TamaraW (Ohio)
Posts: 193
Posts: 193
Posted:
Has anyone made the transition of changing governing documents too, basically - allow no more renters and anyone who purchases has to purchase for the sole purpose of residing in the home vs. turning the home into a investment property?
With foreclosures on the high here, we are seeing a huge number of rental units pop up. This is creating a huge headache for the Board and homeowners. Why -
They do not know the rules
They treat our community like an apartment complex
When landlords do not enforce the violation letters they get with the rentals, then many monies of the association are spent to evict the renters.
We are getting a lower class (sorry to use that term, but it is factual)of people moving into our neighborhood -druggies, hookers, just "I don't own my house" type of mentality behavior.
We have had many homeowners express that they want to see a cap on this and see us change our governing documents. We called the Lawyer in, after we were told by our PM we could do this, and she suggested to us not to do this. However, she advised us too say - if the rental unit goes without renting for 60-90 days then the unit loses it's right to rent. OK, so then that would force us to foreclose on the unit. To do that we would have to pay her more money and continue to help the economy bring the value of our homes down while packing her wallet with money.
So has anyone made this transition and what do you suggest?
Thanks!
With foreclosures on the high here, we are seeing a huge number of rental units pop up. This is creating a huge headache for the Board and homeowners. Why -
They do not know the rules
They treat our community like an apartment complex
When landlords do not enforce the violation letters they get with the rentals, then many monies of the association are spent to evict the renters.
We are getting a lower class (sorry to use that term, but it is factual)of people moving into our neighborhood -druggies, hookers, just "I don't own my house" type of mentality behavior.
We have had many homeowners express that they want to see a cap on this and see us change our governing documents. We called the Lawyer in, after we were told by our PM we could do this, and she suggested to us not to do this. However, she advised us too say - if the rental unit goes without renting for 60-90 days then the unit loses it's right to rent. OK, so then that would force us to foreclose on the unit. To do that we would have to pay her more money and continue to help the economy bring the value of our homes down while packing her wallet with money.
So has anyone made this transition and what do you suggest?
Thanks!