All Forum Posts by: Giovanni Cortes

The reason the buidling hasn't foreclosed the  buidling is that there are residents with homestead exemption that live there.

Thank you Matt, I appreciate your indepth response

Hello, Yes all issues have been resolved but the liens and fines remain.  The buidling just passed the 40 year inspection so right now buidling is 100% fine.  Just these old fines amd liens. 

thanks again

The reason for lien was 

1) dead grass

2) rear canal area needed to be trimmed of all trees 

3) parking lot unpaved

4) garbage enclosure unpermitted 

yes, I know they were there and did ignore them till now and there is no mortgage on them. They are not owned in a corporation. 

The liens are for 1) grass was unkempt

2) garbage enclosure not allowed

3) rear canal needed trimming of trees

4) parking lot needed repavemenr

I will consult a lawyer

I bought these 10 years ago and did sign a hold harmless agreement.  So I was privy to this but didn't take care of these issues at that time and never imagined they would blow up as they did. 

Yes Austin that us 100% correct but since it's accruing interest daily , that number could be more. 

Thank you Greg, I did get a lawyer to negotiate those liens but didn't discuss with him converting to a multifamily buidling. 

Posted less than a minute ago

A 12 unit condo buidling i own has City of CS liens over $6,000,000, the liens are on the Hoa, not on the individual units. This is about 2x as much as the entire buidling is worth.

I did try to negotiate with the city but since those liens have been there for so long, they would not budge. This is in the city of Coral springs.

it is now going to be close to impossible to sell these units. Any ideas? Would love to exit this investment while market is hot.

Gio

A 12 unit condo buidling i own has City of CS  liens over $6,000,000, the liens are on the Hoa, not on the individual units.  This is about 2x as much as the entire buidling is worth. 

I did try to negotiate with the city but since those liens have been there for so long, they would not budge.  This is in the city of Coral springs. 

it is now going to be close to impossible to sell these units. Any ideas?  Would love to exit this investment while market is hot. 

Gio