Originally was planning on renting a condo I just purchased last month did some minor renovations but the market is really strong and I think I can make a nice profit if I flip.. I put the normal %20 down non FHA loan (traditional conventional loan)... any advice.. I believe I can make a quick 25k opposed to 4-500 cash flow
Any advice would be appreciated
Why would you think they can, and why? It's an unusual question.
I've just been reading that some HOA's have some limitations as far as renting and what not just wanted to be sure it didn't correlate into selling as well.. I've heard similar stories with co-ops.. just wanted to be for certain before If/I decide to list it.
I was reading just selling it before a year it's more capital gains and some limitations on writeoffs which is a first I've heard about having less to write off
As far as rentals I knew that coming in but have you heard in any instances they had the power to block a sale
Or like a flip rule possibly
Generally no. Since you already have purchased the property. However end of the day you are dealing with people and the HOA bylaws. I'd talk with them and tell them your plans have changed and you are now needing to sell the property. I'd avoid language like flipping and investing. Condo associations tend not to like those words.
Thank you for the info yes was planning to do something along those lines
Phil Weiler but have you ever heard of a case where the bylaws could prevent a sale