OfflineHas anybody ever encounter condo HOA restrictions regards to renting out a unit in that complex? How did you work around this?
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
If the HOA has rules against renting there is not much you can do. You can try getting the board to make an exception, but make sure it is writing. I looked at a condo where you could only rent the condo for no more than 3 months out of each year. The President of the board wouldn't even listen to me regarding a long term renter. If you're buying condos make sure you get a copy of the bylaws, so you know to expect before you buy.
KimmyJ
Press on...
Communications with a owner this evening, she told me only 20% of the units can be rented out. That the owners are on a waiting list to rent out their units. She is going to find out some more information from the property management office for me. I'm trying to lock up the property on L/O. What would you advise? I'm still researching the numbers for comps & competitive rents for the area that is in.
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Update: units (20%) are already fully rented. She's trying to get out of it what she has in it. There's 17 other units on a waiting list that are trying to be rented and the property manager only moves owners from "wait" status to "rent" status every 2.3 years. Does this even sound like its worth pursuing as a subject to deal or should I let it go? If I could sell it to someone else it probably would be worth further pursuing it. But I have to see what over similar places have sold for which I'm still researching. Rent in the area is across the board.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
The average owner has to wait 2.3 years to rent their unit. Stay with SFR. Condos are a very risky investment. Keep it simple.
KimmyJ
Press on...
I'm going to take yours and destrie advise (and wisdom) and let her know I'll pass it along to another investor, with her permission of course, who can buy it outright and make a finder's fee.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.