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Updated almost 2 years ago on . Most recent reply

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2
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Zachary Tamez
  • Rental Property Investor
  • Portland, OR
0
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2
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Hi Everyone! First time posting in the forms. Looking for Advice

Zachary Tamez
  • Rental Property Investor
  • Portland, OR
Posted

I recently partnered with my mother on our first investment property. We invested into a pre construction luxury condo project in Brickell, Miami that would be pre- licensed for Daily rentals. They have a deposit structure of 50%, 5 10% payments over 2 years. I got in at the friends and family stage of the pre construction selling process so I got in super early and got a Studio for 494,000 which is a great price, so the deposits are 5 payments of 49,500$. I’ve already made the first two payments and my mother was supposed to use funds she had from a cash out refinance of her primary home for the next two payments but the funds got locked up cause her husband passed away in a car accident and had some medical bills/credit dept, this process has taken almost 2 years and is hopefully is coming to a end in the next 2-3 months but 2 deposits will be due before the probate is closed. What would be my best options ?

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