All Forum Posts by: Brendan Campbell

@David R.

It can only rent four months a year because people dont really want to go to South Florida during June, July, Aug.... Also, the condo is a little bit older. It was one of the first ones built in Bonita Springs (early 80's) and before the property boom of the 90's. Personally, I like the location and amenities but I think generally speaking its a place for snowbirds to call their second homes. 

thanks for the input everybody... Maybe I can go into a little more detail

First, ultimately the share that is my parents would become mine after their death. It would be split between my brother and myself. Thus my share would become 50% after some time. 

Second, we have a property manager that is paid for out of condo fees. Unless a major appliance breaks or something along those lines, we don't have to worry about that. 

Third, someone pointed out the topic of it turning into a frat house... There is a condo association minimum one month rentals on the units. For the most part this really eliminates the damage associated with rentals. 

Fourth, I'm not necessarily concerned with getting the mortgage to pay for itself. The condo has been there for 20 years and it's never rented out 12 months a year. 4 is more realistic from a historical perspective. 

My motivation behind pursuing this is that I could own the entire property 50-50 with my sibling. We are on the same page with regards to how we run the property. 

first time posting here everybody.... So I am a young professional guy with a decent stable job and some cash in the bank. My parents, through family connections inherited a 50% stake  in a South Florida condo. I was recently approached by them to go in with my brother and buy out the remaining stake. Value of the condo is roughly $250k

Although I do have some money in the bank, I don't have enough to cover that kind of purchase. Could I mortgage this along with my brother and parents to get this done? Any other tips would be appreciated.