Brooklyn 2-3 unit Transformation

[Bobbi Casalino]

Hi. I’d be grateful for some insight on a current purchase. Im planning for 200k Hard costs on a $1.5 pp

Team/Planning/Construction

I want to avoid having to acquire permits as much as possible to transform a 2 fam to a 3 fam. I’m not an architect or a GC so I have a plan but don’t know what’s feasible  

If I dig out the basement, I'd have a nice duplex plus the 2 other apts which could fetch $120k/yr more or less

Financing

I was quoted 5.5% with .75 fee to cash out refi (which I haven’t ever done) an existing property.
   Considering forming syndication.  Any suggestions? 

My priority is to not waste time = no cashflow. I have a pretty good idea of what I want but I need to know if it’s feasible

I’d love to hear your experiences and insight. Thank you very much 😊