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Message
1
Posted on 7/6/19 at 9:50 am to mahdragonz
quote:
How did you find out he is renting?
Buyer's agent told seller's agent.
quote:
Have you seen a rental contract?
Nope. Would love to, but not really any of my business.
quote:
what kind of legal action do you think you can take since you don't know a damm thing other than gossip?
No idea, which is why I'm asking. What info I do have isn't gossip. There are many factors to think about with stuff like this. I'm a bit surprised that the "morality police" have gotten so triggered over this.
So, realistically, all of you homeowners would be fine if 40% of your neighborhood suddenly became rental properties? If that's true, I'm honestly shocked based on what I see posted here every day.
Posted on 7/6/19 at 9:51 am to yellowfin
quote:
If I was the seller I’d just push the closing up to Monday morning before you had a chance to form HOA.
What's the point? There's clearly nothing we can do.
quote:
If I was the buyer and the neighbor pulled this I’d just opt out and find another rent house
That would be ideal. Plenty to choose from.
Posted on 7/6/19 at 9:52 am to S1C EM
Sorry you live in a shitty part of town
Posted on 7/6/19 at 9:52 am to East Coast Band
quote:
Another situation I thought of:
What if you have this "20% rental rule" in effect and house #1 has a renter move out. And plans on another renter moving in next month. But in the meantime, house #2 gets a renter to move in instead. What must house #1 do now? Leave the house vacant?
That's a great question. I only posed my question because I have discovered this is a common clause in many HOAs. It's not setting any sort of precedent.
Posted on 7/6/19 at 9:52 am to S1C EM
Ryno crafted the one for our HOA
Better than the tightest pre-nup
Better than the tightest pre-nup
This post was edited on 7/6/19 at 9:53 am
Posted on 7/6/19 at 9:53 am to TastyJibblets
quote:
Sorry you live in a shitty part of town
We don't. Which is why this is surprising. Never expected someone to come in and pay full or over asking price in an up housing market for a rental. It doesn't make a ton of sense to me.
Posted on 7/6/19 at 9:54 am to willeaux
quote:
Must be a fragile market if you are worried about one house.
It causes our neighborhood to become 40% rentals, up from 20%. That's a pretty sizable increase.
Posted on 7/6/19 at 9:54 am to S1C EM
quote:
Buyer's agent told seller's agent.
So how the frick do YOU know.
Those agents are in closed negotiations.
Yeah buddy...go ahead and say you found out and see the buyer's lawyers tell you to pound sand.
Your snitch will find out about telling a third party about their contract.
Posted on 7/6/19 at 9:56 am to used2becool
quote:
If you want to control what your neighbors do with their property... buy it from them.
Yuuup.
A 5 home HOA in an attempt to single out one property for doing something others already are doing seems.... asinine.
Posted on 7/6/19 at 9:57 am to S1C EM
Why don’t you just admit you are worried about “brown” people moving close to you
Posted on 7/6/19 at 9:58 am to S1C EM
HOA are for chumps. I’d tell you to GFY if you brought that shite to me. Inevitably douche bags take over and will tell you that you cant have an American flag in your yard. Don’t be a sissy
This post was edited on 7/6/19 at 10:03 am
Posted on 7/6/19 at 9:58 am to East Coast Band
quote:
LOL, you can't let some people rent out, but not others.
It will be either all or none. Plus, the sellers/buyers of the new house will need to be on board, don't they? I wouldn't think if a five home neighborhood didn't have a covenant that 4 of them could throw something together that the fifth all of a sudden would have to agree to.
Not true.
quote:
Rental restrictions come in several forms, two of the most popular of which are caps and lease restrictions. Rental caps limit the total percentage of homes (commonly 20%) that can be rented in a development at any given time. The board usually approves rentals on a first-come, first-served basis and might have to keep a waiting list if the cap is reached. An alternative approach, designed to discourage purchases made solely for investment, requires new owners to reside in the home for at least one year before renting.
Posted on 7/6/19 at 10:00 am to mahdragonz
quote:
So how the frick do YOU know.
Real estate agents talk WAY too much. It's none of their business, and they should not be telling anyone else's plans.
For example, I know a family, who coincidentally were renting a home tell a real estate agent to look for new homes to buy. She blabbed and word got back to the owners the family were renting from that they were looking to buy a home. Then the owner tried to jack up the rent when the next rent contract came up.
Posted on 7/6/19 at 10:01 am to S1C EM
quote:
We don't. Which is why this is surprising. Never expected someone to come in and pay full or over asking price in an up housing market for a rental. It doesn't make a ton of sense to me.
Clearly I see why you think they plan to neglect the property and cause you headaches with their premium purchase.
Framed another way- should they be worried about their neighbors who bought in at much lower prices bringing down their higher end investment?
Perspective can be a hell of a thing and yours seems very narrow
Posted on 7/6/19 at 10:01 am to S1C EM
quote:So you think this guy is spending that much money on a house but isn't gonna price it appropriately? You do understand that "renters" is not another name for "poors" right?
We don't. Which is why this is surprising. Never expected someone to come in and pay full or over asking price in an up housing market for a rental. It doesn't make a ton of sense to me.
Posted on 7/6/19 at 10:03 am to S1C EM
quote:
What's the point? There's clearly nothing we can do.
There’s always something you can do. It just depends on how much money you have and how much you’re willing to spend to keep this house from being rented
Posted on 7/6/19 at 10:04 am to S1C EM
You’ll save a lot of money by just burning a cross in his front yard
Posted on 7/6/19 at 10:04 am to Cracker
quote:
Maybe don’t live in a neighborhood of starter homes.
We're not. That's the issue. No one here ever expected that anyone would use one of these as an investment property.
At this point, I won't pursue anything. I was simply asking if there was recourse. Obviously, most of you have never lived in a neighborhood with a high rental property percentage and/or ever been a landlord. I've been in both positions and it's usually not a great recipe. We shall see.
Posted on 7/6/19 at 10:05 am to S1C EM
Seems like he’d be grandfathered in.
As far as this below, sounds phucked up if you ask me. Either it applies to all or... I don’t like playing favorites.
As far as this below, sounds phucked up if you ask me. Either it applies to all or... I don’t like playing favorites.
quote:
We could write the rules up to allow for no more than 20% rental properties which covers his home, but doesn’t allow any others
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