Continued – Condo
So the story continues, I was interested in purchasing the condo, but in addition to the rehab costs, I had to factor in whether I’d be able to purchase the property at all because it was in a 55+ community. For those who don’t know, a 55+ community is a special designation for many of neighborhoods in South Florida marketed to retirees. The regulations state that someone 55 or older must live in the house, or be on title. Nobody under the age of 18 can live in the house as their primary residence, because there are lower taxes which don’t fund schools. Since I’m not 55, I’ve found that some neighborhoods are OK with me buying a property in their neighborhood so long as I can give them a signed document stating I promise not to live there as my primary home, and that I promise I will only sell it to someone 55 or older. Other neighborhoods still insist that someone 55 or older has to be on title, even if we promise not to live there which has driven a wedge into a few opportunities of mine. For those neighborhoods, it can be more difficult to buy because I’m not 55. I can sometimes work my way around those rules, but I’ve seen it be a deal breaker before.
For this particular situation, I was unable to get in touch with anyone on the board who could give me a definitive answer. The property management company said no, but I never am satisfied with my first “no”, so there will be a part 3 coming very soon.
But it turned out after all that, the owner of the condo in question received an offer from another buyer and I was no longer in the running to buy the property.
To be continued…