My Condo Dilemma

[AzogtheDefiler]

Yeah so they really want the property. Sounds like a win/win for you?

Could be. I'll come out a lot further ahead than if I tried to sell it on my own...

But then I'd still have to look for another place and do the stress of moving. I really, really don't like moving, haven't done it in 17 years.

True but maybe you can move to a more favorable area and given the cheap price of debt lock in a strong rate? And 25% premium is sweet.

 

[Gabe Lackmann]

Take the money and emigrate. This country is fucked.

 

[Fueri]

I have to wonder why they're salivating so hard, despite the earlier explanation that they think they can make more renting than owning.

Real Estate folks are numbers people that rarely pay more than something's worth, so I have to wonder what the new zoning is, and if it, or something else will be pushing prices up in this area over the next 5-10 years...

 

[Rigby5]

I have to wonder why they're salivating so hard, despite the earlier explanation that they think they can make more renting than owning.

Real Estate folks are numbers people that rarely pay more than something's worth, so I have to wonder what the new zoning is, and if it, or something else will be pushing prices up in this area over the next 5-10 years...

Rent almost always is much higher than mortgage payments.
I buy rentals all the time by just putting up the credit or down payment, and then the renter buys the property for me, and after about 3 years, I start making profits from the monthly rent being higher than the mortgage.

And by the way, I think condos are a bad deal.
They do not tend to appreciate as fast as homes do.
Condos tend to be strict and lack privacy.
You can't to anything to them to make them appreciate like you can with a home.
I routinely rotate homes at least every 10 years, and have at least doubled my money each time.

You would be surprised how taking out a kitchen wall or adding a skylight can greatly increase the value of a home.

 

[Rigby5]

I would never buy a condo because of all this hassle.

I would never build a house in any place with an HOA for the same reasons.

Having owed two houses and several condos I can attest to the fact that shit happens regardless of whether you live in a house or a condo. Roofs have to be replaced, landscaping has to be maintained, construction faults are found, plumbing leaks occur, foundations crack and shift, property taxes rise, natural disasters occur, and neighborhoods deteriorate. If you own a house, the responsibility of dealing with stuff like this is yours alone. If you own a condo, the responsibility falls on the HOA. You can choose to be involved if you like or you take a nice long cruise and let the HOA deal with the problem.

And the condo association almost never takes the right choice or hires the right people.
They almost always go with the safe but most expensive route, which is to go through a contractor who does nothing himself, but just hires out all the work. And if you skip the contractor and hire the workers yourself, you cut the costs in half.

 

[Rigby5]

Yeah so they really want the property. Sounds like a win/win for you?

Could be. I'll come out a lot further ahead than if I tried to sell it on my own...

But then I'd still have to look for another place and do the stress of moving. I really, really don't like moving, haven't done it in 17 years.

Moving is good practice.
It gives you an opportunity to throw out lots of stuff you haven't used in a decade.
Try a tiny home while you look for a new home.
It will give you an alternative cottage you can take to the beach or anywhere else is appropriate for the season.

 

[Flopper]

I would never buy a condo because of all this hassle.

I would never build a house in any place with an HOA for the same reasons.

Having owed two houses and several condos I can attest to the fact that shit happens regardless of whether you live in a house or a condo. Roofs have to be replaced, landscaping has to be maintained, construction faults are found, plumbing leaks occur, foundations crack and shift, property taxes rise, natural disasters occur, and neighborhoods deteriorate. If you own a house, the responsibility of dealing with stuff like this is yours alone. If you own a condo, the responsibility falls on the HOA. You can choose to be involved if you like or you take a nice long cruise and let the HOA deal with the problem.

And the condo association almost never takes the right choice or hires the right people.
They almost always go with the safe but most expensive route, which is to go through a contractor who does nothing himself, but just hires out all the work. And if you skip the contractor and hire the workers yourself, you cut the costs in half.

There are skills involved in contracting just like any job.

Maintenance and repairs of common elements should be left for professionals, not do it yourselfers owners. Tending flower beds, cleaning garages, washing windows in the club house make good community projects but fixing roofs, plumbing and electrical wiring are jobs for professionals.

 

[Rambunctious]

I owned a double wide mobile home in a privately owned park....I rented it as a vacation rental and got good money for it because it was near the ocean....
The owner of the property decided to sell...we mobile home owners got together and went to the county board of supervisors and got a rule passed that stated the new owner had to honor all existing contracts leases and permits....and they had to obey the state and county rental ordnances....just like any landlord...

 

[JoeB131]

There is a scam in here somewhere, condos are owned and operated by buffoons sad places

Actually, I like living in a Condo. I don't have to screw with shoveling snow or mowing grass or raking leaves like I did when I was younger and owned the two-flat.

It's kind of the best of both worlds of owning and renting.

Obviously, there's a downside like what we are seeing in Florida where the homeowners refused to keep up with needed repairs and now a bunch of the neighbors are under a pile of rubble. Not an issue where I am at, as the Condo Association keeps up with these things. I'm actually considering running for Condo Board if this sale doesn't go through.

