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Real Estate converting appartments to condos?

Discussion in 'Real Estate Investing' started by thecoach, Sep 12, 2007.

  1. thecoach
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    thecoach Contributor

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    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!
     
  2. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    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.
     
  3. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    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.
     
  4. yveskleinsky
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    yveskleinsky Bronze Contributor Speedway Pass

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    What qualifies a property as good conversion material?
     
  5. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    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.
     
  6. yveskleinsky
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    yveskleinsky Bronze Contributor Speedway Pass

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    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. :)
     
  7. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    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.
     

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