purchase rental

no. it must be a condo or a co-op. He'd have to be willing to convert it, which takes a long time and money.

Posted by: guest at September 28, 2007 8:21 AM

No way

Posted by: guest at September 28, 2007 8:43 AM

ignore the above posts. The answer is yes, if the owner is willing to invest the time and money into the conversion process, also the building is subject to DOB inspections/approvals which also take time and money even when working with an expeditor,

but first look at what other apartments are selling for in your neighborhood before you make an offer, financially it may work out for the both of you, this is not impossible,

Posted by: guest at September 28, 2007 10:01 AM

Or put your name on deed for certain percentage of house for certain sum. Now you are part owner of building.

Posted by: guest at September 28, 2007 12:43 PM

Hey, 10am, what part of the 8:21 post should be ignored. That one said the same thing as yours. Idiot.

Posted by: guest at September 28, 2007 2:35 PM

I am looking at a building that I want to convert to condos for future sale. Do anyone know what the process is and approximately how long will it take? Would it make more sense to apply for the work permit along with the conversion application?

Posted by: guest at September 28, 2007 3:20 PM

1. if owner converts to co-ops so he/she can sell you your apartment, other tenants would have to buy too. One unit does not a co-op make; 15% of the building's units would have to be sold.
2. the cost of doing this for the owner is quite high, especially if it is a large building, and it also takes a loooong time
3. the poster who suggested you buy part of the building is totally nuts. you wouldn't have anything to sell if you wanted to move; you'd just be partners with your landlord in a rental building.

Posted by: guest at September 28, 2007 8:21 PM