Subdividing a fourplex

[Jennifer Griffin]

We just purchased a 4 plex that are townhome style, we were interested in maybe subdividing. What do you think the cost would be here In Colorado Springs. They also each have their own electric and water meter. Thanks for any advice.

[Jon Klaus]

A simpler approach that might accomplish what you are after is not to subdivide at all, but to set up a condo regime.  The starting point would be with an attorney who has experience in condo regimes. In my market I would expect to spend $2500-$4000.  When you are successful, you can still sell off each unit individually.  Your buyers' financing might require that 50% of the units are sold before they will do a mortgage, so you might need to presell one or two units. There are mortgage brokers who know how to do this.

 Setting up a condo regime should be faster and cheaper than subdividing, which might not be possible at all.