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re: OT - Forming a HOA
Posted on 7/6/19 at 11:46 am to S1C EM
Posted on 7/6/19 at 11:46 am to S1C EM
HOA can be useful. But if ppl want to rent they'll find a way around it
My folks owned a condo they wanted to rent. HOA told them they could not. 20% were already rented. They filled out the necessary paperwork to wait their turn on the rental. Meanwhile, put the renter on the mortgage paperwork and he lived there starting immediately. Never put him on deed or anywhere that would jeopardize their ownership.
Once they were approved (years later) removed him and rented to him.
Edit: the board was furious but could not stop it.
My folks owned a condo they wanted to rent. HOA told them they could not. 20% were already rented. They filled out the necessary paperwork to wait their turn on the rental. Meanwhile, put the renter on the mortgage paperwork and he lived there starting immediately. Never put him on deed or anywhere that would jeopardize their ownership.
Once they were approved (years later) removed him and rented to him.
Edit: the board was furious but could not stop it.
This post was edited on 7/6/19 at 11:47 am
1
Posted on 7/6/19 at 1:56 pm to retooc
quote:
Meanwhile, put the renter on the mortgage paperwork and he lived there starting immediately.
Can you specifically define this action? It sounds like they put him on the security deed/note without putting him on title. Which doesn't make sense (how can he be on a security deed without ever being on a warranty or quitclaim deed?). He can't deed a security interest for a property that he doesn't own.
It sounds like they did a few quitclaims (putting him on and taking him off).
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