All Forum Posts by: Peedy R.

Thanks for the great reply, Janet!

Do you have any more details you can share on the process? Was there any special steps with regards to the original mortgage and the refi process? Did you use any boilerplate when building the legal agreements or have a recommended service?

This sounds like good news since you're in California as well.

Hello!

This is a follow up to the thread I posted here: https://www.biggerpockets.com/forums/311/topics/59...

It appears that multiple buyers can get a joint residential mortgage together, so that is solved.

My question now is around condo conversions. From what I've read, after a condo conversion the parties on the deed will now each own X% of each unit rather than each own a unit themselves.

How can the units be individually owned, and what happens to the mortgage? Can the individual parties re-fi and get their own loans for their new individual unit?

This is in Southern California, Los Angeles County.

Your sage advice is greatly appreciated!

I along with 3 partners are first time home buyers and are interested in purchasing a quadplex together, as it makes incredible economic sense. This is in the Los Angeles area.

What are the mechanics / logistics around this?

1. How is getting financing impacted? Can we get individual residential loans?

2. We would be interested in doing a condo conversion so as to make a clean split of the property

3. Any other considerations?

Your thoughts and tips are greatly appreciated!