My husband and I recently inherited a building in Queens, NY with what any real estate agent would say is “a lot of potential.” For us that meant it would need a good deal of work starting with finding someone to do flat roof repair in Queens. I was a bit too scared to go up there myself, but my husband and the building inspector noted several issues up there, made more evident by the water damage throughout the exterior walls of the building.
While my husband and I were pretty handy and had installed a shingled roof ourselves in the past, a flat roof was beyond our capabilities and we needed the job done right so we could work on renovating the interiors of the three apartments we hoped we would be able to rent out in the not-too-distant future. Each had suffered varying degrees of damage thanks to the leaking roof and it simply wouldn’t pay to do anything until the roof was repaired.
Once the roof gets done and we have replaced sagging ceilings and water soaked walls, we have big dreams and a rather small budget, but hope to install all new appliances in the kitchens, new countertops, give each apartment their own washer and dryer and update all of the windows. The floors could also stand to be refinished and thankfully, we will have the assistance of my brother, who happens to be in the flooring business, to help us out. Nothing like free family labor to help save on costs, though he could bankrupt us if we have to provide beer for his efforts.
We have already received offers from several people wanting to purchase the building outright, but are looking at the building as a way to generate a little income for many years to come.