Jump Start with an Apartment Building?

[eddyb1978]

Thomas, it`s always great to hear your wise words.
I`m coming down with my business partner to further optimize and refine our knowledge. We have started few years ago with duplexes, triplexes and 5-plexes. Now we are ready to transition to where the big boys are :- ))

A side question, you made a notion about checking out the possibility of turning large plexes into potential condo units.... we do have a 5 townhouses in a row perpendicular to the main road under one title in Barrie and i would love to know where and what to look for specifically about the possibility of turning each one of them into a free hold condo and sell them separately! i don`t know very much about this subject and would like some guidance if possible to see if the cost/benefit ratio makes any sense.

Cheers,
Eddy

 

[Thomas Beyer]

QUOTE (eddyb1978 @ Jul 9 2010, 06:13 PM) Thomas, it`s always great to hear your wise words.
I`m coming down with my business partner to further optimize and refine our knowledge. We have started few years ago with duplexes, triplexes and 5-plexes. Now we are ready to transition to where the big boys are :- ))

A side question, you made a notion about checking out the possibility of turning large plexes into potential condo units.... we do have a 5 townhouses in a row perpendicular to the main road under one title in Barrie and i would love to know where and what to look for specifically about the possibility of turning each one of them into a free hold condo and sell them separately! i don`t know very much about this subject and would like some guidance if possible to see if the cost/benefit ratio makes any sense.

Cheers,
Eddy

Condo Conversion steps:

Step 1: ask the municipality of they allow it .. most do NOT !

Step 2: do a market analysis

Step 3: get a surveyor to draw up a condo plan

Step 4: get this plan approved by city .. surveyor will do that for you (assuming step 1 is clear)

Step 5: get a mortgage that allows partial discharge, or replace big mortgage with many small ones (VERY HARD THESE DAYS BTW)

Step 6: get a reserve fund study done

Step 7: open strata corporation !

Step 8: find a realtor capable for selling condos .. easy for 1 or 2 .. very hard for 5+ or bulk sales !

Step 9: prepare disclosure documents

Step 10: start selling condos .. any real estate lawyer can do the legal portion.

 

[eddyb1978]

Thank you Thomas.

Eddy

 

[Berubeland]

I`m not at all against apartment buildings in fact I`m finding that in Toronto the properties over $1,000,000 start being saner as far as price/rent ratio goes.

As an apartment building owner you must absolutely be on the ball about quickly and aggressively dealing with any pest issues. Bedbugs are just the latest iteration of the problem. They are worse than cockroaches and we all know how effective buildings have been at eliminating them.

 

[jcab256]

Hey Nik

I was curious if you ever went for this or not? I too have been wanting to get into apartments, but have yet to take that step