Posted by GMann on December 19, 2002 at 08:00:10:
My suggestion would be to talk to a local mortgage company and see what you have to do to get it approvable by Fannie, Freddie, and FHA. Do your homework on this one because condos have a lot more conditions than single families.
Here are the question marks when a lender looks at it.
condo conversion - Posted by Mark
Posted by Mark on December 18, 2002 at 20:02:52:
I am considering purchasing a 42 unit apartment complex and converting to condo’s.
My goal is to complete the condo process and begin marketing to the tenants as required before I close on the buying. I would presell enough condo’s to pay for the whole project and at least come up with the down payment. My question is how to structure the offer so that I can begin converting the condo and allowing enough time to complete the process.
The other question is what kind of lending programs are out there and what I would have to show to the seller that I have the ability to complete the deal.
The asking price is $2.4 million on the apartment complex.
My other concern is that I want to make sure that I have done my homework before I proceed and minimize my risk.
If anyone has Ed Garcia’s phone and fax # that would be greatly appreciated. thank you.