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Updated over 8 years ago,

User Stats

3
Posts
0
Votes
Jose Bruschi
  • Miami, FL
0
Votes |
3
Posts

3 Units, 1 desperate Seller, more than 20k in HOA and taxes

Jose Bruschi
  • Miami, FL
Posted

Hi everyone, I am new in the BP page, I am trying to get into the real estate world and I have this family member that has this little problem.

Here is the Scenario:

3 units:        a)1/1 with renewed kitchen and bathroom.

b) 1/1 needs a rehab about 10k to 15k approx.

c) 2/2 needs Conditioning.

Problems: HOA is behind about 20k or more between the 3 of them.

                  Taxes are behind about 3-4 years.

The comparables in the area for similar units are for the 1/1 between 60 to 70k and for the 2/2 about 75 to 85k

The 3 units are paid in full, there are no liens on the properites.

I would like to help him get out of the properties and also probably buy the units myself, he does not know anything about real estate and I can probably help him do it, and also benefit on the fact that I can get these 3 units or probably wholesale them. 

HOA I think is expensive is 300 for the 1/1 and 400 for the 2/2, rents are going for about $900 for the 1/1 and $1200 for the 2/2, so Probably holding and renting is not an option? I don't know..

Please can I get some advice?

Thanks everyone.

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