WHITE TIGER CONDO CONVERSION
Win/Win/Win Niche Opportunities
RESIDENTIAL INCOME PROPERTIES
In most cities, conversion is an effective approach to home ownership, and investing in smaller, 2-4 unit residential buildings is often the most affordable and efficient way of breaking into the market. Qualifying for a mortgage for a 2-4 unit building is similar to qualifying for a mortgage on a single-family home, both before and after converting to individual condos.
SMALL TO MID-SCALE HOUSING AND MULTI-FAMILY BUILDINGS
The key to entry-level homes has always been affordability. In recent years there has been a dramatic increase in demand for smaller, less expensive housing in both urban and suburban areas. This growing demand for market affordable housing is being driven by several factors, including the skyrocketing cost of housing and other living expenses, stagnating income growth and changing lifestyle choices by Millennials and other age groups.
Several types of small-scale multi-family buildings — sometimes called “middle housing” — are candidates for condo conversion. These include:
Duplex stacked — A small- to medium-sized structure that consists of two stacked dwelling units, one on top of the other, both of which face, and are entered from, the street.
Duplex side by side — A small- to medium-sized structure consisting of two dwelling units, one next to the other, both of which face, and are entered from, the street.
Triplex/Fourplex — A medium-sized structure that consists of three or four units, typically one or two on the ground floor and one or two on the second floor, with a shared entry.
Multiplex (low rise) — A medium-sized structure that consists of five to 15 side-by-side and/or stacked dwelling units, typically with one shared entry or individual entries along the front.
Carriage House — An accessory structure typically located at the rear of a lot for service use. The unit could be above a garage or at ground level.
Townhouse — A small-to medium-sized structure, usually consisting of two to eight attached single-family homes placed side by side.
Live/Work — A small-to medium-sized attached or detached structure consisting of one dwelling unit above or behind a flexible ground floor space for residential, service or retail uses. Both the primary ground-floor flex space and the second unit are owned by one entity.
Courtyard Apartments — A medium-to large-sized structure consisting of multiple side-by-side and/or stacked dwelling units accessed from a courtyard or series of courtyards (some may have garden style around them). Each unit may have its own individual entry, or up to three units may share a common entry.
Bungalow Court — A series of small, detached structures with multiple units arranged to define a shared court that is typically perpendicular to the street. The shared court takes the place of a private rear yard and is an important community-enhancing element.
Reserve your FREE consultation to learn if your property is a candidate for conversion
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