All Forum Posts by: Account Closed
Account Closed has started 1 posts and replied 2 times.
Post: Looking for an advise from a real estate CPA or investor
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Quote from @Ray Hage:
@Account Closed Unfortunately you are correct, you are still responsible for all the costs of the property. I assume you didn't have insurance on it? It is specifically "Fair Rental Value" that should be included in your plan. Anyhow, if you don't have it, you have to either be stuck with paying the expenses. Do you know why the work is stalled? Is it the city with permitting issues or is it the contractor doing the work, etc? How much more time is expected?
If you're goal is to keep it, you could take a short term personal loan or cash advance with your credit card. With Bank of America credit card, I took out a large cash advance for a 4% fee and no interest until after 12 months (if you do this, make sure you can pay it all off within the 12 months because the interest rates goes to 24%!). You'll have to check your expected future cashflows if you decide to take the loan.
Thank you for your response. Unfortunately, some Board members are creating friction and preventing the process from starting.
Post: Looking for an advise from a real estate CPA or investor
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I'm seeking advice on a challenging situation with one of my rental properties, a condominium that was damaged in a fire incident. The reconstruction project is taking longer than expected, and I'm facing ongoing fees every month, despite being unable to use the property for rental or personal purposes. As I understand, I'm still responsible for paying condominium fees and property taxes, which is becoming a significant burden for my household.
I'm exploring options to recoup at least half of the property's value, considering it's currently uninhabitable. Selling to investors at a fraction of its worth is not ideal, so I'm looking for alternative solutions. Unfortunately, filing a lawsuit is not a viable option for me due to personal circumstances.
I would greatly appreciate any ideas or guidance on how to navigate this situation. What would you do in my case? Are there any potential solutions or alternatives that I haven't considered?