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Thread: who owns rentals have a question, well issue!

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    Default who owns rentals have a question, well issue!

    I got a letter from the homeowners association around the time I broke my wrist that they were going to vote on limiting rentals. Well I get a certified letter the other day( kicking myself for forgetting to send in an absentee vote) that they've decided to limit the number of rentals to no more than 10% at a time. Are you fucking kidding me this is like 3 houses. I need to check if it encompasses just the newer homes or older in the subdivision then it would be like 20. I was the original and built that house. What pisses me off are the new board members are not original. My block a lot of us have bought larger homes and rent those out. I'm grandfathered in BUT if mt tennants don't renew and there at capacity I have to go on a waiting list. They are idiots this isn't going to better the neighborhood because if someone gets put on a waiting list( it might be 1 year or what if it's 3,4 or more years. Most people will sell cheaply. Ugh, is there anything I can do legally since I've been renting it for 13 years?

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    Default Re: who owns rentals have a question, well issue!

    Well, I don't own any, but it sounds like you should consult a property attorney? Homeowner's assoc. can be a nightmare!


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    Default Re: who owns rentals have a question, well issue!

    ^I know. My moms like I'll never live in one. The house I live in has one but this neighborhoods huge and their not assholes who nitpick everthing. I thought when Barbara died( the president) things would calm down. But no Marty asshole is just as bad. I remember when my neighbors husband was on the board( you're not allowed to run a business out of your house) but she did( a nursery) since her husband was president. They use to walk around the neighborhood with a note pad and write down any little thing. They sent me a letter when i lived there because I put the garbage out the night before( too early for them).They're just assholes who need to feel special. Like strip club mangers. lmao.

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    Default Re: who owns rentals have a question, well issue!

    Read the covenants carefully to see if they even have the authority. I've owned a couple properties with associations, been a board member on one, can't believe that they would even have that power.
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    Default Re: who owns rentals have a question, well issue!

    ^^^ agreed that this will boil down to the exact wording of the 'covenants' which home buyers agreed to when they purchased their properties. I know that decisions / edicts limiting the percentage of rentals is becoming more widespread among condos and housing developments, because newly enacted mortgage lending regulations now force a differentiation on the 'category' of loan ( thus different credit standards, different interest rates etc. ) if the total percentage of rental units exceeds a certain threshold. The probable explanation for this change is that the majority of owner-occupant homeowners in your development are looking to avoid facing higher interest rates on re-fi's which could potentially be 'categorized' as commercial versus residential if the percentage of rental units in the housing development is above a certain regulatory / lender policy dictated percentage.

    In your particular case, there would appear to be evidence that the new homeowner's association ruling will directly result in financial losses ... both potential vacant rental property, as well as potential property devaluation. These losses may be actionable even if the ruling cannot be voided / changed. Talk to an attorney ASAP.

    I have a 'friend' who owns a Manhattan condo who was recently hit by such a change in association rules. He used to rent out his condo for six months every year, but is no longer allowed to do so. He hasn't been able to successfully challenge the new association rules, is thinking about selling, but is finding that the market price for the condo has dropped significantly thanks to the new restrictions on rentals / sublets.

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    Default Re: who owns rentals have a question, well issue!

    You need an attorney to dissect the rules and the procedures they used in changing the restrictions. I had an issue with mine and my attorney found an issue with the procedures used in adding restrictions.. My HOA has 33 properties - the original Covenants were written to cover the first 8 properties. The rules stated that a majority of the homeowners votes were need to make a change. The developers just signed off on the new covenant that made the additional 25 properties bound by the original restrictions. At the time he had signed off on it without a meeting or vote - 4 properties of the original 8 had been sold - in essence - the developer no longer had the authority to just sign off on the change without having a vote. we beat them on a procedural violation. Get in touch with other property owners who rent and obtain the services of a good attorney. HOA's suck in my opinion and I will never ever ever ever live in one again.

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    Default Re: who owns rentals have a question, well issue!

    Quote Originally Posted by Melonie View Post
    ^^^ agreed that this will boil down to the exact wording of the 'covenants' which home buyers agreed to when they purchased their properties. I know that decisions / edicts limiting the percentage of rentals is becoming more widespread among condos and housing developments, because newly enacted mortgage lending regulations now force a differentiation on the 'category' of loan ( thus different credit standards, different interest rates etc. ) if the total percentage of rental units exceeds a certain threshold. The probable explanation for this change is that the majority of owner-occupant homeowners in your development are looking to avoid facing higher interest rates on re-fi's which could potentially be 'categorized' as commercial versus residential if the percentage of rental units in the housing development is above a certain regulatory / lender policy dictated percentage.

    In your particular case, there would appear to be evidence that the new homeowner's association ruling will directly result in financial losses ... both potential vacant rental property, as well as potential property devaluation. These losses may be actionable even if the ruling cannot be voided / changed. Talk to an attorney ASAP.

    I have a 'friend' who owns a Manhattan condo who was recently hit by such a change in association rules. He used to rent out his condo for six months every year, but is no longer allowed to do so. He hasn't been able to successfully challenge the new association rules, is thinking about selling, but is finding that the market price for the condo has dropped significantly thanks to the new restrictions on rentals / sublets.
    Exactly their idiots. I do know that one of the houses on my street didn't pay their homeowners dues and they put a lien on the property and took ownership and rent it out. all for 190 a year dues. How is this possible if your up to date on your mortgage. The letter I got was from the lawyer representing the home owner assoc. Can I get a free consult with a property attorney you think. I've worked 10 shifts since sept due to a broken wrist and don't want to spend a ton getting an attorney.

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    Default Re: who owns rentals have a question, well issue!

    Quote Originally Posted by Nikki_Fox View Post
    You need an attorney to dissect the rules and the procedures they used in changing the restrictions. I had an issue with mine and my attorney found an issue with the procedures used in adding restrictions.. My HOA has 33 properties - the original Covenants were written to cover the first 8 properties. The rules stated that a majority of the homeowners votes were need to make a change. The developers just signed off on the new covenant that made the additional 25 properties bound by the original restrictions. At the time he had signed off on it without a meeting or vote - 4 properties of the original 8 had been sold - in essence - the developer no longer had the authority to just sign off on the change without having a vote. we beat them on a procedural violation. Get in touch with other property owners who rent and obtain the services of a good attorney. HOA's suck in my opinion and I will never ever ever ever live in one again.
    I know what you mean. That one is ridiculous but the one I live in now is great. The dues are 25 a year and they're not even mandatory and they do a lot here ( have an annual spring fling at the park, have free rides to look at the lights, give awards to best lawn, etc) i thought about selling this house since my daughter will be moving out soon and I don't need a 2000 sq ft house but the thought of moving back in there with all those assholes. I was good friends with the guy on the corner ( I don't have his number anymore) but he rents and the lady school teacher who was original too. A lot on my block are rentals so I wonder what happened? If they were busy like me and didn't send in their vote. i wouldn't put it past them to lie about the vote outcome anyways.

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    Default Re: who owns rentals have a question, well issue!

    There are some real estate attorneys who specialize in homeowner/condo association law. In fact, years ago some of my clients were homeowner/condo associations before I decided to go in-house counsel for a Fortune 500 company. You should try to find such an attorney. Personally, you couldn't pay me to ever join a homeowner/condo association, which is just another layer of local government on top of the existing municipal, county, state, and federal governments.

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