Considering converting my 4 family into condos

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    John Franceschi

    Hi all, in September 2019 I bought a 4 family in a nice part of woonsocket as my first house. I’m currently living in one of the units and cash flowing about $800 (gross) / month. After my refinance next month, that should increase to over $1000. I’m thinking that it may be worth me converting all 4 units into condos and selling them for between 100K – 140K each. Considering I only owe $280K I could come out ahead over 100K which could really help kick start my real estate investing aspirations.

    I contacted the zoning / planning board of woonsocket, and 2 separate guys told me there is nothing prohibiting that and it is more just a legal issue that would require a lawyer to do something like that.

    So my 1st question is; are you, or do you know a lawyer that would be able and willing to take on a project like this?
    my 2nd question is, if it’s determined I need to further invest in my house to get it to qualify for condoization, would anyone be willing to lend me some of the money necessary to make it happen?

    Gualter Amarelo

    Hey @jmrealty This definitely sounds like a great strategy to pursue! I agree that this is very possible, but they gave you half of the advice. Yes, You will want a real estate attorney to handle the condo docs like Michael Schein. You will also want to talk to an engineer to have the plans drawn up to submit to the zoning board and the building department.

    Shoot me a text if you need Mike’s contact information!

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