Updated over 11 years ago on .
Converting Apartments in DC into Condo's & FHA questions
I'm a firefighter in DC and looking to have an affordable place in the city that is safe. I'm looking at purchasing a 4 unit building and converting them into condos. The profit i'd make off of the sale I'd like to keep 1 of the 4 for my primary.
My questions:
-If the building is 100% occupied is there a way to have the tenants move due to converting them into condos or does the strict renter laws in DC forbid that?
- In order for it to pass an FHA loan, would teh entire building have to passor only the apartment I'm going to be living in.
- If i were to convert a 4 unit building could I start my own HOA association and charge fees for upgrading the property
-In DC you can only force out a tenant for not paying their rent for several months. If their contract is up you can't just ask them to leave , even a moth to month leaseis for life. The only way to raise rent is once a year and according to Consumer Price Index (CPI). How soon could I raise it if I were the new owner?
Many thanks!