| Sift myth from truth when getting involved in | | | | caught up in this myth. Condo-conversion is like any |
| condo-conversions. Knowing fact from fiction will | | | | other investment - you can't say for sure how much |
| keep you from getting tricked into doing something | | | | profit you will make, or if you will even end up with a |
| completely off the radar. | | | | profit in the first place. The potential to make money |
| Relying on a myth is going to do anything but steer | | | | is not the same as a guarantee. |
| you to success. One very popular piece of fiction | | | | The third biggest myth in the industry is that you can |
| that does the rounds in condo-conversions is that | | | | buy any property and convert units into condos |
| any multi-unit property can be converted into a | | | | without too much trouble. This may be true for |
| condo. Nothing could possibly be farther from the | | | | some cases, but most multi-unit properties will need |
| truth. While this claim is true for most multi-unit | | | | some level of renovation before they are fit to be |
| properties, it cannot be applied blindly to every | | | | sold at a profit. Without a large renovation budget, |
| property of this sort. Make sure that you know if a | | | | you can pretty much say goodbye to profits. |
| property can be converted into condos before you | | | | With proper research and planning, there should be |
| buy it. | | | | no reason for you to get caught up in myths and |
| Secondly, while condo-conversions have the potential | | | | larger-than-life promises; remember: |
| was major profits, not all condo-conversions are | | | | condo-conversions may be tough, but it is not |
| going to make truckloads of money. Never get | | | | impossible. |