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November 1, 2007
converting an SRO
I'm thinking about buying a 4 story, 10rm SRO, doing major renovations and converting it to a 2 or 3 family house. Is this a crazy idea? How hard is it to do? How expensive? Any thoughts appreciated....
Thanks!
Jen KG
Comments
It's not crazy unless you are trying to get a standard mortgage I believe. It's my understanding that you need 50% down or some such to buy an SRO because most banks shy away from these. But I have no personal experience with it.
Posted by: CrownGardener at November 1, 2007 3:49 PM
Make sure it has a certificate of no-harassment in place. Otherwise, you can't get permits or do anything with it. See Brownstoner archives regarding problems with cert. of no-harassment.
Posted by: guest at November 1, 2007 3:57 PM
This question gets asked every few weeks. We almost did it. It is crazy hard. You'll need massive liquidity, the aforementioned C of No Harassment, and about a year before you get started.
Posted by: guest at November 1, 2007 9:41 PM
This is not true. If the property has a cert of NH in place and is vacant this adds little upfront time. You can also get a construction loan and this can be had for as little as 10% of total cost.
Posted by: guest at November 6, 2007 5:32 PM
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