Help With Decison On Condo Conversion In Fl
I am looking into a condo conversion in the Boca /west palm area. Hera are the details.
1 BR, 1 Bath unit selling for$180k
I may be putting 5-10% down , max...with 160k-170k loan..
HOA is approx $200/Mth, and Taxes are approx 300/mth.
I can send in 5k now, and i have a 15 day recission period to cancel. These units are supposed to be released to pubklic in a few weeks, and supposedly these units will sell for approx. 200-210k.
How should i go about my financing? Do i say this is investment, and if so do i NEED to put 20% down.
or do i just say that it is my home, and go with the 5-10k down and get a loan where i would wind up throwing in about $200 a month of my own money
My goal is to just to hold it for 1 year, and then 1031 exchange it to another property. The funding options are somewhat confusing, so any insight would be appreciated..
Mike
i MAY be able to qualify for it as a 2nd home, BUT if i decide to sell it asap, then i cant 1031 exchange it and save on the cap gains. I was thinking of putting approx . i was thinking of pullin equity from my current house for approx 40k....then renting it out in Fl for 850-950....and if i needed to , also pay 100-200 from my pocket to pay debt for only 1 year. Write off interest and any other expenses for my investment, which should negate the 2400 or so out of pocket for the year, and sell it for 20-30k more....
Is this area ok, Coconut Creek, i believe,,
Mike