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Old 10-14-2011, 01:24 PM
 
2 posts, read 17,282 times
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I bought a condo 4 months ago. I am currently residing in the unit. However due to many circumstances Im thinking of moving. I don't care to sell the unit. I would prefer to simply rent it out. My question is this. Since I purchased it as an owner occupant would I have any legal problems with the mortgage lender or the HOA to rent it out. Many of the other units in the building are rented out. Is it possible for the HOA to allow some units to be rented out and pass bylaws against future owners renting out their units? Would the mortgage lender attempt to force me to continue living there. If anyone has encountered this situation before please advise accordingly.

Thanks!!!
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Old 10-14-2011, 04:16 PM
 
Location: Just south of Denver since 1989
11,606 posts, read 32,112,377 times
Reputation: 8393
Read your mortgage or deed of trust, most times though, no issue with the loan. HOA's? No one can predict the future.
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Old 10-14-2011, 04:47 PM
 
Location: The Triad (NC)
32,183 posts, read 74,522,485 times
Reputation: 39512
Quote:
Originally Posted by 2012tlk View Post
I bought a condo 4 months ago.
I don't care to sell the unit.
I would prefer to simply rent it out.
Accidental Landlords: Renting What Won't Sell - TIME
6 reality checks for accidental landlords
http://www.biggerpockets.com/renewsb...d-help-advice/

Quote:
My question is this.
Since I purchased it as an owner occupant would I have any legal problems with the mortgage lender or the HOA to rent it out.
That is a very reasonable expectation.
You can be sure that this question has come up before and they will try to protect their interests.

Quote:
Many of the other units in the building are rented out.
Is it possible for the HOA to allow some units to be rented out and pass bylaws against future owners renting out their units?
Would the mortgage lender attempt to force me to continue living there.
Have you reviewed the literature from the HOA?
How about the Lender? The Insurance Co?

Quote:
If anyone has encountered this situation before please advise accordingly.
Being more specific will depend entirely on what the contracts and documents you have signed state.
Find one or two of those other property owners and ask how it went?

hth
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