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All Forum Posts by: Cody Martini

Cody Martini has started 2 posts and replied 2 times.

Eventually I would like to turn the house I am currently living in into a short-term rental property. I read the bylaws and covenants of my HOA and it makes no mention about renting or short-term rentals. The other day I wrote an email to the HOA president to verify if this is allowed. He responded that there is indeed nothing in the bylaws and covenants to prohibit rentals in our neighborhood. He also included the other leaders on the HOA board in his email to me. One of the officials wrote back stating " I definitely think there should be something in the bylaws about renting."

I live in an community where the people are mostly elderly retiree, and I generally feel like short-term rentals would be unwelcome in this neighborhood.  It seems that I kind of tipped them off (stupid I know) that I am investigating this and now I'm afraid that they will try and change the rules.  

I plan on going to the HOA meeting, but was hoping that if they do decide to make a rule against renting maybe I could be grandfathered in under the old HOA bylaws? What if I refuse to sign the new bylaws and covenants should they come out with edits that prohibit renting. Has anyone been in a similar situation and if so, what is your advice?

Post: Is this a good deal?

Cody MartiniPosted
  • Posts 2
  • Votes 0

Looking at a triplex. The sale price is $195000. Each unit is 2 br/1 bath. All units are currently being rented at $700/month. All units have new flooring, appliances, toilets, showers, heating, A/C. Still waiting to hear if tenants are paying utilities or not. Tentative mortgage with taxes and insurance is $900/month. The property was built in 1960. It is close to a military base and a university. I feel like it could cash flow pretty well, but it doesn’t meet the 1% test. I welcome any comments or opinions on whether you think this is a good deal.