All Forum Posts by: Michael Upshur

Sounds very similar to what I am looking into.  Are you making the rooms into studios with bath and kitchenette or some other configruation?

Hello,

Wanted to find out if anyone has had experience with a full git renovation of a Brownstone in Brooklyn.

Would love to know costs, level of renovation and any challenges that you may have faced.

All the best,

Michael 

Hello Shmuel,

The Certificate of Occupancy states that the building mixed use.  There is one apartment on main level with a lease in place, the other six are month to month SRO.

I doubt if the rent-stabilized tenant will be too cooperative, so am looking for my options.

Thank you in advance for all of your help with this.

All the best,

Michael

I have a property in Brooklyn that is currently listed as a mixed used with one apartment and multiple Single Room Occupancies.

1) How would I go about converting this to a regular studio rental? 

2) Do I have to wait for the current tenants to move out or and I reclaim the property for owner

occupancy, do rehab and then place new tenants in?  

3) Does anyone have any lawyer recommendations in this type of issue 

Let me know.

All the best,

Michael 

@Joshua Barral - Welcome! I am a former New Yawker myself.

as anyone one here will tell you the key to starting out in real estate investing is eighty percent study and twenty percent doing.  Yes, you will spend some money in books, seminars, etc. but that will be the cheap part.  

Make sure you get out and do. Cruise potential property areas and go to REI meetups.

As Charles Dobbins says " If you are not making offers, then this is just an expansive hobby"

All the best,

Michael

@Ceasar Rosas Thank you for the reply.  I will let you know how it turns out.

All the best,

Michael

I have a property in Brooklyn that is currently listed as a mixed used with one apartment and multiple Singel Room Occupancies. 

How would I go about converting this to a regular studio rental?  Do I have to wait for the current tenants to move out or and I reclaim the property for owner occupancy, do rehab and then place new tenats in?

Let me know.

All the best,

Michael 

Please try this link :http://gothamist.com/2016/06/02/de-landlording_nyc.php

http://gothamist.com/2016/06/02/de-landlording_nyc.php

Saw this interesting article linked below about ways to move tenants out of rent stabilized properties.

http://gothamist.com/2016/06/02/de-landlording_nyc...

Any thoughts or comments on this?

@Sunny P. As you look for Condos to invest in realize that most are on the market because the seller knows of a major renovation coming up that will spike the HOA fees.

Even if this spike is temporary it can do huge damage to your cashflow.