÿšจ Red Flag:โŒ Delaying compliance work = higher penalties โ€“ NYC charges escalating fines for unresolved violations.Step 4: Renovate & Ensure Full Compliance ๐Ÿ”จOnce permits are approved, itโ€™s time to start construction and bring the building up to code.โœ… Address Safety Issues First โ€“ Fire alarms, sprinklers, and structural stability must meet DOB & FDNY regulations.โœ… Schedule DOB Inspections โ€“ Plumbing, electrical, and mechanical work require multiple approvals before closing permits.โœ… Comply with HPD Housing Regulations โ€“ If the building has rent-controlled or rent-stabilized tenants, ensure all renovations follow tenant protection laws.๐Ÿ“Œ Smart Strategy:Renovating to increase unit count (legally) can boost cash flow while fixing violations.๐Ÿšจ Red Flag:โŒ Unauthorized tenant evictions โ€“ Rent laws in NYC heavily protect tenants, and improper removals can lead to legal trouble.Step 5: Close Permits, Remove Violations & Secure a Letter of Completionโœ…Once the work is done, the final step is closing out permits & obtaining a Letter of Completion.โœ… Final DOB Inspections โ€“ To ensure all corrections meet code.โœ… Clear Violations from City Records โ€“ DOB, HPD, and ECB must officially dismiss violations.โœ… Obtain a Letter of Completion โ€“ This proves the building is fully compliant and legally occupied.๐Ÿ“Œ Why This is Critical:Unresolved violations = major financing & resale issues.
Lexi Blocksom Sell at a loss or rent at a loss
24 February 2025 | 8 replies
You want to know of any & all problems before spending any additional funds on the property!
Jerry Zigounakis First STR Advice
28 January 2025 | 10 replies
Take it one step at a timeโ€”youโ€™ve got this!
Shiloh Lundahl Who here has 50 or more properties?
1 February 2025 | 2 replies
Take those profits and pay off the rentals.
Malachi Gutt investor looking to build a network in Dallas
20 February 2025 | 12 replies
Are you all local to the area or are you still in Ohio?ย