I’m in a quandry (sp)… I have folks stop by asking about my lofts wanting to purchase… but my plan all along was to have them apartments for 5 yrs then look at converting to condo ( federal enterprize zone so i can sell after 5yr with zero capital gains which i lose if i condo it now) I have always hated residental rental… but then i’ve never had anything that would be considered “upper end rental”
a few points… with loan payments and expenses I could operate at 50% and still make money….
make it condo… and I could keep my unit and bank enough that the interest on equity money would be more than i could make/clear with it 100% full…
anyone have any experience setting up a condo association? Best i can tell from information on the net is… rules, regs, fees, power of… ect are wide open to who ever sets it up and writes it…
there really would be no design changes in the units… just the difference in the sign that says “for sale” or “for lease”
another option would be to sell some and keep some… but again sell any and i’d lose the no capital gains deal (maybe have to consult with cpa on that part)… selling I’ll also lose my tax freeze which only has a few years left anyway… but still a consideration….
I really do not know what the market will bear for these units… but low end for this type deal is… $150sf with most being around $200sf… i’ll finish these out for under $50sf not counting my labor….
I’m not real good at give’n up control and with what i’ve invested of myself… so even after selling off units I’d still feel it was my building… which i could see cause’n problems… I could picture even selling off my unit… but not sure there is a market for a 15000sf unit… or a buyer for same…
thanks in advance for any input or thoughts… the pictures in my minds eye are usually pretty clear… but i’m get’n foggy on this one