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My mother passed away and she refused to sign a will/truta but am the administrator for probate of her estate. For her condo… it has a remaining mortgage of approx $206k and FMV is around $425k.
Condo fee is $495 / mo and mortgage is $1320/mo.
Interest rate is 2.75% on current mortgage which is assumable. Current rental rate is between $2200-2500/month.
Would you choose to buy out a sibling as a coheir or sell and split proceeds after carrying costs?
DamonSorry about your mom.
And I’d sell. Rental rate is way too low compared to the value of the property.Plus, as condo you can be subject to special assessments. Sell while it’s tax advantaged to do so.
GregSorry for your loss. Personally, I would sell it. Between condo boards, fees, and special assessments, there is to much you don’t control over the property to justify the return.
JeffIm sorry ….
I think it’d be best to liquidate everything…Then buy a property with your portion if you’re interested in a rental property
LeeIt looks like $400/ month profit assuming no huge maintenance bills. Or you can cash out about $200k.
I would personally cash out and put the money in index funds
JoshThat rent is a bad yield for the price, plus since it’s FL I’d assume the insurance costs will continue to rise.
I’d sell tax free and look to buy something that is a better rental, if you actually want to be a landlord.
Also, any of the assumable loans I’ve seen, require you to declare it is your primary residence.
Which would mean you need to live there for 1 year or more.
DuaneNeed to know more about the current HOA budget, area and so many other factors before making the determination
DavidI’m sorry to hear that. Is the condo currently rented? If it is a long-term tenant, it might make sense to keep it. But it seems your mom lived in it, so no tenant yet.
Does it hold any emotional value to you? Would you ever use it personally?
You don’t say how close to the water you are. It’s all about location.
Close to WDW? The Keys? Does it need any repairs or improvements?
Ask the management company if the current board has any assessments planned. Ask to see the board minutes from the last year.
You have a lot to flesh out.
Assuming probate will take close to a year, what makes sense?
I would talk with an RE agent who knows this community about rental and sales opportunities.
I would love to have a low condo fee associated with that condo.
ArnoldSo sorry for your loss.
2 things:
1. If you have the cash to buy out a sibling, then you can think about doing that. If you have to do a cash out refi for it or worse, borrow, then don’t.2. If you have a good relationship with your sibling, you might be able to do a buy out with minimal headaches.
If they are the type that is hard to deal with, sell and split the proceeds.
LindseyHow many years until mortgage payoff? Then the profit would be much greater for a rental.
HeleneSell. Simplify and automate your money. It’ll make life so much easier.
LouiseA condo in FL I would sell. It is getting harder to sell them, so take advantage of the assumable rate and get out
JuleI’d sell it or take my half of the value and not deal with the property at the HOA fee. That rent doesn’t justify the headache and potential increase of fees (insurance, etc).
LauraNot good. Because practically any relative can lay claim to part of it. Mother, father, sister, brother, children at the very least. It is a nightmare.
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