Is there a real estate guru out there? Can a building with 3 condos be re-converted to a 3 family home?
supermoren02130 asked:
There is this 3 family condo on the market. All of the units are vacant and on sale.
It will be hard to get financing because they are not owner occupied.
Can this building be purchase or converted to a 3 family instead? If yes how?
can someone just answer the damn question !!!
home and family
There is this 3 family condo on the market. All of the units are vacant and on sale.
It will be hard to get financing because they are not owner occupied.
Can this building be purchase or converted to a 3 family instead? If yes how?
can someone just answer the damn question !!!
home and family
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Tagged: Damn Question, Family Condo, Guru
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Isn’t it a 3 family home already? Isn’t that the definition of a condo?
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You will need to check with your city or county planning and zoning department to find out if the three can be placed back into a single parcel number. Then that would have to be done before you obtain the financing. Most likely the sellers (I’m assuming 3 different sellers) would not allow it. If there is a single seller for all 3 units, he or she may be more amenable to this to get them all sold. If the condo complex is bigger than just the 3 units, it will not be possible.
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The most direct way to do it is to buy all three condos. At that point you can do anything you want with them. You are the owner and so you can convert them, leave them as they are and rent them or anything else you like.
Once you own them, you will probably want to get a lawyer to help you dissolve the condo corporation and reduce your tax liability so you’ll be paying taxes on one dwelling unit rather than three. If they are separately metered for utilities, you’ll need to have two meters removed.
It isn’t difficult and the cost of legal fees will probably not exceed $1,500. You might save that much in taxes in the first year of ownership.