We’re looking at buying a building comprised of 4 condos. All are rented out and the association is already dissolved. Looking for an excellent real estate/land use attorney in Minnesota who can help us quickly convert this property to a 4-plex.
I've heard Ohly law in Rochester is pretty good with Real estate from different investors.
@Whitney Simon Why not keep it as the condos in rent it out that way? If you do when you go to sell it you can sell each individual unit in you’ll make more than if you turned into a four Plex it’s always one building this sounds like a great opportunity to buy it as a building from an owner but selling his condo is later. The fact that they are condos now will not affect the rent ability of each unit. I think your biggest downside is probably taxes but I can’t guarantee there’s a difference in taxes I just assume there probably is with condos versus one building.
Whitney, give Tim Netzell a call. He's in the Twin Cities and very good.
@Tim Swierczek - totally agree that keeping these in condo "format" would be ideal. However, buying in this way without having an association established creates a few lending issues...They can be overcome, but have more hassle and $ attached to them. Long-term, it could be worth it. Will definitely continue to evaluate both scenarios!
@Whitney Simon if that’s the problem please message me I have some ideas and might be able to help