Condo Conversion Rent to Own

[MonteDobson]

I was unable to attend the recent condo-conversion workshop in Edmonton but would like to run an idea past other multi-family investors.

I`d like to incorporate a Rent/Lease to Own program into our latest condo conversion project, to offer our tenants an opportunity to continue renting, while providing an opportunity for ownership down the road once the city approvals etc are in place.

In this way we are following city guidelines of reducing tenant hardship, therefore making it easier for the approvals to go thru city council, and offering our tenants an opportunity for home ownership...a true win-win.

Any thoughts???

 

[Thomas Beyer]

QUOTE (C2Ventures @ May 8 2008, 05:37 PM) I was unable to attend the recent condo-conversion workshop in Edmonton but would like to run an idea past other multi-family investors.

I`d like to incorporate a Rent/Lease to Own program into our latest condo conversion project, to offer our tenants an opportunity to continue renting, while providing an opportunity for ownership down the road once the city approvals etc are in place.

In this way we are following city guidelines of reducing tenant hardship, therefore making it easier for the approvals to go thru city council, and offering our tenants an opportunity for home ownership...a true win-win.

Any thoughts???

a good idea .. MUCH work though ..

do or did you
a) have condo titles ?
b) have a partially dischargeble mortgage ?
c) have a reserve fund study ?
d) have individual appraisals ?
e) have condo corporation by-laws ?
f) have a mortgage scenario set-up for investors / owners / current tenants ?
g) have a management firm in place that can manage the condo board and teh rental pool ?
h) have large cash reserves ?
i) talked to some tenants AND checked their credit / cash situation ?
j) do a budget showing how many units you have to sell just to break even ?
k) have 500+ hours (for free) at hand to get all this done in a few months ?