All Forum Posts by: Account Closed

Thanks... do you or does anyone know how I could find this information out for SFH community if HOAs do not have this information? I thought majority of HOAs would know this information? This is in regards to SFH community... not condos or townhouses...

I need to know what percentage or how many single family homes in a certain gated community are RENTERS vs home OWNERS. I want to possibly buy a SFH in this gated community. My realtor told me HOAs are more than likely *NOT* going to be willing to share this information with me.

Excuse me.... say what!!!??? I'm sorry but if I'm going to spend over half a million dollars to buy a SFH in a gated community then shouldn't I be given this basic information when requested!!?

I know I will get less than optimal ROI... but once I have fully paid off the mortgage I plan to rent out this house. I need to know what percentage of the homes in this gated community with HOA are renters vs owners.

HOA withholds this information!? This is not ok.

Sorry if this has already been answered somewhere but if am going to buy a 3BR SFH in a community where there is HOA (if I cannot find one with no HOA unfortunately!!) and I plan to live in this SFH for at least a few years (less than 5 though!) and then I plan to rent it out long-term. If I find such a SFH, I am going to ask HOA the below questions.... if I left anything important out please let me know. I am trying to know what to ask about HOA's rental policy. Thanks in advance!

1. What is your policy on rental properties?

2. Can property just purchased be immediately rented out or must it be owner occupied for X period of time before being able to be turned into a rental with a long-term tenant? 

3. Is there an owner/renter ratio that must be met? If so, what is the MAX number of properties that can be rentals?

4. How many properties are in this entire community and how many are OWNERS and how many are RENTERS?

5. Can I be CONFIDENT that rental properties will *never* be banned in this community or is there possibility that all rental properties might be banned at some time in the future?

6. Are seasonal renters allowed or long-term only?

I don't know what other questions to ask HOA... I'm sure I left some important things out? I HOPE to not have to deal with HOA... but I am already preparing myself to Unfortunately! Because the area I want to buy this property in has lots of HOAs. Most are averaging $60/month in HOA for the time being. But it's the CONTROLLING factor I am worried about!

I said a 100% confident GOOD BYE to the townhouse. HOA hit EACH UNIT!!!.... there with an almost $8,000 special assessment two months ago and they don't appear to have any funds in reserve. Then last year another one happened for smaller amount... they also drastically increased HOA fees. Not to mention the seller didn't honor their full asking price and had me negotiating against myself... not something I will allow again... since I was the ONLY offer!

I am now searching for 3BR SFH instead. I am seeing houses with $60/month HOA... MUCH cheaper than that townhouse's HOA but any HOA makes me very nervous!! I am HOPING that HOA with SFHs will be "less controIling" or troublesome than HOAs with condos and townhouses? I hope so! HOA in the townhouse wanted to have group meeting to decide what type of window coverings each person is allowed to have inside their own home. Hell will freeze over before anyone dictates to me what window coverings I'm allowed to have in my own living space! HOA crosses the line way too often.

Ok I am a moron please disregard above post. Property would have been appraised anyway by the lender... so I would just make sure I have an appraisal contingency set so that if it appraises much lower than I expected I can back out and not lose any of my earnest money. The reason I am posting this is at the end of the day is I have no idea what this townhouse is worth so I really do not know if 495k is SUPER crazy absurd or not... if this property is worth only 450k then it's a NO.  

Urgent! I want to get this townhouse appraised asap because I do not even know what it is worth! My realtor said the following... she will ask this seller if that is OK and then asked me "do you mean the inside or just the outside and comps only". 

Do most sellers allow property to be INDEPENDENTLY appraised by potential buyer and for me to keep the results to MYSELF only? Since I had to pay for it of course. I mean do most sellers allow this if the appraiser goes INSIDE the property?

I have no plans to rent it until the mortgage is free and clear which would be in less than 5 years. But I need a get a real estate agent who deals with not only residential properties but investment props too and understands the rental market because I feel like I am all alone here... I am not getting any feedback AT ALL (zero) from my current realtor on this!

I just let the realtor know that I will NOT take this townhouse. I told her 495K is not a fair price and if the seller is willing to honor her original full asking price of 465K then I will take the townhouse now. Otherwise... NO. Otherwise NOWAY is more like it.

... and then I can finally move on!!!!!

EDIT: I will post update on what seller says.... 

How much did you put down? I would not be renting out the place I get until it is free and clear. I will get about 4% ROI then... I know it is HORRIBLE... but I am fine with that (I will get higher ROI with other assets). My hope is that a 3BR SFH will appreciate more than a 2BR townhouse over a 20+ year time... and in the interim during those years a 3BR SFH will cash flow more than 2BR townhouse. At least that's what t\it looks like when I use the biggerpockets rental calculator when comparing the two.

I forgot to say... this seller had NO idea I loved the views. When she rejected my full asking price offer and took the prop off the market... I started house hunting like crazy and was not able to find anything that even remotely compares to this townhouse.

So I then asked my realtor what if we go back to the seller and ask her if I were willing to pay more $$$ perhaps she would sell. I think it is then that the seller was informed how much a LOVED this townhouse.  

Sad!! :(