All Forum Posts by: Meghan Danaher

@John Mocker Thank you so much for the insight!!  I may hit you up for more info if I don't get what I need from the agents in Georgia I've been speaking to.

@Andrew Johnson and @Omar Khan Thank you so much for the insight!!! This really helps.

This may be a really stupid question, but given that this is a fairly high cost area and you've noted that people go to great lengths to turn apartments into condos...  I'm wondering if it's likely that one would be able to sell the condos separately for more than one would be able to sell the combined package for if it was a multi-family.   

Hello! We recently went into contract to purchase a 2-unit multi-family property in Savannah, GA.  It's set up as 2 condos plus a condo association instead of a multi-family residence.  Does anyone have experience in dealing with this?  My questions are:

1) What are the pros and cons to having it as a condo vs a multi-family?  So far I think the considerations are as follows, but would be curious as to others' experiences:

- Pro: you have the flexibility to sell one unit later without selling the whole property

- Con: Insurance seems to be more complicated (we would need to buy a condo association policy in addition to a policy for each of the condos)   

- Con: If we were looking to sell the property, a buyer would have a tough time getting financing

2) Has anyone converted a condo into a multi-family?  What was the cost/difficulty?

Hello! We recently went into contract to purchase a 2-unit multi-family property in Savannah, GA.  The property was in contract 3 times prior but fell out because of financing due to the structure of the ownership.  Basically it's set up as 2 condos instead of a multi-family so no one could get a mortgage to purchase the whole thing.

We were able to come in with a substantially lower bid since we can pay cash.  My original thought was to keep it as a condo for now because that left us with the option of selling just one of the units if we ever decided we wanted to, but then if we decided we wanted to mortgage it or sell the whole thing, we would convert it to multi-family.  

The issue that has popped up is that when speaking to an insurance agent, he mentioned that we would need separate insurance policies for each of the units (which is not a big deal) but then an additional policy for the Condo Association.

Has anyone had experience with buying Condo Association insurance? Obviously this is just for two units in one home, and I'm sure most Condo Association insurance is designed for larger more corporate entities. Could anyone give me a sense of cost?  Understand it will vary, but I'm just trying to think through considerations...

hi there! I'm looking to purchase a property in NYC.  There was a complaint filed on the property in 2010 but it was resolved per the NYC Department of Building website.  On the complaint, the inspector cites that the complaint was not valid and then cites an "MIS" case number.  Does anyone know what the MIS office is?  I'm trying to figure out a way to contact MIS to get more information on the compliant and how it was resolved.