Has anyone ever started an HOA (Home Owners Association) for the neighborhood they have rentals in?
One of the neighborhoods I have a rental in recently went defunct and the private management company stopped answering calls. The neighborhood has about 400 homes, a defunct pool, defunct tennis courts, and homes with an ARV around $160k.
I’m wondering if this is an opportunity to add value to the homes in the neighborhood by maintaining the public spaces and spending money on the improvements that the scamming private management company never spent money on.
Are you forming or re-starting an HOA? Very different hurdles for either option. The main question is whether its voluntary or mandatory, how much time and money are you willing to invest to improve the value of your property by 20-30k?
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