 

[JoeB131]

I have to wonder why they're salivating so hard, despite the earlier explanation that they think they can make more renting than owning.

Real Estate folks are numbers people that rarely pay more than something's worth, so I have to wonder what the new zoning is, and if it, or something else will be pushing prices up in this area over the next 5-10 years...

Actually, it's a mixed bag. The current manager's term is up in August, and the Condo Board thought that a sale was preferable to bringing in a new management company.

The Buyers will probably get their money back in that they can charge a pretty good rate on rent, more than enough to offset their expenses.

Like I said, we will see. As of right now, 28% voted no, 47% voted yes and 25% didn't vote at all. So they would have to get all of the 25% to vote for it, and get 3% to change their minds to get to the 75% they need to sell.

Again, the real problem is that a lot of the people living here are Polish, and they really don't like anyone telling them what to do. So even though they could make out like bandits with this sale, the idea of someone telling them to sell offends them.

 

[Dusty]

There is a scam in here somewhere, condos are owned and operated by buffoons sad places

Actually, I like living in a Condo. I don't have to screw with shoveling snow or mowing grass or raking leaves like I did when I was younger and owned the two-flat.

It's kind of the best of both worlds of owning and renting.

Obviously, there's a downside like what we are seeing in Florida where the homeowners refused to keep up with needed repairs and now a bunch of the neighbors are under a pile of rubble. Not an issue where I am at, as the Condo Association keeps up with these things. I'm actually considering running for Condo Board if this sale doesn't go through.

You do not own a condo, you rent it from the condo association, and they determine who you can sell to and when and how as they are doing now. You only think that you own something

 

[Flopper]

There is a scam in here somewhere, condos are owned and operated by buffoons sad places

Actually, I like living in a Condo. I don't have to screw with shoveling snow or mowing grass or raking leaves like I did when I was younger and owned the two-flat.

It's kind of the best of both worlds of owning and renting.

Obviously, there's a downside like what we are seeing in Florida where the homeowners refused to keep up with needed repairs and now a bunch of the neighbors are under a pile of rubble. Not an issue where I am at, as the Condo Association keeps up with these things. I'm actually considering running for Condo Board if this sale doesn't go through.

I've served on condo boards a number of times over the years. It can be a good or terrible experience depending on the owners and other board members. In most condos, there are 3 board position that require the most work. The president has to deal with a lot of shit, disgruntle owners, workers that don't get the the work done properly, and owners that don't follow the rules. Contracts are signed by the president. Usually the Treasurer has to deal with financial problems, preparing budgets for owner approval. If you like accounting work and have someone that does the bookkeeping; that is writing checks and balancing the books, then it's not that bad, until there is a major special assessment. The secretary is a good position if like to take meeting notes. If you haven't served on a board before, the VP or board member at large are good positions for first time board members.

If you are serious about running for the Board make sure the HOA has liability insurance that provides financial protection for board members. Also talk with existing board members about the problem areas. Find out what your property management company does. Anything they don't do will end up being a board responsibility. If you don't get along with board members, don't run for the board because you will be working with these people a lot. Be very carefully if most of the board members are retiring.

 

[Flopper]

There is a scam in here somewhere, condos are owned and operated by buffoons sad places

Actually, I like living in a Condo. I don't have to screw with shoveling snow or mowing grass or raking leaves like I did when I was younger and owned the two-flat.

It's kind of the best of both worlds of owning and renting.

Obviously, there's a downside like what we are seeing in Florida where the homeowners refused to keep up with needed repairs and now a bunch of the neighbors are under a pile of rubble. Not an issue where I am at, as the Condo Association keeps up with these things. I'm actually considering running for Condo Board if this sale doesn't go through.

You do not own a condo, you rent it from the condo association, and they determine who you can sell to and when and how as they are doing now. You only think that you own something

No, you own your unit and that is what you can you can buy or sell. The owner also has shared ownership in the common elements that are in proportion to size of their units.

In general, boards do not approve sales of units. The 55+ rule on sales is legal provided over 80% of the owners are 55+. However they can advertise units with statements like a wonderful place to retire. By law. the owner or their agent must provide the buyer with the condo rules and all legal condo documents prior to sale. In some states, latest HOA budget and other financial documents must be provided. Boards can restrict leases and rentals and may require board approval but that varies by state.

 

[Dusty]

There is a scam in here somewhere, condos are owned and operated by buffoons sad places

Actually, I like living in a Condo. I don't have to screw with shoveling snow or mowing grass or raking leaves like I did when I was younger and owned the two-flat.

It's kind of the best of both worlds of owning and renting.

Obviously, there's a downside like what we are seeing in Florida where the homeowners refused to keep up with needed repairs and now a bunch of the neighbors are under a pile of rubble. Not an issue where I am at, as the Condo Association keeps up with these things. I'm actually considering running for Condo Board if this sale doesn't go through.

