How SB-423 Accelerates Coastal Development: // Faster Permitting ·For projects with 150 units or fewer: - Eligibility Review deadline: 60 days from submittal - Approval deadline, including Design Review: 90 days from submittal · For projects with more than 150 units: - Eligibility Review deadline: 90 days from submittal - Approval deadline, including Design Review: 180 days from submittal · No public hearings or environmental impact reports for qualifying projects // Smarter Development Rules · Excludes high-risk areas, like those prone to sea-level rise · Ensures projects meet affordability and public investment requirements // More Housing, Less Uncertainty · Projects stay approved if at least 50% of units are affordable and include public investment beyond tax credits · Opens up new opportunities in previously restricted areas · Clearer guidelines help developers plan with confidence

I am looking for recommendations for best financing options.The owner is considering financing it, but until they agree, I am planning as if they will not do so.The local credit union I use, who is very investor friendly, is unable to lend on properties larger than 4 units right now. 

Make friends with investors.

Quote from @Jake Handler: For anyone that has been a buyer or seller of a seller finance property, what method of payment and tracking did you use for buyer to pay seller monthly? 

I'm wondering if a more budget-friendly option, like the RHEEM water softener (42,000 Grain Preferred Plus Water Softener for Hard Water and Iron Reduction) available at Home Depot for around $500, would be sufficient.Has anyone had experience with similar DIY water softeners?

Thanks Eric, yes I have thought about it, but after talking it through with the wife she and I agree that BRRRR is going to be our method to our future success.

You may also want to figure out which channels your family & friends use the most and get on those if you’re not on them currently.

If not, you have to fix it by abatment or LBP hazard control methods.

.✅ Clear Environmental or FDNY Compliance Issues – If a building has fire hazards or hazardous materials, you may need extra approvals before repurposing it.📌 Example:A vacant hotel with open violations could be repositioned as micro-apartments or extended-stay rentals after clearing DOB issues.🚨 Red Flag:❌ Trying to bypass permit requirements – Cutting corners leads to Stop Work Orders and costly fines.Step 4: Secure Financing with the Right Strategy 💰Innovative projects often don’t fit traditional lending models.

.✅ Review ECB (Environmental Control Board) Fines – Some violations carry daily penalties.✅ Look for HPD (Housing Preservation & Development) Violations – If the building has tenant complaints, HPD may have issued orders for repairs.✅ Assess FDNY Fire Code Violations – Missing sprinklers, blocked exits, or outdated fire alarms can delay approvals.📌 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.🚨 Red Flag:❌ Buildings with pending lawsuits – Some compliance issues involve legal disputes with the city or tenants.Step 3: Close the Deal & Start the Legalization Process 🏗️Once you acquire the property, the first priority is to resolve violations and legalize any unapproved work.✅ Hire an Architect – Architectural plans must be submitted to the DOB for any structural changes.✅ Expedite Permit Filings – New permits may be required to bring illegal units, extensions, or renovations up to code.✅ Negotiate Fines & Penalties – Some ECB fines can be reduced or dismissed if corrections are made quickly.✅ Apply for Variances (If Needed) – If the building doesn’t comply with current zoning laws, a zoning variance may be required.📌 Why Speed Matters:Multifamily buildings with violations cannot be refinanced or sold easily until compliance issues are resolved.🚨 Red Flag:❌ Delaying compliance work = higher penalties – NYC charges escalating fines for unresolved violations.Step 4: Renovate & Ensure Full Compliance 🔨Once permits are approved, it’s time to start construction and bring the building up to code.✅ Address Safety Issues First – Fire alarms, sprinklers, and structural stability must meet DOB & FDNY regulations.✅ Schedule DOB Inspections – Plumbing, electrical, and mechanical work require multiple approvals before closing permits.✅ Comply with HPD Housing Regulations – If the building has rent-controlled or rent-stabilized tenants, ensure all renovations follow tenant protection laws.📌 Smart Strategy:Renovating to increase unit count (legally) can boost cash flow while fixing violations.🚨 Red Flag:❌ Unauthorized tenant evictions – 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 Completion✅Once the work is done, the final step is closing out permits & obtaining a Letter of Completion.✅ Final DOB Inspections – To ensure all corrections meet code.✅ Clear Violations from City Records – DOB, HPD, and ECB must officially dismiss violations.✅ Obtain a Letter of Completion – This proves the building is fully compliant and legally occupied.📌 Why This is Critical:Unresolved violations = major financing & resale issues.