All Forum Posts by: Sinead Norenius

I purchased a 2/1 + 1/1 in Historic Kenwood in March and I am very happy however I would caution you against that purchase price for a 2/1! You will have a challenge renting it for $3K unless it is unbelievable and has all the crazy upgrades that people are looking for. Insurance has also been a challenge and way higher than anticipated. 

Ok good to know @Raymond J. Rodrigues!!  Thank you for the info.  Super helpful! 

@Mike McDermott great point on the large mechanical items!! Would an inspection give me better insight into when those items are going to be updated or should the HOA disclose those items to me ahead of time if I ask? Just not sure what the HOA is legally obligated show me?

@Bill B. - great points!!  Thank you. 

@Theresa Harris they only gave me 2018 but I am sure I could get more years. But agree with your point with making sure the HOA is run properly. Think I am going to pass until I can get down there and look at the property myself and ask some of the neighbors etc their opinion too. Thanks so much for the help!

@Kalung Man - So would you suggest I just increase my op expenses just to be prepared? 

Hi BP Community! Total newbie here - so bear with me if this question is obvious to others! My husband and I considering putting in an offer on a small 1-bedroom 1 bathroom condo in St. Petersburg, FL. Using the DealCheck app everything looks great from a cash flow/expenses perspective, however, when I asked the RE agent some questions about the HOA, I discovered that the HOA does not have and reserves. She did provide all the operating expenses etc from 2018 and everything looked good but how concerned should I be about the HOA not having any extra reserves? She said some HOA's don't have reserves and that is pretty typical if they have robust operating reserves. She also manages the condos too just as a frame of reference. Totally open to any and all advice on HOA's and what I should look out for in terms of this topic!

Thank you in advance!