Hello fellow investors,
Can someone shed some light on this topic? When posting things like ads and bandit signs to get prospect properties to wholesale, there is a possibility that some of the callers responding to my marketing will be condo and townhome owners looking to get out from under these properties. I have become familiarized with wholeselling process it applies to single detached family homes. However I need to know how to deal with condominum and townhomes, where the properties are NOT detached and where other considerations such and condominium laws, and HOAs come into play. Any changes in procedure, paperwork, restrictions I should be aware of? - Perhaps someone can recommend a book or other informational resource on the subject? Thanks so much for the help!
I'm sure there are state specific laws, particularly since CA seems to have regulations on everything. However, Condos & Townhomes are considered single family residential units, just not detached. The process is the same. If the building has a condo board or other similar entity, you should probably check the bylaws and regs. However, standard HOA's are governed by the same HOA laws that any residential HOA is. In Texas there is a standard addendum for disclosing properties governed by mandatory HOA's. Other than the normal trickery of dealing with HOA's, there is nothing different in the approach to wholesaling.
I appreciate the thorough response. I was under the impression that the process would be quite different in the case of condo's and town homes, but now I know that the only difference is that they are not detached; they are still separate properties. Thank you so much!
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