Advice on buying a Rent Stabilized multifamily in Brooklyn?
Hey guys, I've been looking at this property in Brooklyn. It's 7 units, 4 of them are vacant and 3 of them are occupied but it's rent-stabilized. One of the units is occupied by a senior citizen so I already know there's nothing I can do with that one. Still, I wanted to know if it's even possible to destabilize the other units and are the vacant units automatically destabilized since they're vacant? The building as a whole needs work also so I'm just trying to figure out if there are any restrictions that'll prevent me from doing rehabs on those vacant units while the other ones are still occupied. This will be my first investment property and I know NY is not an investor-friendly state but the cash flow with this deal makes it worth it to take it down. Also, I'm getting into this as a creative finance deal. Any advice.