Rental Property Investor · LOS ANGELES, CA · Member since 2016 · 56 posts · 3 votes
I am in escrow to purchase a condo in L.A. for renting it out. On the CC&R document which was recorded by the developer in 2004 saying no rental restriction on this building and the HOA Management already confirm this as well. Lately we received a email from the board member saying there is a restriction. I asked if there is a amendment on the CC&R but no answer from them. Since they are not showing us any document can they make this rules?
Rental Property Investor · Providence, RI · Member since 2013 · 120 posts · 41 votes
10y
@John Boby Depends on the by laws of the HOA. Do you have the HOA docs? You should get that from the previous seller. Sometimes HOAs may put in unique restrictions in order to preserve the perception of the building, such as "50% of all units must be owner-occupied". This makes it easier for banks to finance buyers when the condo owners go to sell, and it also is built with the intent that people will take care of their unit if they live there.
Regardless, you'll need to get the docs. Also, if the board has voted on it, they are probably right. What is the restriction?
Rental Property Investor · LOS ANGELES, CA · Member since 2016 · 56 posts · 3 votes
10y
Bruno,
CC&R document which was recorded by the developer in 2004 saying no rental restriction. I been asking the seller HOA, if there is any amendment to the CC&R you need to email us, but no response no writing letter. Only the board member is emailing us and telling us there is restriction on the building that can 5 unit only be rented from total of 13. All the 5 until is already rented.