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Get the latest financials, minutes from prior meetings and proof of flood insurance for building. Boards are very slow and buyers will ask for stuff anyhow.
If they dont have flood insurance at assocation level bank will make new owner buy it if they get a mortgage which is why a new buyer might requst a copy
Personally I would sell this place for whatever you can get for it, particularly since you said it will be 100% profit. There is no sign whatsoever that AC will be going through any kind of rebound anytime soon, so I would take the money and run. If anything it will likely continue to decline in value.
If it weren't for the high taxes and fees I would say hang onto it and you would have a nice place to hang out in the summer or on weekends.
Personally I would sell this place for whatever you can get for it, particularly since you said it will be 100% profit. There is no sign whatsoever that AC will be going through any kind of rebound anytime soon, so I would take the money and run. If anything it will likely continue to decline in value.
If it weren't for the high taxes and fees I would say hang onto it and you would have a nice place to hang out in the summer or on weekends.
it doesn't really need to rebound to have fun there. it was never really that great to rebound to. but looking on the map the ocean club seems to be pretty close to the action and plenty of people could enjoy it as a vacation condo. AC isn't vegas but there are good restaurants, nightlife and gambling. its best on weekends and summertime. it would be awesome for a young guy to have to bring friends and bang chicks. AC has tons of bachelorette parties.
it doesn't really need to rebound to have fun there. it was never really that great to rebound to. but looking on the map the ocean club seems to be pretty close to the action and plenty of people could enjoy it as a vacation condo. AC isn't vegas but there are good restaurants, nightlife and gambling. its best on weekends and summertime. it would be awesome for a young guy to have to bring friends and bang chicks. AC has tons of bachelorette parties.
The condo has already lost $100k in value based on what he's told us. So there is plenty of room for a rebound, but it's just not gonna happen. His cost is over $15k per year just in condo fees and property taxes. If AC had nice beaches I might say it could be worth it, but the city just doesn't appeal to me in the least. It seems to now be primarily south Jersey people that hang out there because they really have nowhere else to go in that part of the state.
Personally I would sell this place for whatever you can get for it, particularly since you said it will be 100% profit. There is no sign whatsoever that AC will be going through any kind of rebound anytime soon, so I would take the money and run. If anything it will likely continue to decline in value.
If it weren't for the high taxes and fees I would say hang onto it and you would have a nice place to hang out in the summer or on weekends.
From what I understand, your cost basis gets stepped up to the market value for inherited property. So if your brother bought for $280k, and the MV is $180k at the time of inheritance, your cost basis is $180k. You only need to pay capital gains tax if sold above that amount.
Yes that is true. And if I rent it, the rent is income.
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