HOAleader.com - Tip of the Week - October 1, 2021
Published: Fri, 10/01/21
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HOAleader.com - Tip of the Week - October 1, 2021
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Pacaso is a company that’s growing. This week’s tip explains why it has the potential to change your community as it expands.
According to news reports, Pacaso sells shares of homes to multiple investors. See where this is going? Homes in your community could have tons of owners coming and going, even if you have rental restrictions.
According to Pacaso’s website, the company creates a limited liability company for each home in its program, finds and vets co-owners, and handles all the sales details. Once the co-owners close on their purchase, they can schedule access to the home.
The concept doesn’t worry our experts too much—yet. “This just recently hit the news, and the business model appears to be based on higher-end luxury homes,” reports Todd J. Billy, CCAL, an attorney at The Community Association Lawyers in St. Louis, who is licensed in Missouri and Illinois and has more than 1,000 active condo and HOA clients. “When I saw it, I had a bit of a hair-on-fire moment. But I’ve calmed myself down.
“I realized their business model works only in the high-end home market,” he adds. “But that doesn’t mean it won’t work everywhere.”
That’s also the opinion of Jeff Vollmer, a partner at Makower Abbate Guerra Wegner Vollmer PLLC, whose firm advises nearly 2,000 associations throughout Michigan. “I hadn’t seen this and had to investigate,” he explains. “It hasn’t really hit Michigan yet, and it’s probably not going to fall into many communities beyond the luxury market. So I’m keeping an eye on it, but it’s not something that’s concerning me yet.”
Here’s the thing: This has been happening already in condos and HOAs for a long time. Find out why our experts say that in our new article:
https://www.hoaleader.com/members/4398.cfm
Best regards,
Matt Humphrey
President
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Recent articles posted at HOAleader.com:
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HOAleader Video: Should This Board Member Keep Reporting a Neighbor's Violations?
An HOAleader.com reader has a question for our experts. As the kids say today, it's complicated. "A homeowner with a dog has gotten various violations that clearly came from a director because the homeowner shares the driveway with the director. The homeowner has requested a meeting with the board to dispute two of the violations. An executive meeting was scheduled.
Click here for more:
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Is This HOA Bylaw Request for Owners' Information Reasonable?
An HOAleader.com reader asks, "Our bylaws require that a co-owner fill out a sheet that lists the owner of the condo, who's living there, contact information, vehicle information, insurance information, and emergency contacts. The HOA was loosely run for a while, and these documents weren't always secured at time of purchase.
Click here for more:
https://www.hoaleader.com/members/This-HOA-Bylaw-Request-for-Owners-Information-Reasonable.cfm
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Click here for more:
https://www.hoaleader.com/members/Whats-New-in-Condo-HOA-Lending.cfm
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A Step-by-Step Guide to Successful Condo/HOA Elections: What's New in Planning and Executing Elections?
Join us for an in-depth webinar on October 14 led by two community association lawyers who’ve devoted their extensive—and impressive—careers to solving the challenges HOAs face every day. You’ll log out of the webinar with valuable, workable tactics you can implement immediately to make your election process smoother, more successful, and less contentious.
Click here for more:
https://www.hoaleader.com/products/condo-hoa-elections-guide-a.cfm
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What HOA and Condo Boards Need to Know About Regulating Rentals
Rental restrictions are unlike most other policies HOA boards create because they necessarily curb owners' real property rights. The law jealously protects property owners' rights, which means any HOA board that seeks to restrict rentals in their community needs to act wisely and deliberately. This report provides you with the information you need achieve that goal.
Members can download the report here:
https://www.hoaleader.com/public/What-HOA-Condo-Boards-Need-Know-About-Regulating-Rentals.cfm
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