All Forum Posts by: Dom J.

I moved down to FL from Chicago a while back looking for these same things.  It can work for a lot of people but I found myself missing the change of seasons and disliking the constant heat.  Also, if you choose FL, move to that has a similar demographic as you (age, education level, etc) - some areas of the State can be quite geriatric and/or be devoid of any culture.  I now live in N. Georgia and love it however Florida can definitely work for many people.  For me personally I found it a better place to vacation than to live.

The budget and bylaws look pretty reasonable actually but it appears this guy is using the same CCR/Bylaws that were in place before he took over. This can surely change but for now all is calm on the western front. The reason I keep oscillating on this property is that it's high cash flow and I can pull close to 100% equity out of it to finance another property/s. If we sell, that equity goes bye-bye.

@Rob D.  

Yes good point. I'll be reviewing the current CCR/bylaws later today to see how stringent they are and also see if this guy is in violation of anything.

Thank you for the input although not very encouraging.  I figured the smart play was to put it on the market but getting clarifications has been helpful.  We bought low so we'll make some $ even if we have to sell it cheap to this "slumlord" in the making.  Learning lesson and move on.

He approached us with a lowball offer a few months ago.  I'm torn as to whether I should keep renting or just put it on the market.  I'm also still unclear on whether the situation we're in is bad or no big deal.

Hello all, this is my first post on the BP forum - awesome & very resourceful website btw.  I'm looking for some advice/guidance on what my partner and I should do with one of our properties.  It's a 3BR condo we bought extremely low at 62K and are currently renting it out for $1200/mo so it is cash flowing pretty well.  Our concerns though is there is a buyer in the complex that has decided he wants to take it over and now owns over 80% of all the units.  Since acquiring the majority of the condos he has taken control of the COA and although there's been no increase in the monthly assessments we are still concerned what the future may hold with him monopolozing.  This is a first for us and our realtor partner says its potentially a big problem and we should think about selling before buyer owns 99%.  I am interested in your guys' thoughts on the situation taking everything into account?  Thank you!