Updated 5 months ago on . Most recent reply
Just bought a brooklyn lot
My spouse and I had a big week. We paid off our first investment property's mortgage in full and we bought our first empty lot in Brooklyn, with an eye to building a new residence. This property will be social for us bc we want it for our personal residence and we want it to be a 4-unit property so that our teenage kids will have affordable housing near us as they grow to independence. So this property is of super personal importance to us. The investment property we just paid off, in Phoenix Arizona, was also a new build... but it was built by Centex for us (and we just chose amenities from a menu before the build process started... we didn't actually have to hire a contractor, architect, etc etc). So this new property in NYC will be a heavy lift for us, especially given all of NYC's oversight on new build projects. Our plan is to hire an architect as a first step, but if you know of books or other resources for us to study as we embark on this journey, please let us know!
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Stephen, thanks for your post, it really resonated with me. I live in Brooklyn with teenage children as well and am thinking a multi family property would make a lot of sense as they become young adults. I have spent the last couple years developing a large single family townhome in Brooklyn for resale and would be happy to pass along any information/resources that might be helpful. Feel free to message me, I can give you a better idea of the expenses involved, in NYC the soft cost can be overwhelming. Either way, best of luck in your journey.
Eric