HOA and Condo Rental Cap Question

[Leah Pasco]

I am considering purchasing a condo as a rental property. I have learned that condos have HOAs and that there are rental caps on communities like 10%, 20%, 30%. I was wondering, how would I go about finding out the rental caps on each community? 

I am thinking that an HOA can handle more than one community/complex. For example, one would have 100 units and the other would have 120 units but, they both belong to the same HOA. Is this how it works? Please correct me if I am wrong.

Would I need to call each HOA and let them know the property address to zone in on the one I am considering? Can I find a list of HOAs in my city?

Any tips or advice as to what I should be looking for is welcomed!

Kind regards,

Leah Pasco

[Chloey M.]

@Leah Pasco

Also, why would you want to buy in a complex with rental restrictions? It’s a good chance that you’ll run into issues there.

Lastly, If this is a lower-priced condo (under $100K) and there are no rental restrictions then I really hope you are a cash investor because getting funding for these types are nearly impossible!