All Forum Posts by: Ryan Friess

It's challenging to find a reasonably priced rental unit in PBC. As others mentioned, the lowest cost areas are going to be Riviera Beach, Lake Worth and Lake Park. They are lower income areas, but are likely to get built-up eventually. I remember hearing Lake Park lifted a ban on high-rises which will cause big resorts/complexes to pop up there. 

I own two condos in West Palm Beach in a HOA community; however, my community has a 2-year rental rule in which you must own the unit for 2-years before you can rent it out. However, I'm cash flowing 600 on the first unit and still living in the second. The only downside to the HOA outside of that rule is that you have to give the association a security deposit for your rentals as well.

The other risk of an HOA is whether or not they will change their rental rules in the future, as well as whether or not the association cost will increase. Ours went up $80 this past year due to including internet as a part of the dues. So my renter was receiving free internet on me for about 6 months before I could raise the rent to accommodate the included utility.

Looks fun. I'll try and make it.

Also located in West Palm. I'd be happy to attend a meet up.

Have you tried an Insurance Broker? If so, James from Keystone Insurance has been awesome for me: James Larschan.

I'd love to get your guy's input on this. I dug a little deeper and it turned out to be the Associations fault. They explained they had a system glitch and when they typed in the account number, it showed a different unit with the lower association dues. They offered to pay the $90 difference for the first month of the association dues. Honestly, this seems like a significant mistake to be fixed with a one-time comp of $90. I really want to press further as this is an unexpected charge I did not account for when reviewing the deal.

@Steve Morris

@Wayne Brooks

Bummer. I actually own another property in the same community so assumed the Association cost was the same, especially when the lender and Title company reported it as the same. This property is 400 sq ft larger, which is the only reason I can think of as to why there is an additional fee.

Hi Steve, I appreciate all of your input. At closing, I was charged the association dues reflecting the lower cost dues. I reviewed all of the paperwork and cannot find any documentation reflecting that the association dues are actually $90.00 more than what was reported. I was not provided an HOA payment coupon as a part of my closing.

Maybe "Estoppel" is the wrong word, that's what the document I provided was labeled. See attached.

Based on your feedback, sounds like I might be out of luck?

Sorry for the ignorance. I'm a little bit of a novice when it comes to the various documents. But both my Condo/Estoppel Information Sheet and Closing Disclosing Documents showed the value of the association fees to be $90 less than what they actually are. The paperwork I received at closing shows the association fees to be at the lower value.

What do you mean by Prelim settlements?

Hi all, I'm looking for some guidance. I just closed on a new condo unit 30-days ago, and was told from the Title company the association dues are around $230. Fast forward to today, I found out that my Association dues are $90.00 higher then what was reported. Over the span of 30-years, this adds up to a $32,400 unexpected cost.

I'm really looking for advice on how to proceed. Do I have any recourse I can follow-up with from this discrepancy? 

@Ryan Voccia I'll take you up on that once this new renovation isn't consuming my weekend. Nice connecting with you.