The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

converting appartments to condos?

The Entrepreneur's Forum for learning how to build wealth and financial freedom the Fastlane way!

Say "NO" to mediocre living rife with jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence. Join our forum with more than 70,000 entrepreneurs who are making it happen.
Join for FREE Today
Get the books
Remove ads? Join Fastlane INSIDERS
(Registration removes this block)

thecoach

Contributor
Aug 29, 2007
125
24
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 to Fastlane Insiders.

MJ DeMarco

I followed the science; all I found was money.
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
Jul 23, 2007
34,939
137,937
Utah
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
FASTLANE INSIDER
EPIC CONTRIBUTOR
Summit Attendee
Speedway Pass
Jul 24, 2007
4,196
18,786
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
2,217
508
45
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?
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

SteveO

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Summit Attendee
Speedway Pass
Jul 24, 2007
4,196
18,786
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
2,217
508
45
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
FASTLANE INSIDER
EPIC CONTRIBUTOR
Summit Attendee
Speedway Pass
Jul 24, 2007
4,196
18,786
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.
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Must Read Books...

Explore books recommended by MJ DeMarco and other members of the Fastlane entrepreneurial community.
Fastlane Bookstore
Top