Posted by brandoncbsre on August 25, 2007 at 04:30:14:
I am looking at 5 duplexes all on the same street. 4 of the duplexes are on the same tax bill and 1 is billed seperately. All the same owner (owns 50+ units all over town). I am thinking about trying to buy them and convert them to condos after 2-3 years. Would it worth trying to get the owner to split the 4 units into seperate parcels so that I could 5 30 year mortgages or would it better just to get a commercial loan sice I am planning on selling as condos in 2-3 years. Either way I can come up with 10 percent down and think the seller would hold 15 percent as a second. I dont want to split them into 10 parcels until after I own them. I have not told the owner my condo plan. If the condos don’t work out they would still be good long term rentals.