Just a note to owners of multiple dwellings (that is 3 or more apartments). My firm now handles the conversion of existing buildings into condominium ownership. We have succesfully converted numerous buildings, both new construction and renovated buildings to condominium ownership.
Conversion to condominium ownership would allow you, the owner, to sell off individual apartments in the building you own. Just a caveat, once the conversion takes place and is effective, you no longer own the building but only the apartments in the building. The process is complicated, takes time and involves the owner hiring not just a lawyer, but an architect, engineer and a few other professionals but can be very rewarding and profitable.
You do not have to be a developer to sell condominiums and there are various benefits to this undertaking. For example, an owner of a four family building can convert the building to a condominium and sell 3 units. With the proceeds of the sale, any existing mortgage on the property will be paid and the owner can keep the 4th apartment for him/herself with no debt (and maybe/hopefully a profit).
Feel free to call or email with any questions regarding this process.
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1 comment:
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