Converting Rental Apartments Into Condos
Is there any reason/issues why an apartment building cannot be converted into condominiums for resale? Anyone have any experience with this? Are there any zoning or code issues that could come into play? Thanks in advance.
You might get better luck posting this question on the Commercial side of TCI where there is a whole forum dedicated to building and developing. Changing from rental to condominium can be very profitable.
Anyone??
Quite simply some of the late night GURUS have not keep up with this issue.
Banks now have two limits that apply.
LTV Loan to value. This is how much of the properties value they will lend on based upon your situation.
CLTV this is the maximum loan value on the property that they will lend based on your situation. This is based on all loans.
Example your approved for a 80% LTV loan and a CLTV of 90%. Purchase price is $100,000. The lender will lend you $80,000. But your limit for all loans will be $90,000. You will have to show that you $10,000 in seasoned funds before they will proceed.
Is it possible to find a lender allowing 100% LTV? Yes
Is it possible to find a lender allowing 100% LTV? Yes
Is it possible to find a lender doing 100% for someone with no money, no income and bad credit? NO
Is it possible for this person to do RE investing? YES!