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Updated over 10 years ago on .

User Stats

78
Posts
28
Votes
Aaron Foster
  • Investor
  • College Park, MD
28
Votes |
78
Posts

Converting Apartments in DC into Condo's & FHA questions

Aaron Foster
  • Investor
  • College Park, MD
Posted

I'm a firefighter in DC and looking to have an affordable place in the city that is safe. I'm looking at purchasing a 4 unit building and converting them into condos. The profit i'd make off of the sale I'd like to keep 1 of the 4 for my primary.

My questions:

-If the building is 100% occupied is there a way to have the tenants move due to converting them into condos or does the strict renter laws in DC forbid that?

- In order for it to pass an FHA loan, would teh entire building have to passor only the apartment I'm going to be living in.

- If i were to convert a 4 unit building could I start my own HOA association and charge fees for upgrading the property

-In DC you can only force out a tenant for not paying their rent for several months. If their contract is up you can't just ask them to leave , even a moth to month leaseis for life. The only way to raise rent is once a year and according to Consumer Price Index (CPI). How soon could I raise it if I were the new owner?

Many thanks!