Just bought a short sale condo, problem afterwards

来源: 新新乐人 于 2010-11-03 09:07:22 [] [旧帖] [给我悄悄话] 阅读数 : (3026 bytes)

This is supposed to be our first investment property. We were fooled by the fact that the previous owner used it for rental and was under his LLC. Until two days before closing, we found from HOA documents that the property is not permitted to rental by HOA. It was too late to back off unless we risk to lose all honest money.

 

Our possible choices now are:

  1. remodeling and then sell it (make no or very little money)

  2. rent out under the table with risk of getting fines/penalty from HOA

  3. pretend owner occupied and rent partially (rent out 2 out of 3 bedrooms), not good for cash flow.

 

请教 any good suggestions

 

Thanks a lot

所有跟帖： 

• You can exit based on HOA 回复：Just bought a short sale condo, pro -haha_100- ♂ 给 haha_100 发送悄悄话 (135 bytes) () 11/03/2010 postreply 09:15:10

• 回复：2 or 3 won't work. Your only choice is 1. Important lesson -新新乐人- ♀ 给 新新乐人 发送悄悄话 (777 bytes) () 11/03/2010 postreply 10:31:34

• Think HOA as run by 街道大婶, so the enforcement could be -sunskitehomes- ♂ 给 sunskitehomes 发送悄悄话 sunskitehomes 的博客首页 (191 bytes) () 11/03/2010 postreply 10:49:53

• this will not be easy to sell -jjj7- ♂ 给 jjj7 发送悄悄话 jjj7 的博客首页 (121 bytes) () 11/03/2010 postreply 11:30:04

• 回复：this will not be easy to sell -新新乐人- ♀ 给 新新乐人 发送悄悄话 (615 bytes) () 11/03/2010 postreply 12:24:40

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