Condo conversions can be very profitable, but also very complex.
Unfortunately, there is little if any published how-to information out there. The next best thing I found was an EXCELLENT seminar with detailed slides and charts explaining the process, risks, potential profits, ect. It was given by 2 long time major converters in CA. The basic process is essentially the same everywhere, but complexity and restrictions vary by state and city. If you can learn the process in CA, you can do it anywhere.
The seminar is archived at www.socalcia.com, but you have to be a member to hear it and view the slides. I found it worth the cost because they have a policy that the seminars mainly teach you, not tease you with a little info and then try to sell you expensive courses and bootcamps. Th condo conversion seminar one was pure information, no selling, and it even covered legal risks and issues, insurance, etc. Good luck with your conversion…
Im in Wisconsin and I am thiking about turing my townhouse duplex into condos. I am getting familiar with the legal process for getting the deed seperated and the articles of condo filed. However, I heard you dont need to have an association set up for a duplex conversion. Does there still need to be some kind of documentation stating how a roof gets replaced for example? Lets say the people in condo 1 think the roof is shot and the people in condo 2 think it has 5 years left on it - how do they duel this out
I am in wisconsin and also looking to do the conversion. I am just starting to look into and will pass any info to you that I find. Maybe You could pass some knowledge my way.
Re: Duplex Condo conversion - Posted by Frank Chin
Posted by Frank Chin on January 11, 2006 at 12:22:45:
JD:
While condo’ing it may be possible, personally, I might have some issues buying into such a situation. You alluded to one already, but I see:
1- As you said, one guy says the roof is good, the other guy says its not.
2- I want to rent my unit out, you say you don’t like tenants.
3- I want to hire someone to mow the lawn, you say we take turns to save money.
With two parties, one as a veto power over the other, so its like married to the other guy. The other guy might be a nice guy now, but what if he sold it to a NUTCASE??