Anyone do them?
What is the average cost to do one, per unit?
How long is an Average hold time?
I looked at a beautiful 8 unit building that is perfect for a conversion. Each unit was amazing well kept up, as well as common area. Tenants pay everything. Individual garage units for each apt.
This is all new to me, so again its a learning process.
I haven’t done a deal myself yet, but I’m studying for a RE License, so here are my thoughts:
Tenants pay everything means they’re individually metered. Check.
Good condition. Check.
Garages are a plus.
There may not be much actual physical work to be done (if any at all!). The most important thing will be to check with the peeps at zoning, and also check for any deed restrictions. Zoning is the easier thing to deal with; deed restrictions require the permission of a judge to lift.
Talked to my mentor, who does conversions, and we are going to give it a try and see what flies.
Yes the area is already converting to condo’s…so I don’t think that will be a problem.
The guy who built this was one smart man…