All Forum Posts by: Joe Morello

If you're looking to invest long term and build a portfolio, I'd recommend going with a 2-4 unit and take advantage of the VA financing. You could always lean on a local real estate agent to handle your rental units for you if you do not want the responsibility, or if you feel you're not experienced enough at the moment.

Quote from @Ray Hage:

Hi. I don't own any condos but if I did, I would aim to sell ASAP. Prices are going down and insurance/assessments are going up. I am also RE agent and have already advised my clients not to buy any condos unless they are really financially and emotionally ready for the risks involved. 

I agree that FL is a still a hotbed for investment but I am not sure condos specifically are worth the risk. I would advise to aim for SFH and smaller buildings at the time.

I agree! Unless you’re in at a really low basis and/or own free and clear, I would definitely try to sell. And certainly wouldn’t recommend buying. Unless it’s a COA that is 2 stories or less and is very financially healthy. I would also target COA’s with newly replaced roofs, and negotiate to have the seller pay any outstanding special assessments at closing. Townhomes are also a good alternative. Similar low maintenance, they aren't subject to Condo laws, and you could get financing much easier, particularly FHA, unlike condos. 

Nicholas,

Glad to hear you're interested in getting involved in real estate at such a young age. I have experience with debt, equity and brokerage here in South Florida. Feel free to reach out to me any time.

-Joe

Hi Everyone,

With the current dynamics in the South Florida real estate market, I'm curious to hear your thoughts and strategies regarding condo investments.

On one hand, we are seeing rising monthly dues, special assessments, and skyrocketing property insurance costs. On the other hand, Florida continues to be a highly desired market for out-of-state and foreign buyers, keeping demand strong.

Given these factors, what are you currently doing with your condo investments in South Florida? Are you:

- Buying: Taking advantage of the demand and potential for long-term appreciation?

- Selling: Cashing in on the high property values and avoiding increasing costs?

- Holding: Waiting to see how the market evolves while managing the higher expenses?

I’d love to hear your perspectives and experiences. How are you navigating these challenges and opportunities?

Looking forward to your insights!

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Seeking non-performing notes with a focus on acquisitions up to $5 million. If you have any non-performing notes or distressed debt opportunities within this range, I would welcome the opportunity to discuss further. Please feel free to reach out via private message or directly at [email protected] 

At Dynasty Capital Group, Inc., we assist in providing loan solutions that cater to the distinct needs of Condo and Homeowners Associations throughout South Florida. We understand the unique financial challenges faced by these communities, from managing large-scale capital improvement projects to addressing emergency repairs and maintenance needs.

We work closely with associations to help arrange the best loan options designed to support the financial health and sustainability of the association. Whether an association is looking to fund essential upgrades, build reserve funds, or refinance existing debt, Dynasty Capital Group, Inc. is committed to delivering personalized service and strategic solutions that will help your association manage these critical financial obligations.

So, if you happen to own a condo (or multiple condos) and your association is in need of funding, feel free to reach out! 

Quote from @Meaghan Lugo:

Quote from @Joe Morello:

Getting financing on condos in general these days is nearly impossible, let alone a 55+ condo. And selling it will be challenging as well as the 55+ condo market is flooded here in South FL. Tons of competition. That said, I think renting it out is your best option. You should always have a tenant as you're not only serving the 55 and over community (which will continue to grow), but the lower income demographic as well, which is needed. Just be aware of potential special assessments that may be in the works or could potentially come about, and factor in continued increases to the monthly COA fee. So, give yourself enough room to cover future increases with how much rent you charge. 

 Thank you. Association president is a family friend so we hope to get clear information on all things association before taking any steps. Appreciate the feedback!

Great. Definitely see what's going on with the COA and make sure they have all of their ducks in a row with regard to reserves and proper budgeting...Most don't. And I see it's in Lauderdale Lakes, which is probably the most saturated area in South Florida for B-D class condos. I get sent fractured condo deals all the time that are located in Lauderdale Lakes. So, unless you're willing to take a significant discount to get rid of it as there will be tons of competition, hopefully the numbers work to rent it out. If you try to sell, offering seller financing could give you a leg up. Something to consider. Best of luck! 

Getting financing on condos in general these days is nearly impossible, let alone a 55+ condo. And selling it will be challenging as well as the 55+ condo market is flooded here in South FL. Tons of competition. That said, I think renting it out is your best option. You should always have a tenant as you're not only serving the 55 and over community (which will continue to grow), but the lower income demographic as well, which is needed. Just be aware of potential special assessments that may be in the works or could potentially come about, and factor in continued increases to the monthly COA fee. So, give yourself enough room to cover future increases with how much rent you charge. 

Welcome! I am very familiar with the area you are targeting. Feel free to reach out and discuss. Best of luck!