HOA board service has been called "The Worst Volunteer Position in American." Seriously - there is an article out there with that title. I think it's true.
One HOA topic I haven't seen discussed: Many people are worried about Blackrock and foreign investors buying up properties and turning them into rentals. It's happening in many neighbo…
HOA board service has been called "The Worst Volunteer Position in American." Seriously - there is an article out there with that title. I think it's true.
One HOA topic I haven't seen discussed: Many people are worried about Blackrock and foreign investors buying up properties and turning them into rentals. It's happening in many neighborhoods. Yet, many HOAs (and most condo associations) prohibit rentals. Property owners scream about "my property rights," but their community is *protected* from the rental housing effect by those very same HOA documents. Seems that's worth something??
Yes, we had to grandfather in existing rentals due to case law precedent in our state, but our board did hold a vote in 2021 on changing our deed of restrictions so that no more properties in our neighborhood can become rentals upon sale effective 1/1/22. Our neighborhood is the kind of houses that are right in the sweet spot of these investors - prices hover right in the median housing price for our metro, although I have been reading that the investors are now pivoting into the below median value market due to higher interest rates.
We changed our bylaws this past year to say that you could not own more than two units and you had to live in one of the two. It passed, but barely. We have a person in there that owned three units and she sold two of them to a couple who live across the street. This couple now rents them out. They were one of the reasons we changed the bylaws. Unfortunately, they are grandfathered in but at least we stopped it from happening in the future.
HOA board service has been called "The Worst Volunteer Position in American." Seriously - there is an article out there with that title. I think it's true.
One HOA topic I haven't seen discussed: Many people are worried about Blackrock and foreign investors buying up properties and turning them into rentals. It's happening in many neighborhoods. Yet, many HOAs (and most condo associations) prohibit rentals. Property owners scream about "my property rights," but their community is *protected* from the rental housing effect by those very same HOA documents. Seems that's worth something??
Yes, we had to grandfather in existing rentals due to case law precedent in our state, but our board did hold a vote in 2021 on changing our deed of restrictions so that no more properties in our neighborhood can become rentals upon sale effective 1/1/22. Our neighborhood is the kind of houses that are right in the sweet spot of these investors - prices hover right in the median housing price for our metro, although I have been reading that the investors are now pivoting into the below median value market due to higher interest rates.
We changed our bylaws this past year to say that you could not own more than two units and you had to live in one of the two. It passed, but barely. We have a person in there that owned three units and she sold two of them to a couple who live across the street. This couple now rents them out. They were one of the reasons we changed the bylaws. Unfortunately, they are grandfathered in but at least we stopped it from happening in the future.
https://www.restorationpm.com/the-worst-volunteer-position-in-america