Any contact to assist in converting a 5 plex to condo units ?

[eddyb1978]

Hello all,

we do own a 5 plex in Barrie and would love to meet with a resource who can assist us in converting it into condo units?

The property lies perpendicular to the main road with its own roadway, it`s 2 x 2 semis + 1 full detached under one title.

Any firm who can assist?

Thanks,
Eddy

 

[RanjitPlaha]

call Mark, he is proficient in this area, and is a REIN member.
I`m working with him now for an industrial project in Guelph.
His contact is below.




416-364-6211ext 214Mark R. McMackin

 

[eddyb1978]

Hi Ranjit,

thanks again bud, you seem like a very diversified investor...

would love to chat with you more...

my group and I have been focusing in buy and holds for over 5 years in Barrie, Newmarket and a small portfolio in Hamilton.
our ambition is to grow in both Hamilton, Barrie and also expand to KCW... more over we are also looking to diversify from the conventional buy and hold .... and engage into rent to own and flip....

Any feedback will be welcome.. would love to chat...

Cheers,
Eddy
416 531 6836
647 218 7925
[email protected]

 

[RanjitPlaha]

Hi, Eddy.
Would love to chat with you at the next REIN meeting, I try not to miss them.
I don`t think of myself as being diversified, just working with stuff that was owned before getting into REIN.
Meeting REIN members has been very beneficial because there are lots of ideas out there that are better than the one I may have been thinking of.
I would love to get into rent-to-owns as well, maybe next year.
Great one!

 

[eddyb1978]

Hey,

Great to hear... sure we`ll definitely need to integrate in the RTO space especially in the booming area in KWC...

I`ll send you emails from my work to get our discussion further. you are right, learning is an intellectual process harnessed in "the sharing of ideas and thoughts" with one another..

Cheers,
Eddy

[email protected]

 

[Eric Peters]

QUOTE (eddyb1978 @ Jul 10 2009, 10:04 PM) Hello all,

we do own a 5 plex in Barrie and would love to meet with a resource who can assist us in converting it into condo units?

The property lies perpendicular to the main road with its own roadway, it`s 2 x 2 semis + 1 full detached under one title.

Any firm who can assist?

Thanks,
Eddy

Why would you saddle anyone with the unworkable costs of a Condo on a 5 unit building. Condo costs will be rediculous. That should be reserved for buildings of at least 17 units, preferably 25+. Buyers doing their homework will stay a long wat aways from a 5 unit condo complex.

 

[eddyb1978]

Hi Erick,
thx for the feedback... we are doing some homework on this option and we will explore the cost to benefit ratio....

cheers,
Eddy

 

[ChrisDavies]

Since nobody has mentioned it, REIN has a condo conversion home study course for Ontario.

 

[eddyb1978]

Thanks Chris, i definitely need to look in that....
Also the contact that Ranjit has provided is very well versed in conversions starting from 5 plexes and above..

We have purchased this ppty 5 years ago and we have done everything to get the maximum highest and best use.. at this point the only thing remaining to look at and see if it`s feasible would the condo conversion study.. If NOT feasible then we might have to refinance to pull all the equity we built and move on to purshase other gems..

Cheers,
Eddy

 

[NorthernAlex]

Thomas mentioned once to me that you can roughly calculate 30k per door for expenses. That might give you a ball park.

Surveys, Security deposit, new roof, individual mortgage aso.

 

[eddyb1978]

It looks like the conversion can be very profitable if the above cost applies! we bought the 5 townhouses under one title for about 105 per door adding the 30K can be bring our cost to about 135 - 140 per door... selling price currently is around 210 per door for something similar! if we manage to sell each door separately..
It looks good on the surface so far!
Cheers,
Eddy