All Forum Posts by: David Paul

Hello BP,

I'd like to take the opportunity to offer some information of a 2/2 Condo in North Palm Beach, Florida.  I have recently purchased this property and due to a stipulation in the COA- I cannot rent for a year.  I would like to get this property off my books as it was my first investment property and I didn't fully do the due diligence before purchasing.  I would like to offer owner financing to qualified applicants.  Please contact me if you are interested.  I am not looking for real-estate agents to list, only potential buyers.

Does anyone know if setting up a separate bank account for sales tax on rental income is necessary in the state of Florida, as is an escrow account for security deposits?  Also how often is sales tax due?

@Mark Gallagher ,

Hello Mark.  It is located in North Palm Beach Florida.  

@Jon Holdman ,

That is solid feedback.  How long should I before listing it again?  Would it be insane to list it for what I got it for + closing costs when anyone can see that I bought it for less a month ago?

Hello BP,

So I have a condo that I would like to get off my investment portfolio as I cannot rent it for a year (long story.)  I would like to flip it and put it back on the market.  I know I cannot put it back for market value-or higher due to closing costs as there was nothing done to the place and i purchased it a month ago.

The condo is outdated, needs new appliances, cabinets, flooring (thinking of switching to tile), and vanities in the bathroom. 

What in y'alls experience in upgrades gives the most bang for your buck in resale value?  I am trying to budget the work but want to make sure I put money in the right spots that will A) attract a buyer b) raise the price.  Not looking to make a killing, just cover closing costs and real-estate fee's plus initial investments. 

@Account Closed 

This has me perplexed as well.  When I asked what was the number one reason why they reject tenants they stated "Their ability to pay."  Also in the Condo By-Laws, along with there application they have to show the Condo Assoc, we must also present the lease agreement.  So essentially they know what they pay as well.  I am wondering if it is worth trying to get an attorney to get all this information from them as they refuse to tell me.  

@Jonna Webe

Thank you so much for your kind words and feedback!

Brandon,

They stated to me that the biggest reason why the reject people is for financial reasons-inability to pay.  I asked them what there criteria is for screening and approving.  They stated "to industry norm." When I asked further they stated they didn't have to tell me blah blah blah.  So before I drove over there and thew my cellphone at the guys head I went into a state of meditation and made a resolution to try to sell.   I am new at this, what is a lease purchase?

So I got a little a jiggy with my first real-estate investment deal.  It was a 2/2 Condo, in decent enough shape, that I made a cash purchase.  One of the biggest draws for concerns was that there was a stipulation from the Condo Association that I cannot rent it for 1-calendar year after close.   I glazed passed that because the square footage price I received compared to the comps in the area was a good deal.  I met with the Condo Association for an informal get to know you and I got a horrible feeling.  My immediate impression was that they are going to make it very hard for me to put anyone in the condo, as they have to approve all tenants prior to the leasing.  So now the cruel reality sinks in.  Do I try to upgrade and sell?  Do I hold off for a year?  This particular piece of real-estate needs to be marketed to someone looking to actually live there, as no investor is stupid enough to buy something they have to sit on for a year (except for me).