Can't quite afford to buy an apartment ? Partners wanted for townhouse project.

My wife and I (an urban planner and lawyer (formerly of Borough Pres Markowitz office) are looking for partners interested in buying a lot or a townhouse to renovate or construct a 3 or 4 unit building. I have a number of properties of interest, and many of these involve pursuing a rezoning or variance. I have some skills and a dream, but don’t quite have the cash or all the expertise necessary to get a project like this off the ground. Hopefully you can contribute some professional skills and be someone we would want to build a home with! If we can find 3 parties splitting the costs and work is possible to save 20-40% on the costs of owning your own apartment!

Get in touch and let me know! (juddms@gmail.com) or post here!

Judd

briannarobinson22

in General Discussion 9 years and 9 months ago

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cmu | 9 years and 9 months ago

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ejalbk: What part of ‘matches requirements’ is unclear? 1031 is not available on your OWN property but on whole or part of property being used as business income (aka rental)

nyc_sport | 9 years and 9 months ago

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Ownership by tenancy in common has an awful lot of baggage with it if it is not in a family situation, which is usually where one sees that in NY. While I have not considered this issue since the bar exam a few decades ago, because each tenant’s ownership is not realty (as in a condo) or individual personal property (as in a coop share), a creditor (or beneficiary) of one tenant may be able to force a sale of the entire property to monetize the tenant’s interest. Coops were long disfavored as a means of real property division and ownership outside of NY — this more likely explains the use of other tenancies, which are by no means superior unless you are estate planning.

Also, 1031 exchange by definition applies to investment property and does not apply to a primary residence.

ejalbk | 9 years and 9 months ago

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> @cmu
> Wrong on 1031. You can do it on any property which matches the requirements

If that were true, nobody would ever have to pay gains taxes on the sale of their primary residence. Everyone would just do 1031s into another primary residence. I believe you are mistaken.

cmu | 9 years and 9 months ago

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cate, I don’t know either. I normally post what you did about SF (I used to live there) where Tenants-in-Common are commonly advertised in real-estate & treated just like condos. Maybe people are more trusting there, I tried it here 7 years ago & got mostly very wary people mouthing the word ‘lawyer’ before even exploring the options. And the other posters on this thread reinforce this overly cautious approach.

cmu | 9 years and 9 months ago

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Wrong on 1031. You can do it on any property which matches the requirements

ejalbk | 9 years and 9 months ago

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> @EJR
> Not on a residential building in which you reside. I believe this is permissible on a residential investment property.
True but my impression is the OP wants to live there.

adam_dahill | 9 years and 9 months ago

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Cate- It’s not an issue to get mortgages on condos with less than 4 units. I’ve done a lot of 2 and 3 unit condos over the past few years. Same rates as you would get on 4 or more buildings.

EJR | 9 years and 9 months ago

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> @ejalbk
> Not on a residential building.

Not on a residential building in which you reside. I believe this is permissible on a residential investment property.

slopefarm | 9 years and 9 months ago

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As others have mentioned , lots of ways to have this end badly if you and co-owner/developer have different incentives. I would sit down with a relatively sophisticated RE attorney to look at (1) different ways of structuring this, what works, what doesn’t, etc, (2) how to handle investment/return amongst partners with different resources and end goals, and (3) how you go about finding trustworthy people to do this with.

There are too many considerations, much of which requires some professional (legal, financial etc) thought. Good advice on this thread but get good professional advice if you are serious about pursuing this.

ejalbk | 9 years and 9 months ago

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Not on a residential building.

rh | 9 years and 9 months ago

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Would a 1031 exchange not be an option if you’re buying up?

cate | 9 years and 9 months ago

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Re San Francisco, regulations there make it nearly impossible to convert small buildings to condos. Also, lending rules in NYC make it difficult to get a mortgage on co-ops and condos in buildings with fewer than four units. Why TIC isn’t more common here I don’t know.

daveinbedstuy | 9 years and 9 months ago

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> @EJR
> The profit is only tax-free if you reside in the property for at least 2 years. Any less than that and you are hit with hefty capital gains taxes.

And only tax free up to $250k for a single person and $500k for a couple. Then capital gains rates kick in where you pay a lower tax rate than your secretary.

resident2 | 9 years and 9 months ago

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I said live in it for a year or SO… realistically by the time you fix, move in…. refinance to get the equity out to be ready for your next move, look for your next purchase, close on it… sell you first it will be two years from your first closing….

EJR | 9 years and 9 months ago

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> @resident2
> Buy a fixer upper co-op, in a year or so sell it, the profit is tax free giving you a bigger down payment for your next move, do it again…

The profit is only tax-free if you reside in the property for at least 2 years. Any less than that and you are hit with hefty capital gains taxes.

chemosphere | 9 years and 9 months ago

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I agree with resident2. But I would add an option: buy an entire house in East Flatbush for the price of a co-op elsewhere.

resident2 | 9 years and 9 months ago

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I have seen life long friendships destroyed in this manner, buying Real Estate in New York with partners is difficult enough, buying a home with someone you would never consider marrying is a nightmare waiting to happen. And getting out of it is worse than getting out of a bad marriage.
It takes 3 moves to buy your dream house, why do you think you first purchase should be more than you can afford now?
Buy a fixer upper co-op, in a year or so sell it, the profit is tax free giving you a bigger down payment for your next move, do it again… by your 3rd purchase you should be able to settle in.. Moving is much easier than fighting with partners.

EJR | 9 years and 9 months ago

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> @chemosphere
> The easiest way to do this is find one person who has the $1.2m up front, does the purchase and the renovation, and then turns the house into condos and sells you one.

I’m interested to know more about this, since the math doesn’t seem to work for the apartment hunter with $600,000 to spend. If someone else buys the house for $1.2 million and then turn it into condos, between the renovation and legal fees, my guess is they’re looking at an all-in cost of $2 million. Assuming they turned the 3,000 sq foot building into 2 units, each unit would need to sell for well over $1 million for the investor to make any money. Another issue I see here is whether or not a bank will lend on a 2 unit condo building. I would assume most people looking for an arrangement like this are not all cash buyers…

chemosphere | 9 years and 9 months ago

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We looked into this when we were looking for a house. In some ways it makes sense. For example, say 3000 sq ft townhouses in Crown Heights are going for $1.2m, but you only can afford $600k, and you only need 1500 sq ft. You’d rather have a basement and yard-type set-up, and that money doesn’t get you this in fancier neighborhoods. There are not enough condo or co-ops like this in outer neighborhoods yet.
The easiest way to do this is find one person who has the $1.2m up front, does the purchase and the renovation, and then turns the house into condos and sells you one. I know someone who did this with a 4 unit building in Prospect heights. It was a pain, but they pulled it off.
As for us, we just ended up finding a cheaper neighborhood: Flatbush.