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Condo's are now rentals

By everything follow everything   2012 Aug 1, 1:20am 3,265 views   6 comments   watch   nsfw   quote   share    


I get on realtors mailing lists, since they watch the listings all the time, they filter stuff out. I noticed lower priced condo's are often rental option, is this becoming more common, I also noticed the associations are going along with it. I've seen an association go from pushing for over 50 year olds only can buy into the complex, all the way down to investors can buy and rent them. Who's pulling the strings here?

#housing

1   everything   ignore (1)   2012 Aug 1, 3:49am     ↓ dislike (0)   quote   flag      

Do they care who you rent it to?

2   gbenson   ignore (0)   2012 Aug 2, 1:59am     ↓ dislike (0)   quote   flag      

robertoaribas says

"any fee or fine levied by the HOA due to the actions of the tenant, is an immediately payable additional rent"

Not sure if that would fly. An attorney would probably advise you to keep fines separated from rent since there are legal ramifications of one vs the other and your ability impose, collect, evict, or charge late fees based on them. Also check the laws in your state regarding your ability to levy a fine, since there might be procedural steps you have to take.

I usually just spell out the rules (usually a copy of the HOA bylaws) with the fines for each infraction spelled out (typically $50/occurance, which is $10 more than the HOA fines so I get compensated for my troubles). Although because I spend the time to find good tenants, I have never had to fine anyone for a rule violation. You will want to be on good terms with the HOA because they can fine you without warning, but if you are on their good side, you'll likely get a warning first. Depending on the laws in your state, you may have to provide the tenant with one "cure or cause" warning first, (nailed and mailed) with a reasonable amount of time to remedy the problem. So if you are on the HOA's bad side and get fined without warning, you might have to eat the first fine. If your tenants are total chumps and keep up their bad habits during the remedy period, and the HOA keeps fining you... Well that could just get ugly.

3   aragonzbooks   ignore (0)   2012 Sep 24, 6:02pm     ↓ dislike (0)   quote   flag      

This is a huge trend in NJ...especially in the resort upscale areas and the HOA adult communities 55+. And the reason as so many have pointed out - is nothing, and I mean nothing is selling at any price. I was born and raised here and we have never seen anything like it.

4   37108605   ignore (0)   2012 Sep 24, 9:24pm     ↓ dislike (0)   quote   flag      

Keep in mind that many greedy whores tried to buy apartment buildings and turn them into condos during this smoke and mirror bullshite. Surely, some of those are really just going back to what they were cheap rentals. Condos being rented out is another story if they started out as condos.

5   ELC   ignore (0)   2012 Sep 24, 11:10pm     ↓ dislike (0)   quote   flag      

gbenson says

That being said, in our location, only about 20% of the condos are viable, the other 80% have restrictions or financial issues that prevent them from making a good rental.

And what's preventing them from becoming unviable once you buy them?

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