Condo Conversion Pros & Cons?

[Dv8tor]

I may be interested in investing in condo conversions and wanted to ask you pros what the pros & cons were to this venture? Thanks.

[Duncan Pollock]

The main argument in favour of the idea is the profit you can realize. It's going to depend on the area involved and age and present condition of a complex, but you've a good chance of making a nice chunk of change.
The bad side of things includes the zoning hastles you may face, the actual legal cost of creating the condo corporation (and managing it until you can hand things over to a committee of owners), and the market situation. Most of all you need to know what each unit is likely to sell for, how quickly it will (or will not) in fact sell for, and -- by no means the least -- how easily you can (or cannot) bring the existing tenancies to an end.
What you really need, in my opinion, is a knowedgable and experienced real estate agent to guide you through the conversion process -- and you need to do some homework to find him or her, because most agents won't, I'm afraid, have a clue about what's involved!

Duncan

[Dv8tor]

Good stuff. Thanks for the info.