Why not condos? Best way to find HOA information?
Hi Biggerpockets,
2 points:
A) I've been looking more into Condos in the Los Angles/Orange County area lately. I've seen data that, over the last 20+ years, appreciation with condos has been equal with that of SFRs in each SoCal county. As well, with a lower purchase price compared to SFR with slightly lower rent than SFR, the price-rent ratios for condos are better than SFR's in southern CA (even accounting for HOA). This is what's attracting me to the idea of targeting condos rather than SFR's, although as a newbie I'm looking to understand what's likely wrong with my interpretation of this. My thoughts are that if an average condo is appreciating at the same rate as (or close to) an average home, and has a better price-to-rent ratio, why do condos get such a bad wrap? Do condos make more sense in expensive markets like LA/OC, SF, NYC? I guess I'm looking for someone to convince me otherwise...I'm all ears, just a newbie looking to learn!
B) I know of someone looking to sell their condo, but want to know if it's realistic to ask the seller for information such as HOA financials, previous HOA meeting minutes, any other info about how the HOA is run. Should I ask the seller for these documents before making an offer? Or is this information I should be asking from the HOA themselves? If so, how would I go about finding the info before making an offer? Any personal experience would be very welcome.
TLDR: Why do condos get such a bad wrap if they've shown good appreciation and price-to-rent? How can I get HOA information about a condo I'm interested in?
Thanks much!