Time to ‘dump’ a condo? Advice on selling the 1st place I bought

Time to ‘dump’ a condo? Advice on selling the 1st place I bought

Member since 2020 · 132 posts · 90 votes

First time selling real estate and have a minor pit in my stomach.

I guess I should start off with saying that when I initially bought this condo in Oct 2018 - real estate investing was not even on my radar.  It was bought as a condo for me and (down the line) maybe my parents to move into - at this point it’s a burden/headache.

The cons: It was a little rushed, I didn't shop around for rates, I refinanced it twice (again not really knowing the process - to chase lower rates) , the community onlyallows one rental ONCE for 12 months - the HOA is a pain (and has a fee for barely nothing) - I think I'm going to be stuck with a special assessment even if I decide to sell and it just isn't appreacting. (I bought a house in Feb this year for example and it has gone up by at least $35 K (low end appreciation.). This condo I've had for three years and maybe has gone up $15K?). Quite frankly - this is not a good asset.

I’m considering going slightly under market to dump it and move on ?  Any advice as to how to be aggressive in getting rid of it?


I feel annoyed with myself that I’ve let it go this long (I did have a relative rent it from me - as relatives are allowed to stay) but I didn’t charge them the proper rent and this property affectively is an alligator in my portfolio.

Better late then never? The equity which I am hoping to walk away with this would help me buy a SFH and turn a dead asset into a money maker.

Thanks!


K-Man

0Reply
33 views

2 Replies

Jump to latestLatest
  • Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
    4y

    Kyriko, I cannot stress how happy I am that I am finally in the process of dumping my own snooty condo across the road from Pittsburgh's most exclusive mall. My wife writes Russian obscenities on every HOA check she sends in. I would give it to an agent, though. Give it to an agent, take the first decent offer, and JUST GET OUT.

    One of the main things I had to do to start getting ahead in this country was to consciously reject a middle-class mindset. The suitable residence with the suitable address, the suitable car, shopping at the suitable supermarket, the whole shebang. A condo here is for those who don't understand that it's all a trap.

  • Member since 2020 · 132 posts · 90 votes
    4y

    Hey again @Jim K.!  I’ll clarify - I am personally not going to be the agent - I meant to say that it will be the first time I’m going to be selling any piece of property I own.  

    I do have another condo in a very investor friendly building that is the complete opposite - it cash flows awesome - rented right away - was able to renew without a worry - but I feel like that is the extreme.  I am only focusing on SFHs and maybe some small multi families in the future - but will for sure be avoiding condos.   The book I could write on this place - they despise investors.

Join the conversationCreate a free account to reply, vote on answers and follow this thread.