The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

REAL ESTATE converting appartments to condos?

Remove ads while supporting the Unscripted philosophy...become an INSIDER.

thecoach

Contributor
Aug 29, 2007
125
24
23
Regina, SK, Canada
I've noticed in the area I'm living in, there are a ton of appartments being 'shut down' and people gettng kicked out so they can be converted to condos. Any idea why this is a good idea? Are these just people looking to make the most they can while selling off their real estate? I've never rented or owned a condo, so I don't really know alot about condo fees compaired to rent.

I'm looking to get into real estate investing soon, but there won't be any appartments to buy soon!
 

Don't like ads? Remove them while supporting the forum. Subscribe.

MJ DeMarco

Administrator
Staff member
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Jul 23, 2007
30,505
111,246
3,751
Fountain Hills, AZ
The condo-converters in my area are getting killed. They tried, now they are reverting them back to apartments. Can't speak for your area -- the idea seems a little bit "last year" to me since it coincided with the housing boom and the cheap money that came with it.
 

SteveO

Legendary Contributor
EPIC CONTRIBUTOR
FASTLANE INSIDER
Summit Attendee
Speedway Pass
Jul 24, 2007
3,852
16,420
3,254
Agreed,

The ones that got the best candidates for conversion early in the process are the ones that did well. i have bought properties that may be conversion material for the future so I can sell at an inflated price.
 

yveskleinsky

Silver Contributor
Speedway Pass
Jul 26, 2007
2,233
505
192
43
Agreed,

The ones that got the best candidates for conversion early in the process are the ones that did well. i have bought properties that may be conversion material for the future so I can sell at an inflated price.
What qualifies a property as good conversion material?
 

SteveO

Legendary Contributor
EPIC CONTRIBUTOR
FASTLANE INSIDER
Summit Attendee
Speedway Pass
Jul 24, 2007
3,852
16,420
3,254
That is fairly subjective but:

Good location
Large units
Newer is better but not a must
Land values high

The criteria changes as desirability changes.
 

yveskleinsky

Silver Contributor
Speedway Pass
Jul 26, 2007
2,233
505
192
43
Do you need space for each one to have a yard? More than one parking space? ...I would assume that you would need for them to be individually metered. Interesting thoughts. :)
 

SteveO

Legendary Contributor
EPIC CONTRIBUTOR
FASTLANE INSIDER
Summit Attendee
Speedway Pass
Jul 24, 2007
3,852
16,420
3,254
Most apartments have parking ratios that were defined and required by the cities.

Patios are obviously a plus but not a requirement.

I do know a well located condo complex that is master metered but, individual is a plus.
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.

Sponsored Offers

  • Sticky
MARKETPLACE You Are One Call Away From Living Your Dream Life - LightHouse’s Accountability Program ⚡
Here to revive this thread and to convince anyone who is hesitant to sign up. The short version...
  • Sticky
MARKETPLACE Fox's Web Design Guide: Earn $100K this year (Yes, 2020!) and Go Fastlane
How do I sell to a different country with an accent? And a foreign number. Cold e-mails don't...
  • Sticky
MARKETPLACE Kill Bigger Incubator
Hey @Cruiser I just shot you a reply! Amazing product BTW!
  • Sticky
MARKETPLACE Lex DeVille's - Advanced Freelance Udemy Courses!
Well, we made it halfway through the year. Don't know what the rest'll bring, but it's gonna be...
  • Sticky
FEATURED! Introducing... WEALTH EXPO$ED, A Short Story By MJ DeMarco
Not really a teaser but it does employ a fictional story, so that is similiar. This upcoming...



Forum Sponsor

sponsor

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Monthly conference calls with doers
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom