All Forum Posts by: Virginia H.

I do believe I am ready.  I have begun the search for my first flip. 

I have my real estate broker lined up and have a magnificent general contractor. 

IT'S SHOW TIME!!

Granted all situations differ, however I am a contract employee. No modifications can be made to my contract without the approval of all parties involved. 

Did you and your husband go back to the owner and ask him what's going on - especially since OUT OF COURTESY you went to him and offered to go through his company and he said no?

Does that Broker boss of yours stand to profit from you going through the company? My guess is yes..... But if so, sounds to me as if SHE may be the one with a conflict. 

You said you do not want to involve attorneys.  That's fair enough. However, for those of us that may one day risk the misfortune of dealing with these people it would be great if you at least reported the broker to the State licensing board. 

 Why? Because I can not guarauntee the unit will be available and fit for living in 6 months ... And I would certainly not force out a current tenant or ask a potential tenant to wait for 6 months - I certainly would not accept a security deposit 6 months in advance 

The buyer should request from the seller a copy of the HOA by laws, financial statements for prior 3 fiscal years, names and contact information for all current board members, and covenant restrictions. See what, by law, the HOA board is required to do. Ask the Seller if there has been anything levied against him by the HOA. Ask the seller if there have been personal issues with any board members or other tenants.

Personally, I would walk away because this is a clear indication of how uncooperative the board is and the problems the potential buyer will have in the future. 

Of course, I am biased.  I hate HOAs. 

My partner and I have investigated HOAs (Certified Fraud Examiners and member of Association of Certified Fraud Examiners).  If you would like me to look over the documents (for free- of course) I certainly will.  ... The devil is in the details! .. Will be glad to help y'all navigate this one for FREE!

 LOL .... Yes, be part of the change ... Or buyer beware.... Either way, be involved. 

I understand HOAs are a personal preference.  I'm just trying to understand.   

Thanks for the feed back. I am a Certified Fraud Examiner. My partner and I were once hired by a homeowner to investigate his HOA. Could not believe what I read. Worse yet, I could not believe anyone would agree to the terms.

Please read the following link ... Pay close attention to the "Testing". Though written in the state of Mass. It applies everywhere.

Link

I can assure you it does NOT matter what the FHL states.  

CYA, pal because we are living in a world of those actively lookin for offense and a world where the offenders are those "rich" (and in the mind of many - because you own rental property you we rich). 

 I would recommend extreme caution.  The Supreme Court just made it very easy for POTENTIAL tenants to sue for discrimination even if there is no basis for it - because they FEEL like they were discriminated against. 

Thank you.