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The Number One Guide to Real Estate Investing
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The Number One Guide to Real Estate Investing |
"HOW TO
CAPITALIZE ON THE HIGH PROFIT POTENTIAL IN
CONDOMINIUM CONVERSIONS"
About the Author
Prolog
Chapter 1: THE HIGH PROFIT POTENTIAL IN
CONDOMINIUM CONVERSIONS
The Boom in Condo Ownership
Conversion Can Mean Big Profits for the Property Owner
How This Book Can Help
Chapter 2: WHAT YOU NEED TO KNOW BEFORE YOU START
Can You
Convert It Yourself?
What Outside Help Will You Need?
How Long Will Conversion Take?
Chapter 3: HOW TO SELECT A PROPERTY FOR CONVERSION
Caution: You Can’t Convert All
Properties
How to Conduct a Market Survey
Checklist of Factors To Look For In The Location of Your
Conversion Property
How to Locate a Property for Sale
What to Look For in a Conversion Property
How to Examine the Individual Apartment Units
Why You Need to Analyze the Property as a Rental
Your Property Analysis Will Reveal These Critical Points
Sizing Up Your Tenants to Determine How Many Can be
Converted to Buyers
How Much Can You Afford to Pay for the Property?
Guidelines for Pricing Your Units
Chapter 4. HOW TO ESTABLISH THE HIGHEST POSSIBLE
PRICES FOR CONVERSION UNITS WITHOUT
SACRIFICING A QUICK SELLOUT
Know Your Competition and Understand Their
Pricing
Square Footage Pricing Versus Per Unit Pricing
Selling the Units “As Is”
Should You Give Tenant Discounts – And How Much?
How Unit Prices Should Vary Within the Complex
You Can Charge For These Extras and Realize an
Additional Profit
The Better the Terms, the Higher the Price
A Simple Five-Step Process for Establishing Your Unit Prices
How to Estimate Monthly Maintenance Costs
Chapter 5: HOW TO PREPARE A COMPLETE CONDO
CONVERSION ANALYSIS
Case Studies in Condo Conversion -
The Garden Apartments
How to Use the Condo Conversion Analysis Form to
Figure Your Profit Potential
The Harbor House Apartments: A Case Study in Unit Pricing
Country Club Apartments: A Case Study in Phased Conversion
Chapter 6: HOW TO FINANCE A CONVERSION PROJECT
Understanding Interim Financing
How Large Should Your Interim Loan Be?
What You Should Know About Release Clauses
How to Solve the Problems You May Encounter With
Existing Property Financing
How to Obtain Seller Financing and
Reduce Your Conversion Costs
How to Obtain End Loan Financing
How the Lender Will
Treat Discounts and Extras
Creative Financing Techniques That Can Make a Project Go and
Dramatically Improve Your Profit Potential
How Much Cash Will You Need?
Keep a Watchful Eye on Interest Rates
Chapter 7: HOW TO GAIN CONTROL OF THE PROPERTY
Why Gaining Control Is Important
Methods of Gaining Control Without Being Obligated
To Purchase
Contract Contingencies You Will Need
Chapter 8: HOW TO SATISFY CONTRACT CONTINGENCIES
What to Expect From Government Agencies
Why an Engineering Study is a Must
How to Remove Contract Contingencies
Chapter 9: HOW TO CONVERT EXISTING TENANTS TO
BUYERS
The More You Know About Your Tenants, the
Better Your
Chance of Making Them Buyers
How to Handle the Initial Tenant-Converter Meeting
How to Give Official Notice to Your Tenants
Why You Need to Keep the Tenants on Your Side
How to Convince a Tenant to Buy
How to Handle a Tenant Who Chooses Not to Buy
How to Persuade a Tenant to Move Before His Lease Expires
Chapter 10: HOW TO ESTABLISH AND IMPLEMENT YOUR
ADVERTISING PROGRAM
Your Advertising Campaign: Where and How
Much?
Make an Advertising Market Analysis
How Should You Brochure Your Project
Additional Advertising Tips for Attracting Potential Buyers
Chapter 11: THE SECRET OF A SUCCESSFUL CONVERSION:
THE SALES FORCE
Why an Effective Sales Force is a Must
How to Set Up a Sales Force
How to Set Up Your Sales Office
Are Model Apartments a Must?
Training Your Sales Force
Preparing the Sales Contract
How to Handle Deposits
When Can You Close Title on Individual Units?
What To Do When Those Final Units Do Not Sell
Chapter 12: HOW TO PREPARE THE PROPERTY
FOR SELLOUT
Checklist of Items to Consider When Setting
Your Budget for
Exterior Renovation
Checklist for Suggested Renovation of Interior Common
Areas
How Much Renovation of Individual Units is Required?
How to Prepare Models for Showing
Conversion in Phases: When and Why
Ingredients of a Successful Conversion Project
Chapter 13: WHAT TO DO AFTER THE SELLOUT
Your Legal and Moral Responsibilities to
Non-Buying Tenants
Compliance with Local and State Laws
Buyer Warranties May be Required
Your Responsibilities to the Condo Association
Chapter 14: HOW TO STRUCTURE YOUR TAX CONSEQUENCES
TO INCREASE YOUR AFTER-TAX PROFIT
Figuring Your Adjusted Cost Basis
Tax Consequences – a Brief Discussion
Chapter 15: TYPICAL CONDO DOCUMENTS
YOU WILL NEED
The Property Survey
The Declaration of Condominium
The Articles of Incorporation
The By-Laws of the Association
Additional Documentation Used in a Conversion
Chapter 16: HOW TO CONVERT OFFICE BUILDINGS
TO CONDOMINIUM
The Market Survey is Critical
Why Convert a Successful Office Building to Condo?
How Office Conversions Differ From Apartment Conversions
Charging Tenants for Wall Thickness
Means
More Profit for You
Take a Careful Look at the Floor Plan
How to Analyze an Office Building for Conversion to Condo
How to Persuade a Renter That It Makes Financial Sense
To Buy an Office Condo
Selling a Common Reception Area Concept -
Furnished Executive Suites
Chapter 17: HOW TO CONVERT A SHOPPING CENTER TO CONDO
Understanding the Importance of a Market Survey
and
Your Tenant Mix
Analyzing the Center as a Rental
Selling a Tenant the Benefits of Buying
What Size Shopping Center Can Be Converted?
Chapter 18: CONDO HOTELS, CAMPGROUNDS, MOBILE HOME
PARKS AND OTHER OPPORTUNITIES TO
CASH IN ON THE CONVERSION TREND
Single-Family Detached Housing as Conversions
Time Share and Hotel Room Conversions
Condominium Warehouses Are Gaining Popularity
Mobile Home Parks Can Go Condo
Condo Campsites: A Weekend Escape From the
Concrete Jungle
Condo Parking Garages: A Profitable Solution for
Congested Cities
Condo Airports: From Hangers to Airstrips
Conversion to Another Use May Cure Rental Problems
Final Comments
