All Forum Posts by: Phillip Nightingale
Phillip Nightingale has started 1 posts and replied 3 times.
Post: How to find Condos that you can rent out?
- Posts 3
- Votes 3
Quote from @Paul De Luca:
I'm not aware of a comprehensive database showing which buildings/HOAs allow rentals or not. Why do you need a resource outside of the MLS to determine if an HOA allows rentals? As you said your MLS search can filter for properties that definitely allow rentals.
If you come across a condo that does not have a yes or no answer on the question of allowing rentals, ask your agent to check with the listing agent. Sometimes there are rental restrictions which your agent will want to disclose to you anyway. I just don't think you should be creating unnecessary work for yourself.
I'm just looking for a way to look at more properties than I'm currently getting and maybe just using that method to look at properties in other markets as well.
Post: How to find Condos that you can rent out?
- Posts 3
- Votes 3
I want to thank everyone for their very useful advice. I have gone to check out some of the condos sent to me through the mls and so far, the seller's realtor has confirmed the HOAs of these visited properties allow rentals with certain conditions such as they only allow minimum 1 year leases.
The specific condo I'm looking at hasn't had a special assessment in something like 20 years since they have a couple million in reserves. They only allow leases for a minimum of a year. It's not a big cash flow property and I'm mostly looking at appreciation to add to my portfolio. I'll either break even or maybe $100 a month.
I currently have a 2 unit multifamily building that I purchased using my VA loan that I was house hacking but now have filled with two tenants and it does cashflow about $1000 a month. I'm hoping to eventually refinance into a conventional loan and use my VA loan again for a 4 unit building. I'm hesitant to do that right now since I have it at 3.25%.
I think I'll start looking up the different HOAs in Chicago and look up their bylaws.
Post: How to find Condos that you can rent out?
- Posts 3
- Votes 3
Hello everyone,
My question is a simple one, yet, I am unable to find out a lot of information on google regarding how to find condos in buildings where the HOA allows rentals. I'm currently working with a realtor and rely on him sending me mls listings. However, these only come in 1-3 at a time and every other day. On the mls listings, it seems it's just an option he can check off. "Allows rentals" yes.
Are there any resources outside of the mls where you can see if the building/condo association allows rentals? I'm unable to find a way to filter this in other resources such as realtor.com redfin etc.
Any information is appreciated!