Wholeselling in a 55+ Retirement Comm. Can I do it, if younger?

[Billy Bell]

Hello BP Community,

I received a lead about a guy who inherited a home from his dad that recently passed away. The son who owns it now wants to sell it quick, but it is in a retirement community that requires the owners to be over 55. I am only 24, so I do not fit that requirement, but I am thinking that there has got to be a way to at least wholesale the property and not officially take ownership. Does anyone have any similar experiences with deals like this? I will call the retirement community now and see if they would allow someone younger to own the home and rent it to a retiree, and other such questions.

Thank you!

Billy Bell

mesa, arizona.

[Bill Gulley]

Actually, Lisa is the most correct. Owning may not be an issue, but that will be shown in the CC&Rs on title, if the restriction is against an owner under 55 is a title restriction, if it isn't then it's an occupancy restriction. If it is a deed restriction, you can't even have a valid contract as the equity in title transfers at the time of the contract, so if your contract isn't able to accomplish that, you don't have a valid contract. 

If age isn't a deed restriction, I'd bet that community would welcome a rehab to improve the property. If the deed is an issue, that's a matter that can be taken care of by good lawyering. :)