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Reply to "Knowing when to cut your losses"
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[quote=Anonymous]Sell the condo and buy a small townhouse. Assessments and condo boards will eventually eat your lunch. All it takes is one or two power trippers who want to redo the lobby into Baroque style and you will be broke. Plus, let's say the number of renters increases and you will either a) have moratorium on rentals from your board which could impact your ability to rent (presumably you would be grandfathered in, but they could decide to do a lottery or round robin or such) b) if over 50% rentals in a condo, you cannot sell easily b/c buyer can not get access to GSE financing. http://www.realtor.org/sites/default/files/gse-fha-condo-chart-2013-01-18.pdf Are you aware of all this? Condo investors are for folks who are very liquid, and are in it for a long term so you can ride out crazy boards or wild assessments (which are out of your control, unlike a fee simple property where you can cut corners or defer etc to match your budget).[/quote]
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