Tenant in common property - Posted by jesse james

Posted by John B. Corey Jr. on September 03, 2005 at 11:23:15:

Jesse,

You can do a TIC deal (NYC co-op is similar).

Though there are pockets where such deals exist you will find that TIC financing is difficult. Hence the property will not sell for full value compared to 5 legally separate properties. Both when you sell and when anyone tries to resell.

Hence it would not be the greatest of deals and if you go forward do not pay more then the property is worth as a 5 plex.

John Corey
Chelsea Private Equity LLC

Tenant in common property - Posted by jesse james

Posted by jesse james on September 03, 2005 at 07:18:37:

I have the opportunity to purchase a property with 5 cottages. I would like to divide the property and sell the cottages individually, but the lot is too small to meet local subdiv codes and condos are not allowed. I’m looking into a TIC but these are not common here in Rhode Island for this type of property. My questions are: is there a way to divide the property and not raise a zoning issue and for the buyers to be able to mortgage and sell the properties like a condo? Thanx, JJ

Re: Tenant in common property - Posted by Brian (UT)

Posted by Brian (UT) on September 04, 2005 at 11:20:52:

Jesse

You say the land is too small, Is it big enough where you might be able to get a zoning variance?

Brian