LOC on Condo with no HOA

[Derek Martin]

I bought a condo (one of 2 in a 2 unit building side by side). I paid cash and so did my neighbor. When I purchased the condo there was no HOA because we both used cash to purchase and the previous owner owned both units and was foreclosed on. The bank sold each unit individually for some reason. My neighbor and I just split the expenses when it comes to exterior repairs. I currently have the unit rented out, but i'm running into issues getting my money back out.

I am running into a problem because there is no HOA and i'm trying to refi or do a HELOC. Anyone know how I can get this done?

HELP!!!

[Chris Martin]

If the HOA/Condo doesn't add any value, you should consider terminating the condominium. All parties would need to agree. Check with on how to go about it, or check with an attorney. It's pretty clear the owners are not managing the association property and the way I see it, there isn't much reason to keep it in place. If someone knows otherwise, please post.