In your jurisdiction, how does one go about turning a single piece of property, one existing structure, into a two- or three-unit condo?
Simple premise. You buy some old wreck, gut it, and chop it up into a few nice living units, then sell each as a condo. Easier than doing the whole thing as a one-plex and then having to ask a big price, plus you can realize the benefit of getting return on investment sooner, by time-phasing the completions, finishing in sequence, rather than all at once.
But, is a homeowner’s association structure created by you? How is the property divided physically, for ownership? Tell us about all this, if you have experience.
Replies
You'll have to engage a lawyer to draw up the docs for the HOA- it'll outline who owns what, how the HOA will be managed, monthly fees, reserve funds, etc. As far as the "physical" separation, you'll likely need 2-hour separation that will remain standing if one unit burns down. That can be difficult and pricey to stuff into an existing structure.
Bob
Zoning might be a place to start.
Remodeling Contractor just outside the Glass City.
Quittin' Time
Like Bob said, you start by calling a realestate lawyer
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You'll need a local lawyer.
This strategy has recently come up on my real estate screen and it may be a very good strategy.