Hi Everyone. I bought a 1978 townhouse in Castledowns (northwest Edmonton) about 8 years ago. I purchased this property for $182,000 and did put some money in to do some repairs. When I first decided to buy it the condo fees were $200 and I felt fairly confident after reviewing documents that everything seemed good. Fast forward to today and I am constantly on pins and needles about this place. The condo fees have increased and there was a loan taken out that have pushed that $200 to $475. I have another townhouse in Edmonton that has seen and increase of $20 in roughly the same time period. I feel these fees have lowered my chance of selling this unit at the price I even paid for it. ( I have seen a few listed for 165-175,) As it stand today I am in a positive cash flow situation (about $300), but I am worried that if they push theses fees higher, mortgage rates go up, or I have to lower my rent that this could quickly be wiped out. I have been going over every scenario in my mind and I'm not sure what I should do to put my mind at ease. When I bought the property it met all the criteria that I learned at the ACRE event. The $300 cashflow is with me managing this property and also does not account for R&M. If I factored these in it would probably be just above break even at this point. I know there are many people probably going through all kinds of scenarios right now and it can really get confusing as nobody wants to make the wrong decision. My biggest worry on this place is what the board is doing with condo fees and loans and it is becoming very hard to predict what my budget might be. Has anybody gone through something similar? I don't know if I should sell at a loss or keep the unit and risk the fees going up and harming the value once again and further damaging cash flow. I would love to get some ideas from this great community on what might be my best move. Sometimes it's hard to see a clear answer when you are in the middle of issue, but an outsider can see things with a lot less emotion and experience.
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