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Vacant Building... renovation question

Posted by Ltrain on February 11, 2002 at 15:06:38:

I am purchasing a six family building in Brooklyn that has been vacant for over 2 years. I am doing a complete renovation (new electric, hardwood floors, sheetrock, windows, plumbing, kitchens, bathrooms, etc.) The rents per apartment were approx. $500 a month at time of vacancy. Equivelent apartments in this area are now around $1200 to $1500. Question: How is it determined exactly how much i can legally raise the rent for the newly renovated apts. I was told for every $40,000 i put into an apt. i can raise the rent $1000. Question: Who determines this rent increase and how? Do they come and inspect the building? would i have to show receipts amounting to $40000 per apt.? How would i show these receipts if i did the work myself? Any help in this matter would be appreciated. Thank You.

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