All Forum Posts by: Vic Iyer

I would recommend buying now and refinance when interest rates go down significantly. When interest rates move down there will be an influx of buyers and the prices will go up. You need to factor the cost of refinance (average $7K which may change depending upon the price of your home)

Well, They could lien your property for non payment. Bad idea to intentionally violate county/city rules. 

Jacob,

All the above posts are in the right track but missing out something important! I have been a HOA board member and have to strongly agree its best to stay clear of HOA communities that have HOA docs/rules that clearly prohibit STR. Usually the HOA/COA board members are loaded with retirees who have plenty of time to go around the community and observe what's going on. Your neighbors will observe different cars/people going in and out and will report it to HOA. Also (very important) when STR online portals (Airbnb/VRBO etc) will collect tax and send it to your local govt along with the address for which it was collected. The county/city will know you were running STR in a place where it is not allowed and will also take action. So its not just the HOA but also the local govt that would take action.

BTW, Recently VRBO stopped me from listing a property for STR saying its NOT zoned for less than 30 day rentals! Although it is generally true this was a condo hotel and therefore was indeed licensed for it. I had to upload the city STR license showing the unexpired license with property address for them to review and approve it. So both Airbnb/VRBO are in the works to stop properties that are not truly zoned for STR to be stopped. I have seen plenty of investors getting burned buying homes in very attractive locations only to find out it is not zoned for STR and ending up losing $$ getting rid of the property.

Ralph, I would urge you to be extremely careful in this market. Everything is priced high and moving. Do your homework. The last thing you want is to buy high, hold, and sell low. There is a a potential for this bubble to deflate if not burst.

yes. So are the HOA dues

congrats Jason! You landed in one of those relaxed associations.

I agree with earlier post on the powers of board in CONDO association. The remodeling costs will triple as they demand proof of license/workers comp insurance etc. Lot of them require these. So check with the association before u get into rehab condos. REcently, I let go off a Oceanfront condo deal because of this reason. The assoc doc mandates approval of contractor nd the need to provide license, insurance, ID cards, workers comp insurance etc. DEfintely not worth it 

I always set up contingencies in my estimate. These include 11 month rental periods (one month vacancy), repairs etc. If condo, check thoroughly if there are any future assessment plans (They are killers)

Please understand Zillow estimates are not accurate just a vague number. Some times they are skewed either way. Look at the MLS comps . They are real facts.

Can u seek any remedy from Roofstock on the repairs that were uncovered?