First of all, Thanks in advance for reading my question and giving your valuable suggestion/guidance.
I bought a Condo Sheriff' foreclosure auction and planning to rent it to make some cash flow out of it. After the purchase, while going through HOA documents, i came to know that the HOA community doesn't allow rentals. While purchasing the property at sheriff's sale, i selected the option that says i will not be living in the property and planning to use the property for rental. what are my options now? can i override the HOA and rent it or i have to sell the condo and move on?
Investor · NW Indiana · Member since 2012 · 833 posts · 197 votes
9y
@Sri Reddy I don't believe there is much that you can do. The HOA has set the rules, you could always ask them, but highly doubt they would let you rent it. This would fall under doing your due diligence before buying a property. That is one thing that always needs to be checked when buying a unit with an HOA. Hopefully you bought low enough that you still make a profit on it when you sell.
Investor · Minneapolis, MN · Member since 2017 · 13 posts · 2 votes
9y
put together a contract for deed agreement that functions as a rental agreement. YOu will to pay to register the deed and have a side written agreement with the renters stating that they will transfer the deed back regardless. Have to find the right renter, but maybe you know a family member that needs a short term rental while you marekt it for sale.