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Updated almost 9 years ago,

User Stats

53
Posts
20
Votes
Skip Reath
  • Investor
  • Belmont, MI
20
Votes |
53
Posts

Advice Needed on Condo project

Skip Reath
  • Investor
  • Belmont, MI
Posted

Currently own 11 condos in South Chicago in a 35 unit complex. Am only allowed to rent 7 of my 11 units.(HOA restriction) Have 4 units that need rehab but I'm hesitate to do so as I can't rent nor easily sell anymore units. HOA has lots of delinquencies and lost FHA financing option. Have to keep my HOA assessments current or lose the right to rent the 7 units. So is there anyway to get rid of the 4 non-performing units as the taxes and assessments are burdensome?

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