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Old 08-18-2008, 09:19 PM
 
3 posts, read 10,339 times
Reputation: 10

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Ok, so I'm looking into a duplex for me and my wife to live in while she finishes college. I've heard of people turning duplexes into condominiums and selling off each side as seperate "houses." I'm interested in how this all works and if it actually works. We are looking at a duplex that is in short sale with the bank as we speak. We hope to get around $25k below market value. I'm not to conerned about the unsteady market behavior because this venture will be a long term investment. I realize there is alot of inventory on the ground in the Lake Travis area, but hardly any of that is even close to the $200k mark. According to my estimations, these "condos" will be coming in at around $160k in 2 years. Before I can continue with this venture, I have a few questions that I need answered.

1. Is it logical to think that such a conversion will work in the Lake Travis area with the surrounding higher priced homes?

2. How much does it cost to do this conversion?

3. How are the taxes split?

4. Will I need to involve a lawyer to draw up the papers for the conversion? If so, does anyone have anybody in mind that may be able to help me?

5. Does there have to be an HOA?

As you can see, I"m some what blind to this whole subject. Any advise will help me immensely. Your time is greatly appreciated.
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Old 08-19-2008, 07:08 AM
 
Location: Austin, TX
2,722 posts, read 5,470,817 times
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In Lakeway about half way down Sailmaster rd. all the side streets are duplexes. So yes, it works.
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Old 08-19-2008, 11:05 AM
 
3 posts, read 10,339 times
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What do you mean yes it works? Do you know do many people do condo conversions out in that area?
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Old 08-19-2008, 11:06 AM
 
3 posts, read 10,339 times
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Also that is the area where I'm looking at. Off Sailmaster that is
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Old 11-17-2008, 10:31 AM
 
2 posts, read 5,545 times
Reputation: 10
Default Did you buy your duplex?

I'm putting mine on the market today, on Regatta Court.

There are 3 or 4 duplex's on that street that have been split into Condo's, but I don't know what is involved.
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Old 11-17-2008, 10:33 AM
 
Location: Austin (condo) & Round Rock (house)
74 posts, read 216,956 times
Reputation: 21
You will have to check with the city and get the right permission. I'm sure its doable but check before purchasing.
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