I hope I am posting in the correct Forum.
I just recently joined BiggerPockets and introduced myself.
As the title indicates, I am looking to purchase an investment condo in the Orlando or Fort Lauderdale area. There seem to be some good buys in both areas.
Does anybody have any experience with these areas? There are so many condo developments in FL. These are some of my concerns that I really have no idea how to research.
Does a specific HOA allow rentals?
Is the HOA solvent?
How do I determine of there are age restrictions in a development (HOPA)?
I will purchase the condo with cash for through my Self Directed IRA.
I welcome any feedback as well on a Self Directed IRA real estate purchase.
while I'm not familiar with those markets, but in general you'll want to make review HOA by-laws, budget, how many other owners are delinquent and how much (this often big problem with condos).
Regarding using SD IRA - make sure that you understand Prohibited Transaction rules and don't do any work on the property itself or engage in any other transaction that is prohibited.
You also may want to consider self-directed Solo 401k - it has number of advantages over SD IRA, read my other posts to learn more.
Thanks for your response. Has anybody ever spelled your name correctly before they actually saw it in writing??
I am not familiar with the Self-Directed Solo 401K. I will do some research on that product.
On the Self-Directed IRA, I thought that you could do work on the property, as long as the funds came directly from the IRA?
I don't think anybody spelled my name correctly unless the saw it in writing :-).
No, you can't do any work on the property personally! Make sure you educate yourself well on this subject before you start your journey.
Thanks for the info. I will definitely review all of the guidelines, before I move forward.
I'm from the Fort Lauderdale area, let me know if you have any questions!
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