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Updated over 6 years ago on . Most recent reply

User Stats

37
Posts
9
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Faye Omar
  • Lake Worth, FL
9
Votes |
37
Posts

Living + Investment?

Faye Omar
  • Lake Worth, FL
Posted

Hi BP Community,

I need help analyzing a purchase. This is a bit different than straight investing because I'm combining where I want to live + make money out of the deal. I've found this 2/2 Condo in a desirable area, Aventura, Florida (if anyone is familiar).  The unit itself is a corner unit on the golf course, beautiful view (golf course + city view + some ocean view).  It needs upgrading: kitchen (incl appliances), two bathrooms, and entire flooring, will also add w/d in unit. 

The condo is renovating the entire lobby, each floor (amazing taste and will def look luxury), and the pool deck (adding cabanas etc). Condo has pool, sauna, gym, and security entrance.  It is located in 20301 W Country Club Drive, Aventura (building).   Located 5 min walk from Aventura Mall (one of the biggest malls in US), 10min drive beach etc.

I think I could get it for $215 - $220.

Problem is the HOA is really high $625. So my total monthly costs will be $2100. I would hold it for 1 year at least since I'm trying to live there too. In one year I think I could sell it for $320K.

The math: Total purchase cost incl renovations + entire holding cost (mort+hoa etc) = $285K. Can resell for $320 (really conservative..and not sure how to predict resell in one year??? please help with this number).

Pros:

- living there

- will immensely enjoy the lifestyle in this building + area + amenities

Cons:

- high HOA

- profit of only $30-$40K

- affect my monthly cash flow

I'm really stuck between making a better investing decision VS really just wanting a nice place to live in that could also yield some money. Have any of you been in this situation?

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