All Forum Posts by: Jeffrey Cervi

Trying to determine which path to take. Gifting or selling....

Currently own a 2 bed 2 bath condo as a second home. Daughter lives in one half, and we use other half as place to crash when we are in town. Looking to transfer ownership to daughter while minimizing transaction costs and potential tax implications. Hoping to get most or all of our equity out to purchase new property for ourselves. Value of condo is flat compared to chat we paid at purchase. 

We have a condo in SW FL (golf course community) that we purchased 6 years ago. We rent it during the season, and then use it in the off season. We still have a mortgage. We make enough money renting the unit Jan-Apr to cover our property taxes, HOA and club fees, and make a couple of mortgage payments, and get the benefit of using the unit the rest of the year. Not yet a pure cash flow play, but we are getting the benefit of assistance by our renters in paying down our mortgage. And the quality of renter that looks for these properties makes them extremely low maintenance.

We purchased a townhouse/condo unit last year from an estate. The deceased gained possession of the unit through foreclosure. The detached garage that was originally assigned to the unit is separately deeded, and was not included in the foreclosure process. Apparently, the original owner has not paid taxes on the garage for the last three years. The township has hired an attorney to try and collect the back taxes. Not sure who has physical possession of the garage. May have been commandeered by one of the other tenants or the HOA.

I am very interested in paying the back taxes and gaining possession of the garage. I would like to gain possession of this garage before it goes on the market through sheriff sale. Can this be achieved and if so, how?

Update - have used VRBO for a year now, and the results have been tremendous. Lots of interest in the unit, and the demand for vacation rentals in SW FL is off the charts.

I have a vacation rental property in Naples, FL. We are managing the listing ourselves on VRBO, and have been very successful in locking down the winter season market. I am anxious to tap into the late summer European vacation renters as well. Does anyone have any suggestions for where to advertise to tap into these potential renters?