All Forum Posts by: Corinne Faivre

Hello everyone, I posted about 6 months ago whether to sell or hold my condo. I had a bad run with property managers, the last one being the worst. The condo has been updated and is now finished and ready to be rented or sold. It sat vacant for 2 years while being fixed due to a small kitchen fire and the need to seek a public claim adjuster. I am at a cross road. I acquired it in 2006 and I own it free and clear 3/2 @ 1400 sq' in Orlando. The complex is well located and 90% investors owned so renters occupied in Avalon Condominiums S.Semoran Blvd and Pershing Ave in Orlando. Either I rent it and self manage to recoup some of the past loss and start making money right away with the possibility of tenants trashing it or sell and lose more money on realtor commission and closing cost or find a cash buyer at the right price? I even considered seller financing? Investors are hounding me weekly with low ball offers. Can anyone give me some advice on how to reach a decision?  Any feedback is greatly appreciated. Ultimately I would like to invest in more rental properties for "passive income" 

I have thought of 1031 exchange to keep more money in my pocket however it seems complicated due to the short window between selling and reinvesting and finding the right property to purchase.  Or maybe I hav even misinformed?  

Thank you for your reply Ecaterina, my unit in Orlando is already paid for so I don’t have a mortgage on it!

As far as the HOA association they scam but don't have any lawsuits because it is mostly remote investors and no one cares as long as their unit is rented and brings positive cashflow. I do plan on investing in Miami mid or long term in Miami Beach. I prefer South Beach but better deals are around North beach. I would love a duplex and if I keep Orlando Condo then I would have to finance Miami to keep cash handy.

Hello investors, I have a few deals under my belt and several mistakes so moving forward I would like to get the help of a seasoned investor that can help to partner in a deal or offer mentorship.  
I would prefer to invest in Manhattan, NY area or Miami Florida. I have ease of transportation between states. 
Please reach out if we can work together or any inquiries you may have for me. Thank you, Corinne 

Thank you for your feedback. I am well aware of this, working with a R.E agent provides bldg that do STR in Miami however the entry and overall cost is much higher than for long term rental.
i will have to crunch numbers and weigh pros and cons. 

Thank you for your feedback Shawn. 
The President was in a lawsuit about embezzling money and other issues regarding the complex. However because it is mostly tenants occupied the owner that initiated the lawsuit had no one to back him up and they bought him out. 
There is no current legal issues that I am aware of at the moment. 
I have considered renting it out again to save on closing cost, capital gain and so forth associated with the sell since my unit is already in place however I have never been able to get quality tenants. 
it feels like a money pit. I have had issues with renters or property manager ever since I have owned it. Maybe the place has bad energy? It was a condo conversion. Indeed Miami is more expensive per square foot and HOA unless I find a distress property as entry. I believe that I can also charge more for rent in Miami. My place in Orlando is 3/2 1416 square feet.
What do you think the market rent should be? Thank you! Corinne 

I have a 3/2 unit in Orlando that is paid for. It is located in an investor Mecca complex. The management is shoddy and has allegedly embezzled @ 4 million in the last decade. No one cares….

My unit has been vacant for 18 months due to a small kitchen fire and a botched insurance claim from the property manager. The project has dragged on and I have been bleeding funds. My income property has become a liability. The unit is almost done. I can either rent it out again or just sell it now that it is all cleaned up and invest the proceeds in Miami Beach where I can charge more for a long term rental. I have also considered doing short term rental in Miami Beach. I would sell in 2024 for tax purposes and write off the loss for 2023. I welcome any feedbacks and guidance regarding this situation. Thank you! 

Hello BP,

I received a postcard to attend the NYC Flip Fest with Bravo, Hgtv and A&E celebrities like Fredrik Eklund, Doug Hopkins, Dave Seymour & Peter Souhleris, Christina & Tarek El Moussa! They will show how their system on how to close in 30 days, how to flip in 60-90 days using other people's money, etc... Has anyone attended such event? Was it worth it? Can I learn the same with an experienced mentor in Nyc? 

I would appreciate any feedbacks.  Thank you!

Hello BP,

I have negociated a payoff settlement on my rental property with the Bank to escape a Foreclosure! I will be receiving  @150k in 1099C! Is there any way to lower my tax bill?

I look forward to reading your feedbacks and any suggestions or questions you may have regarding this matter!

Thank you