I purchased a small condominium some yeras ago and have been renting it out for the past 4 or 5 years. I'm currently conflicted on whether or not to sale. My primary reason for wanting to sale is because the Association has been riddled by embezzlement and corruption of the Board for decades to the tune that there are very little reserve funds that would not cover a major breakdown. Its very difficult to get other owners involved and no one wants to volunteer to be on the Bard which is an absolute necessity to carry out day to day activity according to regulations and bylaws. This is all while the exterior and maintenance is deteriorating.
The conflict comes in because my CAP rate is currently 16 percent which is fairly high.
There has been been at least one other Management company that ended their services with the Association because of all of the difficulties and I'm concerned that the Association may be headed toward lawsuits and ruin.
Should I sell or keep this condo?