A friend gave me this Palm(?) and I want to nurse it back to health

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My friend inherited this plant when he moved into his apartment (and he has 2 more that I can have if I'd like them). They weigh close to 200lbs in these pots. They were outdoor plants, and I think were only watered by the rain. They don't appear very healthy. I was wondering if anyone had any suggestions on proper care. I was thinking at a minimum to fill the pot with some high quality soil and give it a thorough drenching. It will stay outside on my balcony and get LOTS of sun and a reasonable amount of rain. I don't mind watering though if that's what it needs. I think it has a lot of potential and I'd really like to see it thrive!

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Hello trademarked :)
I would put it in a larger pot and use a john innes compost.
Plenty of sun and not too much watering is fine.
Agree,,it has lots of potential. An easy care plant.
I would remove the lowest branch too
 
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Thanks Verdun, I appreciate the advice. The space on my balcony is very limited plus it already weights about 200lbs, so I'm not sure repotting it will be an option. Do you think it will be OK in the existing pot if need be?

So it's a high sun low water type of plant? Should I water it myself or just let nature do its thing? There is a balcony above me that will block the lighter rainstorms.

I definitely plan on trimming it up!
 
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It was completely dry so I watered it and completely drenched it. I figure I will then watch it and only water it when its very dry. I have a tendency to over nurture :) Thank you for the advice I'm still learning!
 
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Palms generally have a very deep tap root; I wouldn't even consider keeping one in a container. Palms in my area grow in very sandy soil, not needing much in the way of fertile soil and are very drought tolerant. I think it would be happy if you planted it in the ground.
 
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Palms generally have a very deep tap root; I wouldn't even consider keeping one in a container. Palms in my area grow in very sandy soil, not needing much in the way of fertile soil and are very drought tolerant. I think it would be happy if you planted it in the ground.

Unfortunately it's new home is that balcony in the sky because I don't have any land
 

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