HOUSE HACKING, BUT POSSIBLE HOA RESTRICTION

[Dennis Mignone]

Hi All!

I'm considering bidding on 3 properties, 2 of which haVE no HOA rental restrictions, but the 3rd one does, for TWO years, (and strictly enforced, from what I'm told.) The overall #'s are paying $100+ less in the HOA on the 3rd property, it's pretty much turn key, and rent-estimate is $300-400/month higher than the others, but again, there's that 2 year wait, in order to do so.

Both of the 1st 2 properties are mostly in good shape, but will need roughly $10-15K in reno/upgrades over the next few years.  1 of them is listing around $160K, but with several bids, so am probably looking at $175K, and break even, (for now), as far as cash flow.  The 2nd property is listing at $205K, has no offers, and roughly  negative -$200/month cash flow, (but will make up for that by holding it, equity after market correction, and higher rent), and will need the same roughly $10-15K in reno/upgrades.

The 3rd property is listing for $220K, w/2 offers, so looking at around $235-240K, flood zone ins. $1k, no reno needed, but will need furnace and a/c soon, and cash-flow will break about even for now.

So, what's more valuable/benefitial......... the less expensive upfront, but with $10-$15k in reno, and with no rental restrictions, OR pay more now, and have to add furnace and a/c, with a 2 year HOA restriciton, but knowing after the market correction, I'll make back the extra on equity, and about $300 more on cash flow?

Immediately time/flexibility/freedom, or more $, but have to wait 2 years?

TIA!!!

DENNIS   :)