Buying Properties with HOA fees

[Ray Malave]

What are your thoughts on properties with HOA fees? I'm looking at a 4-plex that has a $37 per door HOA fee.

[Clayton Plummer]

If you buy the 4-plex, do you also own the HOA? Or are there other properties within the HOA?

If the HOA monthly cost works in your numbers and the deal still works for you, then who cares about the HOA fees?

Now, the HOA itself can be burdensome depending on how many Karens or Kevins are on the board, how sticky the rules are, and how much they are enforced. You being the new guy, they might stick it too you more because you're new.

At the same time, if by purchasing the 4-plex you own the HOA or you own the majority vote on the HOA board, then vote to dissolve it. Unless it is one of those rare HOAs that actually does good things for the community it serves and provides a positive benefit that might not otherwise be available. . . Or maybe with your majority vote you can change it into a good one?

Still, if the HOA rules don't hinder you from accomplishing your goals with the 4-plex, then they are also not a problem.

I think the general consensus about HOAs is that they tend to overrun their jurisdiction and cause undue headache.  The Geico commercials ( I see you've met Cynthia) are funny because they're true.  Since time is money, this can slow down your process and cost you money you didn't want to spend.

Good Luck and Have Fun!!