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Tax, SDIRAs & Cost Segregation
HomeForumsTax, SDIRAs & Cost SegregationRisks of buying a two family home with an illegal third unit
Ryan Cleary's profile image
Ryan Cleary's profile image
Ryan Cleary
Pro Member
  • Real Estate Agent
  • from Palm Beach County, FL
  • Member since Feb 7, 2019
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Ryan Cleary's profile image
Ryan Cleary's profile image
Ryan Cleary
Pro Member
  • Real Estate Agent
  • from Palm Beach County, FL
  • Member since Feb 7, 2019
Connect
Ryan Cleary
Pro Member
  • Real Estate Agent
  • Palm Beach County, FL
255
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311
Posts
Tax, SDIRAs & Cost Segregation

Risks of buying a two family home with an illegal third unit

Ryan Cleary
Pro Member
  • Real Estate Agent
  • Palm Beach County, FL
Posted Jan 21 2021, 18:52

As an agent, I am working with a buyer who is showing interest in a particular home that is a legal two family, the basement is set up as an illegal third unit. Being that the property is located in New York, what are some risks/ consequences (and possible rewards) associated with buying such a property? 

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