All Forum Posts by: Melissa Mendoza

@Hadar Orkibi Thanks for getting back to me! This would actually be my first project! The contractor I spoke to stated his company has worked on several developments of this size. The plan was to get the property under contract then going in with the contractor physically to get a better estimate. I am not qualified to make any type of foundation assessment but from what I’ve researched and seen in other properties, the structure seems pretty sound. I worked as a rental agent in the area and I know that finding quality renters is no issue. 1-bed apts are in high demand. The contractor asked if there would be a need for electrical/plumbing work and I said yes so he included this in the estimate. I haven’t factored in city permit costs. I would be living in one unit, so renting out the other 3 plus parking and storage would come to about $90,600 gross annual income. Property taxes are $5500/year. I haven’t calculated other expenses past that. I am planning to use a private lender to fund the project in cash. BRRR method basically. Let me know what other information you need!

I found what I think is a GREAT deal in Queens, NY. It is an old, abandoned synagogue with a 4-car garage, small backyard, and rooftop deck. It is about 4500 sq ft. There are also 2/3 balconies attached to each floor/unit. The finished basement and 1st floor are open spaces right now with the potential to create 1-bedroom units. The third floor is 3-bed/2 full baths and the fourth floor is 2 bed/2 full bath. This area has a high demand for rentals. The 2-bed would be able to rent for about $2800 and the 1-beds can rent for $1800-$2000. Parking spaces are in high demand and can be rented for $250/month. Property needs a ton of work and also lacks a certificate of occupancy. I spoke to a contractor who estimates reno at 100-120K per unit. Asking price is 1.3mill which is way overpriced. Property is unlivable in its current state. There are 2-family homes on the same block on the market for 1.1-1.3 mill. There are single family homes, 5bed/3baths in the area that sold for 1.65mill in December. Seller is motivated! I’m thinking of offering 800K. Plus the 480K for rehab, I’m looking at spending about 1.3mill total on the property, with the ARV at approximately 1.7mill. What do you think? Is this a good deal? Thank you for your time! Melissa