@Ashley Lynn I have multiple properties with HOAs here in South Florida. I don't mind the fees, as they all take care of the lawn and water for sprinklers. One even includes cable for my tenant. If it is a gated community, it also adds a layer of security for your tenants. I probably wouldn't go as high as the $500 you listed, but it wouldn't be unreasonable as long as the income it brought it made the numbers work. It's only worth it as long as it doesn't eat away your cash flow. The majority of the best properties here have HOAs.
I personally won't buy in HOA communities unless it's an easy flip where the association won't be a nightmare.
I won’t invest on properties with HOA, they can raise the fees anytime and without your vote. I owned a condo with $250/hoa. The hurricane caused damage to the roof and instead of fixing it, the HOA decided to replace it. The fees went up to $850/month for a few months until They were able to get a loan and finance it. The fees were lowered to $500/month. We couldn’t sell it for a long time.
If you still want to do it, make sure to review the HOA budget and confirm the community has reserves.
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