Precarious Situation with Rental

[Dom J.]

Hello all, this is my first post on the BP forum - awesome & very resourceful website btw.  I'm looking for some advice/guidance on what my partner and I should do with one of our properties.  It's a 3BR condo we bought extremely low at 62K and are currently renting it out for $1200/mo so it is cash flowing pretty well.  Our concerns though is there is a buyer in the complex that has decided he wants to take it over and now owns over 80% of all the units.  Since acquiring the majority of the condos he has taken control of the COA and although there's been no increase in the monthly assessments we are still concerned what the future may hold with him monopolozing.  This is a first for us and our realtor partner says its potentially a big problem and we should think about selling before buyer owns 99%.  I am interested in your guys' thoughts on the situation taking everything into account?  Thank you!

[Dean H.]

@Dom J.

Thank You !!!

Your situation has reaffirmed my un-written rule number 6, NEVER buy any property for an investment that is in a HOA.

I would negotiate the best possible escape, lick my wounds and move on.