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| Author |
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TomM
Posts:0
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| 07/01/2006 4:41 PM |
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Please help!
I bought into a community with a decaying building, with the hopes of shaping things up. My thought was that the owners have been here forever & perhaps aren't aware that the property needs fixing and updating. WRONG.
Turns out the units are all rented out, and nobody seems to attend meetings to vote to remodel the building.
Any ideas?
This is my first post on this forum, and I thank you all for such a valuable resource... and for your advice! |
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LisaS
(Illinois)
Posts:339
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| 07/01/2006 6:34 PM |
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I know that you are really not going to like this...but I am a Realtor and this is exactly why I always tell people to do their research first. Especially since Real estate is the biggest investment most people make.
You have a very tough road ahead. The reality is that landlords are in the business of making money from rentals. If the untits are rented, and money is being made without too much going out for dues and 'special assessments' to fix up the building(s) it won't change.
I guess you need to start by getting involved. Go to meetings, speak your peace, have a plan and a solution. Do some research of your CCr's and the state laws, and know your options for getting things done.Knowledge is power. Then, get elected onto the Board. It's easier to change things from inside than outside...most times.
I wish you luck-
Lisa
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GeraldT1
Posts:0
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| 07/02/2006 5:44 AM |
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TomM,
Does your community have governing documents, is it a Homeowner's Association? If so, there may be a by-law (in your gov. docs.) or state statute that only owners of record can vote. This presents an interesting hurdle because the owners of record will have to be reached, not the renters to get a vote to remodel the building. If the owners care about their investments, you may have success.
In my HOA, renters are associate members with rights to use the property as owners do. The only thing renters can not do is vote. The renters really have no vested interest in attending meetings and many treat the property very differently than owners do.
Best of success!!
GeraldT1 |
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SusanS1
(Arizona)
Posts:1
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| 07/02/2006 5:52 PM |
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| I am the President of a small HOA (3 detached homes and 6 townhouses). Of the 9, 4 are rental properties. Of these 4, 2 of the owners carefully select and supervise their renters and their property is well maintained. Not so for the other 2. The five resident owners are worried that our very slim majority (and not a majority for many issues need 2/3 aproval) is threatened by investment buyers. Currently our governing docs limit rentals to 'households', which at least keeps these homes from becoming student housing for the U of Arizona. I'd like to know if anyone out there has amended their governing documents to limit the number of rental units in their community. Good luck Tom, Susan S, Tucson, AZ |
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TomM
Posts:0
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| 07/03/2006 1:28 PM |
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I used a Realtor, and did my research... but the HOA docs I reviewed before buying kinda lied about many things.
The docs stated that the water boiler (common water) was going to be replaced in a month and that the roof was inspected and is okay. In reality, the boiler is from 1984 and ready to fail, and the roof leaks - causing all types of damage to the structure. We do not have reserves for these items. |
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TomM
Posts:0
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| 07/03/2006 1:29 PM |
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| I forgot to mention that the boiler was not replaced - and there are no plans to do so. |
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RogerB
(Colorado)
Posts:3694
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| 07/03/2006 1:44 PM |
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| Tom, did your research include a property inspection by a Licensed Inspector and include the roof and boiler? Was your real estate agent aware of these problems? If so, you may have recourse through the Licensed inspector and/or real estate agent. |
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