Hi,
I was wondering has anyone done a condo conversion?
ie: Buying an Apt. Building and converting it over to condo’s and selling them one by one?
Any Real Life feedback would be appreciated.
Howdy Wallace:
I was involved here in Austin with an 80 unit conversion on East Riverside Drive. It is still condos but we ended up selling all the units to a Ca group who finished the repairs and rented them as higher class apts. I was the construction super and sales super and a partner as well. I could have made a pile of money had it worked. My first impression when I saw the property was why condo these. I was right. The owners and our partners still got their money out of the deal and actually hired my dad to help with their other projects in Waco. It was a great learning experience.
Thanks for the information. 
I’m doing a 20 unit in Phoenix right now. Good money in this, and you have to consider the 10 year liability window and do everything possible to reduce your risk.
Tes
Hello I am from San Diego where condo conversions are on every corner. I have never done one myself.
DP
Well, you have to be pretty sure that you can complete and sell before prices go south and interest rates go north. You need an attorney who has a specialty in this field. You need need a surveyor to do a plat map and a drafter to draw floor plans of each unit type. Then you need to get permits - probably your GC would pull - could be separate ones for each type of work and each unit - and related city inspections. An owner can do certain work under own supervision, but not electrical, etc. unless so licensed.
Well, there’s some thoughts! Tes
The angle not considered here is finding a lender for Condo Conversions. Many of the classic conduit/condo lenders are starting to restrict their lending area. Many have blacked out the Vegas, Florida and even NY markets. I am currently finding financing for a few condo-conversions across the country.
One other point - find out where pre-sales are legal. It can help out down the line with financing them.
Lender should also be willing to do financing for condo sales, as there may be few comps to appease another lender.
Tes