Getting Approval For Your Condo Conversion
When doing a condo conversion for the first time there are some things you will need to do differently than your standard fix and flip. Because you will have to underpin the home, the permitting becomes more difficult. Because you are performing excavation almost on the neighboring properties as well, you have to get approval from the neighbors before starting the underpinning process. The neighbors need reassurance that their homes will not collapse during the process of excavating.
The Permit Process For a Condo Conversion
Once there is approval from the neighbors to excavate it’s time to get your permits. Getting approved permits for converting a single-family home into more than one unit will take much longer than your standard rehab. Normally, many DC investors will finish a single-family fix and flip between 4 and 6 months from start to finish, but condo conversion can take between 12 and 24 months. This is why you want to make sure you start your permitting process as soon as possible. The process begins with if the property is vacant or not, then goes on to lot zoning, registration application, and finally, a registered condo building.
More Information On Condo Conversions and Fix and Flips
If you’d like a more detailed walk through of the process you can find our guide to condo conversion here. If you want more real estate investing video content head over to our YouTube channel where we have a new video every Wednesday.