Yes these places are hot now, but in t n5 years your best ROI will come from places like Eastern Crown Heights, Ocean-Hill, East New York, Cypress Hills, East Flatbush, Ditmas Park, Gowanus, and Kensington .... more
Right now Bushwick is very hot location! It is mostly good renovated, and much safer than 20 years ago. So visit this area, check the subway lines, parks around and try to fill if you like to live in this neighborhood. I think you will pretty much love it. Good luck!... more
Call me at 917-586-6795 check my bio at www.brooklynrealproperty.com and watch me in action at http://www.youtube.com/watch?v=ZaZywVn-HYk&feature=em-share_video_in_list_user&list=UULetIz1qPu6wImtzOTVwdMg... more
HI Siskinator, as my colleagues have stated buildings constructed prior to 1938 do not require a Certificate of Occupancy. The current use of the building ( in title report) how it's taxed, appraised and presented in the sales contract are all important facts that we would need to know before further comment. The mere fact that it doesn't have a C of O is not sufficient information to determine how this impacts you as a current or prospective owner.
For more information, I can be contacted directly at 917.699.0183 or email@example.com.
Please hit best answer or thumbs up if my reply was helpful. All the best.
Senior Mortgage Banker
The Federal Savings Bank
Direct Lender. All 50 States... more
203k is a very good program however, getting it is not the easiest process. You have to team up with a great lender who is knowledgeable about it. A good team on your side shortens the closing time by weeks.
CFS Mortgage - http://www.cfs203k.com... more
Forget about if it is legal, it is more question or would you want to? What if there is a fire or something? It is rare that you have any rooms in a house that do not have windows anyway, unless it is some kind of make shift room in a basement or somewhere, is it a dungeon or something? Maybe you can have the kid sleep in another room that does have a window.
Aside from that, if you really need to know, speak to a lawyer. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales/ e-Pro Realtor
Fillmore Real Estate
Office: (718) 252-2000/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com... more
If the building comes with tenants:
Make sure that the tenants are occupying the building as per the certificate of occupancy.
One to five family buildings are not typically rent stabilized, unless there is a tax abatement, in which case they may be.
Six and more families, typically are rent stabilized, depending on the rent range and history of the building.
Rent controlled tenants can exist in any older building and beware they are not all old people, rent control status can be inherited. So always ask how long the tenant has lived in the apartment and how did they come to be tenants.
The above are the basics, but make sure that you use a Real Estate lawyer that does regularly practice townhouse sales, rather than a co-op/condo Real Estate lawyer.
Going forward as to who and how you rent any vacancies; again make sure the certificate of occupancy is for the way the building is actually used; it is OK to rent out a combined unit ie: the lower two floors on the C of O reads as two floor throughs, but it is now used as a duplex is OK, but the reverse is absolutely a NO,NO!
A rent stabilized apartment needs to be rented or de-stabilized as per the rules governing such. (DHCR)
Please feel free to call if you need more help. I have over 30 years experience of managing and owning such buildings.
Kathryn Lilly, Broker
Realty on the Greene, LLC
Your situation is quite common and one that I have faced many times in the past as a former Real Estate Appraiser. If your area is not zoned for a basement apt and I believe it may not be. you will definitely run into major woes such as;
a. IRS - Failure to report rental income from this (illegal?)unit. Tax Evasion
b. You may also be ordered to reimburse the renter for all the rent money you have collected if this unit is deemed to be an illegal one.
I suggest you retain the services of an experienced Real Estate attorney that has handled this in the past. In either case, this is going to be a protracted process.
Good Luck to you.
Licensed Commercial & Residential Sales Agent
Metropolitan Residential Partners, LLC
139 E 61st, Suite 2W
New York, NY 10065
Proud Members of REBNY
Bushwick has changed dramatically in my opinion there are pockets in this area that are becoming safer and more and more people are moving here because of gentrification and being so close to the city Its like a mini SOHO you will see more positive changes to come
my name is Karen Woelki and if you need a broker I am with the Corcoran Group, A REBNY member ( the real estate board of NY) and I live in Bushwick on Hart and Wyckoff at the L train Dekalb stop.
Its a great area and I think we could find you something lovely.
Our team by being your agent will have all the people you might need mortgage brokers lawyers inspectors will help you rent your apt if you have one in the house you are buying to be occupied the day after closing and we also have a team of reliable well priced plumbers floor guys electricans and roofers
212.941.2546 or cell 646.831.6575 firstname.lastname@example.org
we will also help you not waste time looking at houses advertised that dont really exsist as you can see the posts of people it happens to with non REBNY agents... more