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Multi-Family and Apartment Investing

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Raza Rizvi
  • Rental Property Investor
  • New York, NY
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86
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Purchasing a multi-family but completely confused

Raza Rizvi
  • Rental Property Investor
  • New York, NY
Posted Mar 24 2017, 18:36
Hello fellow investors, I have found a property in the Bronx that was advertised as a 3-family but the seller is claiming that it is zoned as a 2-family. In addition when I checked the town records it is showing as a single family home. Here is the reason for my confusion: 1. It has 3 electric meters (one for each floor) 2. It only has one boiler & one water heater All 3 apartments have full windows and lowest apt has 2 exits and is at garden level. There is a basement in addition to the 3 floors The house is priced like a 2 family but completely set up as 3. I will get my attorney to run the title report to see if it is actually a 2 family. Here are my questions: 1. Is it really hard to convert a 2 family to 3 in the Bronx? Anyone has any experience where I should start? 2. If it is zoned only as a single family, I feel I should walk away. Besides checking the county website & title, does anyone have any idea where to check if it is one or 2 family? The property has no Certificate of occupancy since it was built in 1901 but was just gutted out completely & set up as a 3 family. Obviously without proper permits. Any help would be appreciated. Should I pursue this or walk away?? Thanks!!

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