Updated over 4 years ago on . Most recent reply
Condo DeConversion Questions
Hi Everyone,
Here is my unique situation. I own 7 of 8 units in a condo building (AZ). I've acquired the other 7 over the past few years. The lone holdout owner has refused to sell which I've been fine with. I've only broached the subject a couple times with her. She is not pleasant to deal with. She's very irritable with tenants. I have tried the nice guy approach. Ive been very fair with her (haven't raised HOA fees, improved the maintenance of the property, Etc.) I've tried just keeping things very business like the past year. My aim was not to get her to leave, but she's become so hostile I don't want to lose quality tenants that I've worked hard to place into the rental units.
My ultimate goal is to deconvert the condos into (2) 4-plexes for LTR in one & STR in the other (market has been great for both so far). I have cash on hand to buy her out. Has anybody been through the condo deconversion process and could share some tips to motivate a reluctant owner to sell?
I’d prefer to do this with a willing seller. I do have consultations next week with a couple RE attorneys to go over my options legally.
Any insight from fellow investors would be appreciated. Thanks!