
3 March 2025 | 6 replies
Also, download and save all your bank statements showing funds they sent.

28 January 2025 | 16 replies
This one has been walking all over you.

3 March 2025 | 8 replies
Wishing you all the best on your journey, and happy to connect anytime.

30 January 2025 | 45 replies
Everyone; what's your take on the 10yr cycle and where we are?ย

26 January 2025 | 2 replies
Hopefully, you've followed all of this so far.

4 March 2025 | 0 replies
Always consult an architect or expediter before making an offer.Step 2: Conduct a Full Violation & Permit Search ๐Before buying, research all open violations & permit issues.โ
Check DOB NOW & BIS Systems โ Look up the propertyโs compliance history.โ
Review ECB (Environmental Control Board) Fines โ Some violations carry daily penalties.โ
Look for HPD (Housing Preservation & Development) Violations โ If the building has tenant complaints, HPD may have issued orders for repairs.โ
Assess FDNY Fire Code Violations โ Missing sprinklers, blocked exits, or outdated fire alarms can delay approvals.๐ How to Speed Up the Process:Working with a permit expediter can help clear violations faster, making it easier to close deals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.๐จ Red Flag:โ 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 ๐๏ธOnce you acquire the property, the first priority is to resolve violations and legalize any unapproved work.โ
Hire an Architect โ Architectural plans must be submitted to the DOB for any structural changes.โ
Expedite Permit Filings โ New permits may be required to bring illegal units, extensions, or renovations up to code.โ
Negotiate Fines & Penalties โ Some ECB fines can be reduced or dismissed if corrections are made quickly.โ
Apply for Variances (If Needed) โ If the building doesnโt comply with current zoning laws, a zoning variance may be required.๐ Why Speed Matters:Multifamily buildings with violations cannot be refinanced or sold easily until compliance issues are resolved.๐จ Red Flag:โ Delaying compliance work = higher penalties โ NYC charges escalating fines for unresolved violations.Step 4: Renovate & Ensure Full Compliance ๐จOnce permits are approved, itโs time to start construction and bring the building up to code.โ
Address Safety Issues First โ Fire alarms, sprinklers, and structural stability must meet DOB & FDNY regulations.โ
Schedule DOB Inspections โ Plumbing, electrical, and mechanical work require multiple approvals before closing permits.โ
Comply with HPD Housing Regulations โ If the building has rent-controlled or rent-stabilized tenants, ensure all renovations follow tenant protection laws.๐ Smart Strategy:Renovating to increase unit count (legally) can boost cash flow while fixing violations.๐จ Red Flag:โ 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 Completionโ
Once the work is done, the final step is closing out permits & obtaining a Letter of Completion.โ
Final DOB Inspections โ To ensure all corrections meet code.โ
Clear Violations from City Records โ DOB, HPD, and ECB must officially dismiss violations.โ
Obtain a Letter of Completion โ This proves the building is fully compliant and legally occupied.๐ Why This is Critical:Unresolved violations = major financing & resale issues.

24 February 2025 | 8 replies
You want to know of any & all problems before spending any additional funds on the property!

28 January 2025 | 10 replies
Take it one step at a timeโyouโve got this!

1 February 2025 | 2 replies
Take those profits and pay off the rentals.

20 February 2025 | 12 replies
Are you all local to the area or are you still in Ohio?ย