How to Fight to prevent rental restrictions from HOA

[Dan Trinh]

Hi Guys,

I've owned an apartment in Las Vegas since 2012. I have rented it out in all these years. I just received a newsletter from the HOA stating they are planning on making it so that all future sales of apartments are to home owner occupied only - No renting out. Current owners such as myself can continue to rent out.

They way I see it is if I sell in the future, the pool of buyers that may be interested will be much more limited as I won't be able to sell to investors. 

Any thoughts or ideas on how to prevent this? Currently the plan is open for discussion and I am trying to make a case or have good reasons why future apartment sales should still be available for rental.

[Michael Robbins]

@Dan Trinh my opinion is the resale value will go up in this situation. It is good that you are grandfathered in. In order to get best of both worlds I would make a suggestion to the HOA board that if a rental property owner sells the home can still be rented out. So the rental exemption passes through to each owner. The justification would be when the original investor purchased it was with the understanding that the home could be sold to other investors....