I am looking at buying an investment property. It is a one bedroom in a great location and is move in ready.
The only problem I see is that in the association rules, it states that owners that rent their unit must pay $1,200 per year and also $500 every time a tenant moves in.
Are you serious? Sounds like an anti-investor policy to me.
Is this a deal breaker?
That sounds awful and I would assume make the property much less competitive.
It's an obvious attempt to keep all units as owner occupied...on my condo, everytime I have a new tenant there's a one time fee of $100...that's bad enough
I agree with the above. And it's $500 flat move in fee? It's not refundable? $1200 for what? Just because it's a tenant? Crazy... Before going into a association you should try to have a plan to understand the politics of the HOA. Find Board members prior to purchasing and learn more about what's going in. Who knows, maybe if you buy, you can jump on the Board and change the rules? You'd have to get other chairs to side with you, but it could prove to be very useful when you have that kind of control over where you investment is. Good luck.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.