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October 31, 2005
Roofer and Plumber Repair Work on 3-Story
Repair work needed on a 3 story SRO brownstone (over 5 units) listed as commercial property in Crown Heights. The property is circa turn of the century and has never been upgraded with new plumbing or electricity (too many blown fuses in the summer). There is a 2nd mortgage loan taken out on the property by a now deceased family member who I inherited the property from. Am trying to obtain financing for repair work but no one lends for this type of SRO. I was told that I needed to convert the property to a 2 or 3 family to maximize the value but that will require major $$$'s that I do not have available. So am now looking for a good roofer and plumber who won't take too big a bite out of my dwindling finances. Also any info on financing for this type of property would be greatly appreciated as well.
Comments
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Posted by: Anonymous at October 31, 2005 9:37 AM
Have you considered selling?
Seriously, why do think that any improvements you make will increase the value more than their cost to you? If you sell and buy a place with the profit, you will still benefit if prices keep rising, but have a nice place to live instead.
Posted by: OE at October 31, 2005 8:57 PM
I am a contracts specialist. I was able to secure a loan install a new roof at my church in Jackson Heights. I have leads to very reasonable and honest contractor that I have used during the past 20 years. Have you tried getting a loan from HUD? If you need more information you can call me at (516)596-6282.
Regards,
Frank Veloza
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