Buying multiple unit in condo complex

1 Reply

We own one unit in a four unit condo complex. One of the other owners is selling and we want to buy. I know there are some new rules around owning multiple units in a HOA. Who makes these rules? Is it a Fannie Mae thing so it would only impact us if we try to get a mortgage or is it a HOA or state law? We can pay cash for the property to avoid mortgage issues but when we refinance and try to get a conventional mortgage, will we run into issues? Can the HOA president or other owners object for any reason?

@Ashley Russell you need to read your HOA covenants - those cover most of what you are asking. Those are their "rules". As far as outside the HOA where you run into problems is owners trying to get FHA / VA loans. So, while it may be easy for you to buy - it may be less easy for you or the other owners to sell. Therefore, the HOA may even make up a rule about owning multiple units. Now this doesn't pertain to Conventional financing - but many times condo buyers are first timers or low budget and they need the other types of loans. Here are the guidelines.

https://fhareview.com/the-guidlines-fhaapprovalgui...

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

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.

We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here