I am a first time developer building 6 small condos in Oakland, CA.
I plan to hold the condos and not sell them at least for a while.
I do not want to build them as apartments as a) harder to convert them to condos later b) they are worth more as condos vs a 6 unit apartment building.
My question is regarding ownership. After the condos are complete does the HOA now own the condos and the land if I do not sell any of them? If am the sole HOA member how do I pay for things like grounds maintenance, etc?
Welcome any feedback from those who have been in a similar situation.
Consult a local real estate attorney specializing in condo developments. They will best advise you on how to set everything up.
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