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Updated about 9 years ago on . Most recent reply

Skip Reath's profile image
Skip Reath's profile image
Skip Reath
  • Investor
  • from Belmont, MI
  • Member since Dec 7, 2015
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Skip Reath's profile image
Skip Reath's profile image
Skip Reath
  • Investor
  • from Belmont, MI
  • Member since Dec 7, 2015
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Skip Reath
  • Investor
  • Belmont, MI
20
Votes |
53
Posts
Buying & Selling Real Estate

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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Eric M.'s profile image
Eric M.'s profile image
Eric M.
  • Investor
  • from Weston, Wisconsin
  • Member since Feb 6, 2016
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Eric M.'s profile image
Eric M.'s profile image
Eric M.
  • Investor
  • from Weston, Wisconsin
  • Member since Feb 6, 2016
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Eric M.
  • Investor
  • Weston, WI
114
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105
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Eric M.
  • Investor
  • Weston, WI
Replied

Since you have about 1/3 of the units is it possible to vote yourself into the HOA and change the rules?

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