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We almost pulled the trigger on retirement lot

SEMPERFI8387

SEMPERFI8387

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Found a lot in a older "golf" development in Va. on Chinqoteague Bay.

Cheap lot with 3 bedroom "septic" certification letter ready to go.

$1200 HOA fees payable whether you build or not, which allows use of golf course, 3 pools, marina, launch, private beach, from day one.

Was about to pull the trigger when I found the "delinquent" accounts letter posted on their website.

I about **it myself when I saw the balance over 360 day column ..... Over $3 mil in unpaid dues !!

No wonder the fees are $1200. Sadly we bailed for now........ Guess it wasn't meant to be.
 
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Good things come to those that wait.  Whenever I hear a story of a house or property that slipped away they always find another that is better
 
I just sold one of my rental properties to one of my tenants, we have a verbal that he is going to buy the one net door in 2 years and another in that city 2 years after that.  Glad to be getting out of that business
 
Yeah, I managed around 19 units in 2 buildings for my brothers investment properties. NEVER AGAIN!!
 
Retirement lot would be part of the reason for my lowered involvement as a moderator.  I still want to be one and still look in as much as possible. 

However, for almost two years now we have been building an approximately 1200 sq ft two story in the corner of our lake barn.  Doing all the work ourselves takes up lots of time.  We have managed to get to a point where we can use most of it and work around our staying in it.

Good luck on finding the perfect place.  It will come along if it is meant to be. 

andy
 
No pics Andy?
 
The lot we bought last summer, the yearly dues ( build or not ) are $175 for lot only $425 lot and marina .

Still beats the $2000. I was paying for a slip ,and now  I have an investment and additional tax deduction .
 
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Why not just buy it, then don't pay?  Sounds like no one else does...

Kidding.
 
The association needs to grow a pair and foreclose on those not paying. I hate subdivisions for that reason. The losers seem to end up on the board and run the neighborhood into the ground.
 
amr7333 said:
Retirement lot would be part of the reason for my lowered involvement as a moderator.  I still want to be one and still look in as much as possible. 

However, for almost two years now we have been building an approximately 1200 sq ft two story in the corner of our lake barn.  Doing all the work ourselves takes up lots of time.  We have managed to get to a point where we can use most of it and work around our staying in it.

Good luck on finding the perfect place.  It will come along if it is meant to be. 

andy
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Nice to hear from you, Andy. I thought you had given up on us! Cheers.
 
HOA's require very strict bylaws.  I am part owner of a large campground that used to have minor cash flow problems and many owners not paying their $300 yearly dues.  The Board figured out it's really easy to get a judgment against non-performing owners and take possession of the owners' deeds that are a year past due.

We've resold those repossessed ownerships and the campground is very busy and self supporting.  We now have more cash in the bank than needed, and it's a happening place.  Now, we can stay 14 days per month for free for a total yearly cost of $410--great deal.
 
Carl:

Don't even seem to have the time to get any pics up.   The older I get, the faster time flies.   

Randy:

Yes, I still lurk around here.  Wish I had time for more.  Maybe when I finally get to retire(maybe two weeks before I die.  Just enough time for a small vacation), I can have some time to get pics up and be a better moderator.  lol 

Merry Christmas to all.

andy
 
HOA Fees are always a concern

We have what I feel are very reasonable fees here 

For those looking to purchase always remember the higher the fees ...

The more amenities hopefully 

When you pay too much though 

You limit your discretionary income

Your number of Toys 

and 

Your options

Living in one of the most affordable Lake Communities in the country ...

Makes Retirement 

Enjoyment :)

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