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Unread 03-25-2010, 07:42 PM
 
1 posts, read 5,794 times
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Default Strategies for getting around HOA Rental CAPs?

Our community Home Owners association has a rental cap of 25%. There are currently more than that rented since the management company has not enforced the CAP until now.

I'm currently renting the unit to my cousin and never got approval from the HOA to do so. They are not telling me that they don't care that he is a relative and are threatening a fine.

Are there any good strategies to getting around the restriction?
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Unread 03-25-2010, 09:26 PM
 
2,158 posts, read 2,820,872 times
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You should be fined. You should have followed the by laws you agreed to when you purchased and got approval.

Quote:
Originally Posted by basalkat View Post
Our community Home Owners association has a rental cap of 25%. There are currently more than that rented since the management company has not enforced the CAP until now.

I'm currently renting the unit to my cousin and never got approval from the HOA to do so. They are not telling me that they don't care that he is a relative and are threatening a fine.

Are there any good strategies to getting around the restriction?
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Unread 03-25-2010, 10:35 PM
 
Location: Mableton, GA USA (NW Atlanta suburb, 4 miles OTP)
9,914 posts, read 12,904,772 times
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Quote:
Originally Posted by basalkat View Post
Are there any good strategies to getting around the restriction?
Don't rent out your property?
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Unread 03-25-2010, 10:37 PM
 
Location: West Cobb County, GA (Atlanta metro)
9,095 posts, read 19,645,962 times
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Quote:
Originally Posted by basalkat View Post

Are there any good strategies to getting around the restriction?
Nope. What's law is law. It doesn't matter if they've strayed with other people or not. You signed in to the HOA as-is when you bought your place, and if they challenge you and you're the one not living up to it, you will lose. You can discuss with them about the other issues with other owners, but it won't matter because technically you are breaking the HOA yourself. That's the way they work out - seen it happen a hundred times this way. Sorry.
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Unread 03-25-2010, 11:47 PM
 
1,246 posts, read 2,034,783 times
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Quote:
Originally Posted by basalkat View Post
Our community Home Owners association has a rental cap of 25%. There are currently more than that rented since the management company has not enforced the CAP until now.

I'm currently renting the unit to my cousin and never got approval from the HOA to do so. They are not telling me that they don't care that he is a relative and are threatening a fine.

Are there any good strategies to getting around the restriction?
If you really trust your cousin you could try adding him to the title as a small percentage TIC. Then he would be an owner too. When he moves out he could do a quitclaim deed. Definitely consult a real estate attorney about this for exact legal details.

If you can't sell your home in the current environment it is definitely better for the Hoa to have someone in the house instead of leaving it as a vacant house. A vacant house is difficult to insure.

Who are the lucky 25% who get to rent,the friends of the board members? Lesson to be learned,avoid hoas!
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Unread 03-26-2010, 12:27 AM
 
Location: Acworth
1,348 posts, read 2,265,695 times
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anybody can live in your home as you see fit.. you rent when you sign a lease/collect money in return.
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Unread 03-26-2010, 05:20 AM
 
Location: Billerica, MA
3,240 posts, read 3,540,736 times
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Quote:
Originally Posted by cityrover View Post
anybody can live in your home as you see fit.. you rent when you sign a lease/collect money in return.
Not in a HOA-controlled subdivision. There are regulations, and violations of those regulations will result in fines.
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Unread 03-26-2010, 09:13 AM
 
Location: Lindbergh (Atlanta, GA)
126 posts, read 173,096 times
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Quote:
Originally Posted by capoeira View Post
If you really trust your cousin you could try adding him to the title as a small percentage TIC. Then he would be an owner too. When he moves out he could do a quitclaim deed. Definitely consult a real estate attorney about this for exact legal details.

If you can't sell your home in the current environment it is definitely better for the Hoa to have someone in the house instead of leaving it as a vacant house. A vacant house is difficult to insure.

Who are the lucky 25% who get to rent,the friends of the board members? Lesson to be learned,avoid hoas!
This is a valid (and legal) way to do this. Probably won't make your HOA very happy, but the law is the law. The only way this wouldn't work is if all transfers of ownership need to be approved by your HOA. I don't think very many places do this, but check the bylaws.

You can do this yourself by going down to the county court house, or you can pay a law firm to do this for you. If you do it yourself, it would run you about $50 (depending on which county you are in). Not sure how much it would cost you if you wanted a lawyer to do it. Ive had lawyers do it for me for $50, but that was tied into the purchase of the property.

Last edited by bikefrontier; 03-26-2010 at 09:33 AM..
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Unread 03-26-2010, 09:14 AM
 
17 posts, read 52,126 times
Reputation: 10
Check your HOA Declaration. Many allow family and relatives to stay in the unit without it begin considered a lease.
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Unread 03-26-2010, 10:42 AM
 
Location: Mableton, GA USA (NW Atlanta suburb, 4 miles OTP)
9,914 posts, read 12,904,772 times
Reputation: 2693
Quote:
Originally Posted by capoeira View Post
Who are the lucky 25% who get to rent,the friends of the board members? Lesson to be learned,avoid hoas!
Most HOAs are just fine as long as you abide by the rules you agreed to, and the benefits derived from living in an HOA-controlled community often vastly outweigh the disadvantages.

I think the real lesson to be learned is this: if you buy into an HOA-controlled property of any type, make sure you read and actually understand what that means before signing on the dotted line.

Last edited by rcsteiner; 03-26-2010 at 11:10 AM.. Reason: Changed "agree" to "agreed"
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