I recently found 2 different apartment buildings that I would highly consider for condo conversion. One is a 10 unit all with 2BR/1BA, and the other is a 12 unit with 8 2BR/1BA and 4 3BR/1.1BA. The 10 unit building is selling for $900K or $90K per unit, and the 12 unit building is selling for $1.4K or $117K per unit. Both buildings have had minor updates recently such as roofs, tuckpointing, painted hallways, updated plumbing...... I have researched the area and for 2BR/1BA within a 3 mile radius there has been nothing sold for under $145K, and 3BR/1.1BA hasn't sold for under $165K. I think this looks like a great time to get in since most owners of these buildings want to get out, and I firmly believe the market will rebound in the near future expecially since it never really fell here due to the fact public transportation into the city is minutes away and the highways are just as close. I am 22 and would need financing and a contractor. Please Advise.
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Call your local bank and talk with them about it. You might want to consider this a full line of work and dedicate a lot of time and money to this. One deal makes a lot.
When you talk about financing, don't forget you are going to need to find it for the buyers as well.