 HOA prevent rentals? (by Newbie [TX]) Apr 2, 2012 7:44 PM
 HOA prevent rentals? (by Virden [OH]) Apr 2, 2012 7:52 PM
HOA prevent rentals? (by BRAD 20,000 [IN]) Apr 2, 2012 10:32 PM
HOA prevent rentals? (by Robert J [CA]) Apr 2, 2012 11:25 PM
HOA prevent rentals? (by Wallace CPM [VA]) Apr 3, 2012 3:41 AM
HOA prevent rentals? (by Mike45 [NV]) Apr 3, 2012 10:32 AM
HOA prevent rentals? (by Chris [CA]) Apr 5, 2012 4:07 AM
HOA prevent rentals? (by RR [WA]) Apr 5, 2012 8:19 AM
HOA prevent rentals? (by Newbie [TX]) Posted on: Apr 2, 2012 7:44 PM
Message:
State Specific Question About: TEXAS (TX)
I am currently interested in purchasing a home in an unfamiliar subdivision. However, when I went looking for rental comps, I realized there are no active rental properties in this particular subdivision. Is it possible that this Homeowner's Association does not allow rentals? I have not heard of anything like this before and do not even know where to begin reseaching it. So I am hoping that someone on this wonderful board could point me in the right direction. Thanks! :) --99.109.xx.xx |
HOA prevent rentals? (by Virden [OH]) Posted on: Apr 2, 2012 7:52 PM
Message:
Visit the HOA and learn how they can easily control these things, if you can not be an active board member this will not be a good investment at any price, these things will penalize you to flat broke if you let them. --76.241.xxx.xxx |
HOA prevent rentals? (by BRAD 20,000 [IN]) Posted on: Apr 2, 2012 10:32 PM
Message:
HOAs can make your life miserable and bust your budget.
Some HOAs are broke and the banks won't make a loan on those properties. --50.129.xxx.xxx |
HOA prevent rentals? (by Robert J [CA]) Posted on: Apr 2, 2012 11:25 PM
Message:
Yes! Many HOA's have rules that allow an owner to rent out their unit for only one or two years out of every 5 year period! The reason, lenders won't give a mortgage if a complex has under 70 to 80 perecent owner occupied units. If there's too many rentals, the place is going to fall apart. Therefore, many owners don't read the fine print and buy a condo or town home as an investment and end up only being able to rent out their unit to a family member for the balance of the 5 year period. Investment gone nightmare! --173.58.xxx.xxx |
HOA prevent rentals? (by Wallace CPM [VA]) Posted on: Apr 3, 2012 3:41 AM
Message:
As of Jan 1 - this is illegal in CA unless in the ORIGINAL documents...pass on these silly HOAs --184.5.xxx.xxx |
HOA prevent rentals? (by Mike45 [NV]) Posted on: Apr 3, 2012 10:32 AM
Message:
@Wallace: In NV, if the CCRs did not contain this limitation when you bought your unit, you are not bound by the restrictions imposed after you bought. But when you sell, the next owner is bound.
This causes a lot fo trouble when property that has been a rental is sold, and the new owner cannot rent it any longer, even to the existing tenant/occupants.
--71.49.xxx.xx |
HOA prevent rentals? (by Chris [CA]) Posted on: Apr 5, 2012 4:07 AM
Message:
My own HOA stinks - they cannot collect a huge portion of the monthly dues. Guess who pays for the deadbeat owners?
Those deadbeat owners rent out to substandard tenants who bring dogs. The dogs start barking and foul up the grounds...
There are lovely looking condos on Ebay. But when you check, the HOA fees are cripplingly high! Keep digging! ** For simple questions, just call and ask. If rentals are not permitted, you should find that out by making one call.
** You should stay the night before you buy. There might be loud neighbors... ** Good luck! --125.25.xx.xxx |
HOA prevent rentals? (by RR [WA]) Posted on: Apr 5, 2012 8:19 AM
Message:
in my area, nearly every development built in the last 30 years has a HOA that governs it. This stuff is happening all over.
Robert is right - rental caps(limit on % of rent vs own) make sense in an HOA because of lending restrictions. I would support rental caps as an owner-occupant in an HOA. I would also support rental caps in the condo HOA where I own rental units, however, I would likely dump/sell these units very soon because of the rental cap.
I guess the goal is to keep landlords/renters out of the suburbs, as though they are second-class citizens.
Older parts of town would usually not be governed by HOAs.
--24.18.xxx.xxx |
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