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Our HOA docs say one cannot rent their home in the first year after purchase. We have one home where the owners daughter and her husband moved in right after close. We have another where the owners father moved in upon close. The owners do not live in either one, but technically they are not rented. As they are nice neighbors, we just keep a blind eye to it and we do not count them as "renters".
I was wondering that HOA can do about people renting their places even though they not supposed to? Make them pay? How much? Saw few communities like that in my area. Inverstors usually stay away from these communities.
I get the impression that everyone that buys these are not signing the same addendum. The last one I sold read something like "buyer intends to occupy as their primary residence for 2 years." I think without seeing what was actually signed there is not way to tell if it is fraud. In my opinion saying you intend to do something and then not doing it would not be fraud. The document didn't state one way or another what the buyer would actually do, just stated their intentions at the time of purchase. People can change their mind. Would it be fraud in this case I just mentioned? I don't think it is clear. It just seems to me the idea is to discourage things from becoming rental properties without actually keeping someone prisoner if there is a job transfer or a real need to move, making it possible for them to sell and leave without committing fraud.
Either way I think it's all BS. As an investor what I want to do is buy low, improve the house, which helps the neighborhood and then sell quickly to someone else for what it a more than fair price for them. I can't figure out why these stupid government entities think I'm the bad guy.
Either way I think it's all BS. As an investor what I want to do is buy low, improve the house, which helps the neighborhood and then sell quickly to someone else for what it a more than fair price for them. I can't figure out why these stupid government entities think I'm the bad guy.
Some investors are buying cheap houses for rent and making huge profit afterwards. With low invertory as we have in our area rent prices are high.
Do you understand that average home buyer has less adventages compare to average investor? Without programs like "first look" average home buyer has no chances to buy a house over average investor.
Do you understand that average home buyer has less adventages compare to average investor? Without programs like "first look" average home buyer has no chances to buy a house over average investor.
People that really need these kind of programs often can't afford to maintain a house if they buy one. That is worse for neighborhoods than rentals. What is wrong with renting if you can't really afford to buy?
People that really need these kind of programs often can't afford to maintain a house if they buy one. That is worse for neighborhoods than rentals. What is wrong with renting if you can't really afford to buy?
Government loan programs and ridiculous rules about who can buy what where.
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