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53
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20
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Skip Reath
  • Investor
  • Belmont, MI
20
Votes |
53
Posts

Advice Needed on Condo project

Skip Reath
  • Investor
  • Belmont, MI
Posted

Currently own 11 condos in South Chicago in a 35 unit complex. Am only allowed to rent 7 of my 11 units.(HOA restriction) Have 4 units that need rehab but I'm hesitate to do so as I can't rent nor easily sell anymore units. HOA has lots of delinquencies and lost FHA financing option. Have to keep my HOA assessments current or lose the right to rent the 7 units. So is there anyway to get rid of the 4 non-performing units as the taxes and assessments are burdensome?

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User Stats

105
Posts
114
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Eric M.
  • Investor
  • Weston, WI
114
Votes |
105
Posts
Eric M.
  • Investor
  • Weston, WI
Replied

Since you have about 1/3 of the units is it possible to vote yourself into the HOA and change the rules?

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