Hi all. I am thinking about buying a multi family(duplex) house possibly in Queens to rent out as an investment property.
Since I am new at this I wanted to see if anyone has experience with multi family houses in New York City. Are there certain things I should look out for in a multi family ? What Do I need to make sure it has from a legal standpoint? I.e. does it have the appropriate permits or is deemed a legal two family?
Additionally I have started to look at neighborhoods like Jamaica, Laurelton, Rosedale and Hollis. Are there other neighborhoods in Queens that I should look at? I am thinking my budget will be around 750 K.
Thanks all in advance.
You can look at the assessors database and research any property in the area. It should tell you if a property is legally classified as a 2 family and how many bedrooms. When you do your title search in the closing process it should bring up any permits or legal issues.
As an investor and agent in south east queens, you want to confirm the building is in fact a legal 2 or 3 family. You can check the NYC ran website oasisnyc.net. If your buying for rental purposes make sure to get one with at least 3 bedrooms over 3 bedrooms. You'll get at least $2300 per unit in good condition. Make sure all utilities are split, if not, seperating expenses will cause issues with most tenants. Also be sure to find something close to transportation. We may have a short sale that may work for you. Feel free to connect.
Look at the "nyc dob bis" website. The website will show the history of the property, status, open/closed violations, zoning, etc..
If you are driving around you can also look at the electric meter(s) to make a quick assessment if the property is multifamily or not.
Thanks all for the insight. Very helpful.