All Forum Posts by: Ash Hegde

I would try to contact the board and explain the situation, apologize, and see if they will bring the fine down or remove it. I'm on my condo board and our president sends fines out as soon as allowed so there is record of it, but is also quick to remove them if the unit owner complies. 

Checking your HOA docs and rules is a good idea too and maybe you do have a legal way out, but I would go with the apologetic approach first before fighting more aggressively.

Welcome Tyler! @Ray Hage is an experienced realtor and investor who may be able to help you out. 

Congrats on the purchase! Not everyone gets to this point. Option 2 gives you the best chance of achieving the rent you want, but what happens if both say yes? 

The income has to be considered capital gain income in order to get the capital gains tax rate. Depreciation recapture will not qualify for this. If your recapture amount(s) keep you in the 12% tax bracket, then the capital gain portion will be zero, but you'll still pay on the recapture.   

It should be fine, but get the mortgage and close on the property before drawing from the credit card. The card will likely need a personal guarantee which should be listed as debt on a mortgage app if you do it before closing. 

Sorry to hear this. You should never have to pay origination fees up front, they should be paid at closing. I don't have advice but I do hope you get your money back. 

From experience with living in condos, this will vary by HOA and possibly state/local laws. That applies to both the plumbing and ceiling repair (one may be covered by HOA and the other not). Hopefully the damage hasn't been too bad, leaks between units is one of the more annoying things that can happen in a condo.

You have a strong rent for that property price, 75-80% should be doable for an LTV. Do you have any other way to make up the difference? If not, selling may be the best bet as Kevin said. It isn't a huge win but by those numbers it looks like you will still end up a little on the plus side.

@Ray Hage is your guy, he's an agent and investor in Fort Lauderdale. 

Chris is about right for expectations, around 12% and 2 or more points. With no flip experience you'll need to provide 15-20% of the purchase price, and they will lend up to 70% of the after repair value. For disbursements, there will usually be a draw schedule for phases of the project. There will be an inspection to make sure the work is done for that phase and the funds will be released to you. 

As you gain more experience and a relationship with a lender, your down payment can go down to 10% and sometimes 0%. You may also be able to get your draws up front before each phase rather than after. 

There should not be any upfront fees to apply for this type of loan.