Real Estate Agent · Northern Virginia(VA) · Member since 2024 · 16 posts · 10 votes
Hi Everyone. If you notice my posting history I am investigating purchasing my first condo in the next few months and am investigating some potential scenarios.
I am looking into living in the unit for a little over 1 year and putting it up for rent either with HCV/Section 8 or finding a tenant through my brokerage(L&F) or other means.
Anyone have any experience with Section 8 and their requirements for Condos? My immediate order of steps is to ask the condo association if they allow rentals. But not sure if I have to inform them of a potential Section 8 tenant? Seems a bit discriminatory if I had to? Or if it matters? And the percentage of units that can be rentals as another member informed me of this(Thanks!!).
And in regard to rent they more or less guarantee that your mortgage is being paid. With no residual/profit?
Any advice here is appreciated! Interested to hear everyone's experience. I have heard things on both sides.
Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
2y
I personally don't like condos for a rental property.
HOA fees
HOA rules that can change. What if your tenant breaks the rules continuously and you keep getting fined. They may not be able to pay the fines.
Assessments that you are forced to pay for repairs or upgrades.
I managed a budies house in a strict HOA and he was continuously being sent bills for fines from things like parking on street or leaving trash cans on the street after trash day.
I personally will never buy an investment property where there is an HOA.
I personally don't like condos for a rental property.
HOA fees
HOA rules that can change. What if your tenant breaks the rules continuously and you keep getting fined. They may not be able to pay the fines.
Assessments that you are forced to pay for repairs or upgrades.
I managed a budies house in a strict HOA and he was continuously being sent bills for fines from things like parking on street or leaving trash cans on the street after trash day.
I personally will never buy an investment property where there is an HOA.
Thanks for the info John. I will be weary of what the HOA rules are. At least the big ones. For sake of condos it's really all that is in the region lol. Kind of limited in my avenues haha