The hoa just started this rule in June.

Hello,When purchasing a foreclosed condo from the bank - Is the buyer responbible for HOA Fees that were owed by previous owner?

@Damien Christian I like condos despite the HOAs.  

In line with rental comps if not on the low side. 12000 gross rents1750 taxes2175 hoa and mx(lawn, trash, water, exterior MX) ouch700 insurance960 vacancy (8%)600 my MX (5%)NET 5815 - 8.55 cap rateIf leveraged which the seller will let me.$13000 down, cc financed into loan at about $55,000Debt service $278/ month $3336 / yearCash flow $2479 or $206 monthly and equity of $70 a month starting outCash on cash return 19%Exit planHold for a year, small rehab sell for 80- 90kOr hold long term 10+ years. 

If you have zero other debt (no other loans, all credit cards are paid to zero every month, etc.) then you're looking at a maximum mortgage payment of around $1019 which will have to include property taxes, hazard insurance, mortgage insurance (maybe) and any HOA fees.  

My only experience with this is that I had to pay an HOA fee when I didn't even know the home was in an HOA, didn't find out about it until they filed a lien on the property, and even the contract we signed and the closing docs stated NO HOA.  

Yearly Home Owners Insurance - $726.18 (I assume this will increase when switching to a landlord policy)Yearly HOA Fee - $350Yearly Mortgage Insurance - $1,451.76 (I will be able to get this dropped in approx 3 yrs)Yearly Vacancy - $1,620Yearly Property Management -$1,620Yearly Repairs- $810 (It is an A/B property in a good neighborhood with minimal immediate repairs so I used 5%.

Also seems like it's dominated by HOA, but not sure.

I would HIGHLY recommend you stay away from condo's, townhouses or anything with HOA's.

Between price to rent ratios and HOA/condo fees it can be tough.