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.
Lender · White Bear Township, MN · Member since 2016 · 1k+ posts · 1k+ votes
7y
@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.
Lender · White Bear Township, MN · Member since 2016 · 1k+ posts · 1k+ votes
7y
@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.
@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!