Just received HOA approval to rent out the condo we are currently living in. Just recently they voted to allow 15% of the units to be rented out, so everyone who wanted to rent, had to submit a request. Yesterday, we received word that we were picked as part of the 15% to rent our unit out! My wife and I were looking to move soon anyway, so if the HOA decides to reverse that policy in the near future, we will just look to sell the condo. With the average market rent in our area, after all expenses are taken out (Mortgage, HOA, 5% repairs 5% vacancies), we will be cash flowing $441/mo.! Excited to take that extra cash and invest in some more properties!
@Josh Mitchell - Did you know that the HOA had a restriction on renting out condos? Do they re-assess rentals every year? Can you lose your ability to rent in the future?
when we bought the place, yes we did know that the HOA had restrictions, but that was before we got interested in REI. This was my first place I bought after college, and my wife and I have been living there for the last 2 years. We could lose the ability to rent, yes, but like I mentioned, we were going to sell the condo soon anyway, so if they change the rules we will just sell.
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