Profile picture for user342060

Purchased a condo /but high HOA fees low cash flow

I purchased in Feb 2014 a condo for 90,000$ in orlando florida 3bed 2bath, 1450 sqft.

HOA fees are 430$ abit high and I was wondering weather I should keep the property let it appreciate and sell it or should I try sell it now and make a small profit?

Any advice would be appreciated

http://www.zillow.com/homedetails/3280-Soho-St-APT-206-Orlando-FL-32835/71078751_zpid/?utm_source=email&utm_medium=email&utm_content=hdp&utm_campaign=emo-homereport


  • April 16 2014 - Metro West
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Answers (6)

You can always try selling it, but with such a recent purchase, you might barely break even after closing costs and commissions are factored in.

You might be better off renting out for a few years and letting the home appreciate in value more.
  • May 06 2014
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Making a profit after such a short amount of time will be extremely difficult unless you have made significant improvements to the property that will make it more desirable. Have any such improvements been made?

Francisco Orchilles, Realtor
Keller Williams Classic Realty
[contact info deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • May 06 2014
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Profile picture for Mark LeMenager
I'm sorry, but disclosure of HOA docs is required for condos in Florida unless you decline to get them in writing.  So, how could you not know?  You may with to contact the Florida Department of Business and Professional Regulation.  Sounds like someone took advantage of you.
  • April 27 2014
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Profile picture for user342060
Actually I didnt know the exact price of the hoa I was only told afterwards Its my first time and my intended goal was to earn rent income but now I barely will be earning anything what should I do?
  • April 16 2014
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Profile picture for wetdawgs
In two or three months of ownership, you will not make a profit.    

As you knew about the HOA monthly dues when you purchased, what was your intended strategy at that time?   Has something changed?

  • April 16 2014
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Hello There As an investment, I do not like HOA fees. They will reduce your ROI. I prefer single family homes with no HOA or anything bellow the $200 monthly fee.
  • April 16 2014
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