HOA Rental Restrictions?
Hi, BP
Wife and I are looking at a condo for a buy and hold scenario. The homeowner's association language restricts rentals and reads:
No more than twelve percent {12%) or seven (7) of the Condominium Units may be leased or
rented to non-owner occupants at any given time. SEE AMENDENT TO CODE OF BY-LAWS OF
[Association name], Article XII/, Leasing of Dwelling Units and
Maximum Number of Dwelling Units Owned and THIRD AMENDMENT TO CODE OF BY-LAWS OF
[Association name]. As of the revised date of April 17, 2012 the Association is at the maximum of rentals allowed. Contact the Management Company for status updates on Rental Cap percentage.
Is language like this legally enforceable? Has anyone dealt with this in the past and won? If I reach out to the management company and am told the rental cap is already in effect, is there any real way for me to prove that? If I bought the condo and rented it out anyway, is there any true legal recourse?
The property would cash flow well, so I'm hesitant to give up immediately.
Any thoughts?
Tags: HOA, law, illegal, rental restriction