Staten Island, NY · Member since 2012 · 58 posts · 4 votes
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
Thank you
Property Manager · Dunedin, FL · Member since 2017 · 53 posts · 34 votes
8y
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.
Staten Island, NY · Member since 2012 · 58 posts · 4 votes
8y
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
Property Manager · Ridley, PA · Member since 2017 · 427 posts · 449 votes
8y
@Meti Kay Check your "condo docs". You should have rec'd these prior to settlement. If they have restrictions on flipping and/or renting, it would be written in the bylaws.
Property Manager · Dunedin, FL · Member since 2017 · 53 posts · 34 votes
8y
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.