Orlando Real Estate - Blog

September 4th, 2011 9:16 PM

Hire an aggressive debt collector, renegotiate any payments going out the door and act diplomatically while you put in more hours than at your day job.

"I gave up pretty much my life and my vacation," said Oded Neeman, who became president of the Village at Townpark Condominium Association last summer, a few months after buying a foreclosed unit there.

Since then, he has spent as much as 35 hours a week reading old contracts, jawboning with vendors and figuring out which garages belonged with which units at the Lakewood Ranch complex.

He and his board renegotiated every service, from sprinklers to painting. Along the way, they nudged their condo community from having a plethora of listings but no financing to having conventional financing available and hundreds of thousands of dollars banked.

A condo conversion created as the real estate boom was reaching its peak in 2006, Village at Townpark is clawing its way back to level flight from what its collection agency, LM Funding, calls a "condo death spiral."

Source: Herald Tribune

Posted by Orlando Realty Experts on September 4th, 2011 9:16 PMPost a Comment (0)
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