Should I Sell?
Hi. I am relatively new to BP so hello everyone. My experience with real estate investing is limited to purchasing properties using bank loans thus far - three thus far, one SF for my primary residence, and two condo rental units.
The situation I'm in is that I have a rental unit in Cape Coral FL (I reside in Denver CO). It has been rented out with no issues for the past four years. However, my previous tenant moved out and I am in the process of renting the unit again. The HOA is making this process extremely difficult and I am at my wits end with dealing with them.
They are asking for my first born child and one month's worth of rent as a deposit for the common areas. Is this normal? I'm already paying $300.00 per month for HOA dues, which obviously eats into any cash flow that I would have.
I'm thinking about selling the condo unit and reinvesting in a SF elsewhere. I purchased the unit in 2009 for $86k. The Zestimate on it is now at $118k. At it's peak, the same unit was selling for $200k.
Does anyone have any advice on this situation?
Thanks,
Bryan