I know someone who bought a condo in Austin thinking he could rent it on Airbnb.
The seller's agent said the complex allows it but they didn't verify. Imagine his feeling when the HOA fined him for breaking the no STR policy.
Read HOA laws BEFORE buying a rental
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@BryceWGarcia
One of my fears, is it easy to find hoa rules? Especially before you even look at the place?
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@FinanceHippy
Yeah they should provide the hoa documents during due diligence. And I’d contact the hoa as well.
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@BryceWGarcia
If you have something in writing from the agent saying STRs are allowed and they aren’t, you can take legal action against the agent
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@AdultingIsEasy
Apparently they can. The guy I know acknowledged he should’ve looked himself.
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@BryceWGarcia
Have you heard of any cases where HOA that currently allows STR later changes its rules and prevents them?
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@BryceWGarcia
ALWAYS verify representations in writing. Non responses & unanswered disclosure questions need to be investigated.
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@BryceWGarcia
I always get a copy of the HOA rules ahead of time. Not only that I instruct clients if they have specific questions to contact the HOA and not rely on the other agent
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@BryceWGarcia
It's shocking how many agents will sell people properties for STR without knowing the HOA and municipality rules. Of course the investor should be looking into these issues as well, but I feel it's my job as an agent to be on top of things like this.
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@BryceWGarcia
The county I live in has put a hold on new water meters due to: leaks in the system, more work from home ( weekend places became full time places) , under sized pipes and pumps.
A guy that just bought and renovated a vacant apartment building cant get water.
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