Updated almost 2 years ago on . Most recent reply
Converting one family to two family
Hello all,
Im looking into getting my first property within Queens/long island. I’ve found for my current situation and target market that two family homes are quite expensive. I’ve find it difficult to come across properties that cash flow well or even meet 1% rule. I’m looking into single family homes that meet ease of transition to two family for increase rental income. I’ve been informed that I should speak to an expeditor or architect to find the likelyhood of the properties I’m interested in being able to be converted.
Does any one find cons to this strategy?
P.S- Any local expeditors please reach to me.
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- Architect
- Westchester County, NY
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Hello @Giancarlo Sarmiento, I work throughout NYC and deal with these type of conversions regularly. As far as the real estate investing, yes Queens can be pricey, as most of NYC doesn't meet the 1% rule.
In your circumstances, you will need to talk to an architect. (An expediter typically files and coordinates with the Building Department to obtain construction permits.) An architect would review the prospective property against the zoning and building requirements to determine if it can be changed from single family to 2-family.
One largest con is based on the financials. You will have to determine if the numbers work with the purchase price, the cost to complete the renovations, including holding cost until it's ready to be rented and cashflow starts coming in. Hope that helps.
If you'd like to talk more about these services, send me a message.
Jared W. Smith, RA
Principal Architect - Architect Owl
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