Condo to Apartment Conversion
We have been looking into the purchase of a 24-unit apartment building in Arizona that fits our location and buying criteria, however as we dug deeper with the seller we discovered that a few years back they had converted the building to condos and never got around to selling them off. So instead of purchasing one apartment building we will have to see if we can find a bank that will offer a loan on all 24 units.
Honestly, I don't know what to make of this. Has anyone here run into something similar? Is a purchase like this much more complicated than a standard apartment building? Would it be wise to try and convert the property back to an apartment building? If so, is that a difficult process?
Any thoughts or advise are appreciated!
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I've only done 18 units. I bought everyone out. Runs as an apartment now. One owner. You will need to check AZ statutes for termination of condominium, but I've now done it both ways and different markets have different valuations in each conversion, depending on your cycle (buyer's market vs. seller's market,) etc.