You do not own a condo, you rent it from the condo association, and they determine who you can sell to and when and how as they are doing now. You only think that you own something

No, you own your unit and that is what you can you can buy or sell. The owner also has shared ownership in the common elements that are in proportion to size of their units.

In general, boards do not approve sales of units. The 55+ rule on sales is legal provided over 80% of the owners are 55+. However they can advertise units with statements like a wonderful place to retire. By law. the owner or their agent must provide the buyer with the condo rules and all legal condo documents prior to sale. In some states, latest HOA budget and other financial documents must be provided. Boards can restrict leases and rentals and may require board approval but that varies by state.

Wrong this guy only thinks that he owns the unit and he is getting screwed, if it were his he could ask a million bucks or tell them to blow. He can't do that because the unit is not really his

 

[Flopper]

There is a scam in here somewhere, condos are owned and operated by buffoons sad places

Actually, I like living in a Condo. I don't have to screw with shoveling snow or mowing grass or raking leaves like I did when I was younger and owned the two-flat.

It's kind of the best of both worlds of owning and renting.

Obviously, there's a downside like what we are seeing in Florida where the homeowners refused to keep up with needed repairs and now a bunch of the neighbors are under a pile of rubble. Not an issue where I am at, as the Condo Association keeps up with these things. I'm actually considering running for Condo Board if this sale doesn't go through.

You do not own a condo, you rent it from the condo association, and they determine who you can sell to and when and how as they are doing now. You only think that you own something

No, you own your unit and that is what you can you can buy or sell. The owner also has shared ownership in the common elements that are in proportion to size of their units.

In general, boards do not approve sales of units. The 55+ rule on sales is legal provided over 80% of the owners are 55+. However they can advertise units with statements like a wonderful place to retire. By law. the owner or their agent must provide the buyer with the condo rules and all legal condo documents prior to sale. In some states, latest HOA budget and other financial documents must be provided. Boards can restrict leases and rentals and may require board approval but that varies by state.

Wrong this guy only thinks that he owns the unit and he is getting screwed, if it were his he could ask a million bucks or tell them to blow. He can't do that because the unit is not really his

Have you every considered learning something about the subject before posting? To put it in language you can understand, A condominium is one of a group of housing units where the homeowners own their individual unit space, and all the dwellings share ownership of common use areas. All the land in the condominium project are owned in common by all the homeowners.

The Pros and Cons of Condo Ownership

A condominium is one of a group of housing units where each of the homeowners owns their individual unit space and a share of common use areas.

www.thebalancesmb.com

Unlike a condominium, in a Co-Op, you do not buy your unit. You are buying shares in a corporation that owns the building. There are many difference between condo and co-op ownership, one being you can not get a mortgage on your co-op unit because you don't own it.

 

[JoeB131]

You do not own a condo, you rent it from the condo association, and they determine who you can sell to and when and how as they are doing now. You only think that you own something

Okay, you can stop posting from someone's basement like you know anything.

The Condo association doesn't rent anything, the owners own the units. They need 75% of the owners to vote to sell the entire complex, and right now, that isn't happening, which is why the buyers are sweetening the deal.

Flopper was kind enough to take you to school, so I won't bother.

 

[Dusty]

You do not own a condo, you rent it from the condo association, and they determine who you can sell to and when and how as they are doing now. You only think that you own something

Okay, you can stop posting from someone's basement like you know anything.

The Condo association doesn't rent anything, the owners own the units. They need 75% of the owners to vote to sell the entire complex, and right now, that isn't happening, which is why the buyers are sweetening the deal.

Flopper was kind enough to take you to school, so I won't bother.

Again stupid if you owned a real home you would not need your neighbors approval. The fact is that you are owned by the asshole ***** in the condo association that has no life and now she is sucking the life out of you. You do not want to move but are being forced out of where you live because you only rent that place. You can argue this until you are blue but you still have no choice in the matter except to rent back your place after they take it away from you, that said it was never yours.

Bye the way Joe wants to rent it to Mexicans

Just so you know

PS Real estate markets are at record highs, so I suggest to go view a condo like the one that you own that is for sale at probably 5 times what they are offering you.

Poor Joey the goon who voted to pay higher taxes

 

[strollingbones]

one seems to think home ownership prevents the above crimes..it does not...eminent domain can see one losing their home at less than market value....see how far you can get behind in tax payments...etc and so forth...

btw...trump and you are both losers Dusty

 

[Dusty]

one seems to think home ownership prevents the above crimes..it does not...eminent domain can see one losing their home at less than market value....see how far you can get behind in tax payments...etc and so forth...

btw...trump and you are both losers Dusty

Enjoy your condo silly. LOL since this guy will get fractionally over market value he can not claim what you say, so he is being thrown out of the condo that he thinks that he owns and will have to buy another place at all time record highs. So he is fucked, the all time highs are why they are kicking him out to rent in the first place, he owns nothing

 

[strollingbones]

i have owned my own home more likely longer than you have been alive...wee little noob