How to convert apartments into condos?

[MarkTorgerson]

Hello
I own 2 12-suite apartment buildings. I have always had the intent to eventually convert each unit into a condo with a separate title. Then renovate and sell separately. I have heard this is a fairly complicated process. Does anyone have experience with this or have any suggestions on how I can get started .

Thanks!!!

 

[DonCampbell]

You are going to love the February Members` Only Toronto REIN Workshop and the March Edmonton and Calgary Alberta workshops, and April`s BC REIN Workshop as they are devoted to this important question... with a special focus on the financials and whether your building would work for condominiumization (stratification) You`ll want to be there to take a lot of notes, as it CAN be quite profitable as a long-term exit strategy, but only if done right in the right city/town.

There will also be optional FULL DAY Workshops on exactly how to do this in each province. Each province is substantially different from the others (rules, regulations, laws, fire-codes, process etc etc etc... it does go on an on). These will be detailed and provide any investor who is SERIOUS about this process.. no fluff, just reality and step-by-step instructions. These will be held March 8th in Toronto and April 19th in Edmonton (BC to be scheduled very soon as well). It is important to attend the one in the province where your property is located not where you live. More details to follow.

 

[MarkTorgerson]

QUOTE (DonCampbell @ Jan 29 2008, 10:08 AM) You are going to love the February Members` Only Toronto REIN Workshop and the March Edmonton and Calgary Alberta workshops, and April`s BC REIN Workshop as they are devoted to this important question... with a special focus on the financials and whether your building would work for condominiumization (stratification) You`ll want to be there to take a lot of notes, as it CAN be quite profitable as a long-term exit strategy, but only if done right in the right city/town.

There will also be optional FULL DAY Workshops on exactly how to do this in each province. Each province is substantially different from the others (rules, regulations, laws, fire-codes, process etc etc etc... it does go on an on). These will be detailed and provide any investor who is SERIOUS about this process.. no fluff, just reality and step-by-step instructions. These will be held March 8th in Toronto and April 19th in Edmonton (BC to be scheduled very soon as well). It is important to attend the one in the province where your property is located not where you live. More details to follow.

Thanks Don. I will definitely be there. Any suggestions for getting my feet wet in the meantime? Asking some questions at city planning etc?
Mark

 

[Eric Peters]

Mark,
I have done several Condo conversions.
Each province has different rules, and you make no mention of your location so I am in the dark as to how to help you fromn that perspective.
As a general rule, I wouldn`t consider converting a building under about 16 units. While it may be profitable to you as the developer, it can create a very expensive situation for the new owners - having to bear the costs of carrying a Condo Corp on the backs of not enough people.

Financing during a conversion espeacially if you are donig any reno work is a totally different beast than conventional borrowing as well. You are now into construction/development borrowing which has a very different set of criteria.

Looking forward to the upcoming sessions on this topic.

If I can help, just let me know.

Eric Peters
InvestAlberta.com

 

[MarkTorgerson]

QUOTE (EricPeters @ Jan 29 2008, 06:14 PM) Mark,
I have done several Condo conversions.
Each province has different rules, and you make no mention of your location so I am in the dark as to how to help you fromn that perspective.
As a general rule, I wouldn`t consider converting a building under about 16 units. While it may be profitable to you as the developer, it can create a very expensive situation for the new owners - having to bear the costs of carrying a Condo Corp on the backs of not enough people.

Financing during a conversion espeacially if you are donig any reno work is a totally different beast than conventional borrowing as well. You are now into construction/development borrowing which has a very different set of criteria.

Looking forward to the upcoming sessions on this topic.

If I can help, just let me know.

Eric Peters
InvestAlberta.com

The main building I have in mind at this point is in Alberta. It is a 12 suite apartment. Eleven of the suites are 2 bedroom and 935 square feet each. I was thinking of doing a full reno on one unit as a show suite and then using that to pre-sell the other units before the renovations take place. At this point this is all in theory as I am not sure of the rules and regulations. I am also looking forward to the upcoming sessions on this topic.