forming hoa

3 Replies

I have a four-plex that I would like to turn into four condos. I am in small market where apartment market is overbuilt, but housing market is stable, and good demand for small condos. I realize this will cost some legal fees and seeding the HOA account. I have a lawyer lined out with experience in doing this. Before I start moving forward, any suggestions or recommendations? Suggested books on topic? Thanks all.

Ok Patrick, now we definitely have to get together to discuss because I'm thinking a long the same line with my two quads in BZN. I know a guy here in Livingston who I heard did something similar so I've been meaning to get with him but I've been distracted with this deal I've been involved in. Sounds like you're further down the road with it than I am.

I'm not so sure the apartment market is overbuilt here yet though. My last vacancy had over 70 people come to four showings in a week.  

HOA docs are pretty boiler plate, at least here in MD so as long as your attorney is experienced, it shouldn't be too dramatic. Just get game good master policy and be ready to serve on the BOD. Since you only have 4 units, I'm not quite sure how you would handled turnover.

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