Strata Converting an apartment building in Penticton

[tkr99]

We are buying an apartment building in Penticton BC.



The building is under rented .We need help using the RTB rules in getting the rents up to market rents .



Also we would like to stratify the building ,do you know of any mentors or lawyers that have success in stratifying a building ? Not just the legal side of the stratification ,but dealing with the existing tenants , building code ,and city councils.



Please advise .

 

[Thomas Beyer]

Welcome to BC. Most buildings under rented. That’s why there’s rent controls laws in BC.

Converting then presumably selling a strata building as condos is a long, expensive and arduous process involving surveyors, lawyers, banks, city councils, BC building code, reserve fund studies, engineers .. I have done it three times. Not an easy way to make money.


Sent from my iPhone using myREINspace

 

[Tina Myrvang]

Welcome to BC. Most buildings under rented. That’s why there’s rent controls laws in BC.

Converting then presumably selling a strata building as condos is a long, expensive and arduous process involving surveyors, lawyers, banks, city councils, BC building code, reserve fund studies, engineers .. I have done it three times. Not an easy way to make money.


Sent from my iPhone using myREINspace

Thank you Thomas!!!!! Great information.