How Do You Convert Apts. To A Condo?

Question

i have a 4-plex-whats involved in doing this?

Answer 1

The only differance between an apt and a condo is that you sell the actual unit to someone else. Apartments are rented or leased.

Answer 2

There are really lots to do to convert an apartment unit into a condo.

Why do you want to go through the hassle with the city to getting permits, knocking out walls increasing the size of the condo's to meet certain criteria in order for them to be recognized as condos, and you can sell them as individual units.

Have you figured out the cost of coversion and and what the condos would sell for? After the dust settles would it be a good profit for you and worth it.

A condo has to be a certain number of squar feet in order to meet HUD guidelines for financing.

You have to be the Condo Association until th units are sold and then given to the owners of the condos

You can start by getting a person to draw up the plans for the conversion. While this is going on see if the city will allow the conversion and will alter the zoning if necessary.

If the zoning need to be altered you have to make a presentation to the zoning committee and show why it would be in the citie's best interest to allow your conversion.

Since there is a 4 unit there presently they might not object strenously. Your presentation just might be rubber stamped.

Now once the zoning is complete and your plans are complete, you need to get your plans approved by the planning committee at city hall again.

If the planning committee approves your plan you then need to contact a construction company to put your plans into action.

This will not be a cake walk with the government having to give an approve each major completition. Then there could be rain delays and other things that prevent construction from going as planned.

If there is a mortgage on the property who will pay this while the apartments are being converted unless you are gonna try and get them to subordiate to a new first or until the project is complete.

If development is what you want to get involved in perhaps you should find a vacant lot in the city purchase it and develop a duplex or what ever the zoning will allow.

I hope this has been of some use to you, good luck.

"FIGHT ON"