Updated over 7 years ago on . Most recent reply
HOA Rental Restrictions
Has anyone ever purchased an investment property only to find out it is not eligible to rent due to the HOA rules?
I just bought an investment townhome. When I found the home MLS said Rentals Authorized. I reached out to HOA three times with no call back. In hindsight that should have been a red flag. Three days before closing my realtor was able to get ahold of and sent me the HOA documents. We both reviewed them and came to the same conclusion, no rental restrictions.
One month later after rehab and all set to rent with the property manager I reach out to HOA to keep them apprised of what I'm doing. At that time they point out the paragraph I missed that stated you must live in the home 5 years before being eligible to request to rent.
Looks like my only course of action is to sell, right? What is the realtors responsibility in all this?