All Forum Posts by: Gene K.

@Gene K., we don't have nearly enough information to help you make an informed decision. One way or the other, you're going to be on the hook for the $40k special assessment.

Thank you for your kind reply. I appologize if I didn't include enough information. Let me know if you need more details and what kind of? In short, what would you do in my case? Would you pay the special assessment or buy a rental, or maybe you would invest in something else?

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In one of the properties, which is my primary residence, the Board of Directors is planning to implement a special assessment, close to $40K. It's a lot of money. The dilemma I have is to pay it off right away, lower the mortgage, or buy an investment property, or perhaps invest money somewhere else.

I'm thinking of investing in a rental. The problem that I live in Florida, and we have crazy HOA fees that make almost every investment property, not very profitable. After you deduct Taxes, insurance, repairs, HOA fees, and income taxes, you won't make a lot. In some of the cases, you break even.

What would you recommend in this situation?

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I recently purchased a 1700 sq ft townhome in Riviera Beach, FL. It's a rental property and currently, it is occupied by a renter. The property taxes for this unit are pretty high, around $4300 per year.

Not so long ago I got a sale verification letter from a Palm Beach property appraisal with a bunch of questions, like if it was financed, estate sale or short sale, approximate marketing time etc.

I'm trying to minimize expenses on this property as much as I can and I have a couple of questions. What is the purpose of sale verification form? Is there any way to lower property taxes?

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All Forum Posts by: Gene K.

Gene K. has started 2 posts and replied 3 times.

Post: What should you do when you face a special assessment?

Post: What should you do when you face a special assessment?

Post: Property Taxes Advice