Home Owner Associations are the bane of most homeowners, let alone real estate investors, existence. They are created as an entity with a community elected board that mainly consists of a President, Treasurer, and Secretary that can last 1-3 years. Their purpose is to maintain the community facilities and govern and enforce the rules of the community. They can do a great job of keeping sidewalks plowed during snowfall, the lawns healthy, and the look of the neighborhood consistent. However, they can also fine and threaten residents with legal actions when their rules aren’t being followed, and quite often bite into your cash flow. Knowing how to deal with these entities with maturity the savvy set can make receiving these violation letters a little more easily to deal with in your real estate business.
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