HOAleader.com - Tip of the Week - April 4, 2014
Published: Fri, 04/04/14
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How to Simplify the Tracking of Your HOA's Rentals
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In this week's tip, we offer groundwork that will help you track and monitor
your HOA's rental restrictions.
Rental caps are hotly debated but perhaps less common than the debate level
suggests.
"I don't know that we have any clients that have the issue of enforcing a
rental cap," says Steven Parker, president of FirstService Residential
Nevada in Las Vegas, which manages hundreds of community associations. "We
don't have a lot of communities that say there can be only 25 percent renters.
They only say you can't have rentals or you can. Where the issue of rental
percentages comes into play almost as much is for financing. The cap to
qualify for Fannie Mae or Freddie Mac loans is 30 percent maximum rentals."
Beth Grimm, an attorney in Pleasant Hill, Calif., who's practiced HOA law
for more than 25 years, representing both associations and homeowners,
can't estimate how many California associations have such a cap. "I only
talk to those who call me and ask if it's a good idea," she explains. "What I can
tell you is that the lending industry has driven associations to implement
them because of lending regulations that get more precarious as you get more
rentals."
Lenders are also shaping the issue in Florida. "After the foreclosure
crisis, a lot of associations here have been trying to cap the number of
rentals to meet Fannie Mae restrictions and to get bank loans," says Jed L.
Frankel, a partner at Eisinger, Brown, Lewis, Frankel & Chaiet PA in
Hollywood, Fla., who advises community associations. "Many lenders will
lend only if the association has less than a certain percentage of units
rented."
Many management companies have systems that can help you get a handle on
tracking renters. Find out what they offer, along with tips on how to create
fair rules on who gets to rent and when, in our new article:
http://www.hoaleader.com/members/987.cfm
Best regards,
Matt Humphrey
President
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Recent articles posted at HOAleader.com:
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Tips for Monitoring and Enforcing Your HOA's Rental Cap
If your association has a limit on the number of rental units permitted, you
need a process for monitoring who's renting, including possibly a waiting
list if you're at already at your max. Here we offer tips for tracking rentals
easily and fairly, enforcing it, and for communicating your system to
homeowners.
Click here to read full article:
http://www.hoaleader.com/members/Tips-for-Monitoring-and-Enforcing-Your-HOAs-Rental-Cap.cfm
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Owners: You've Exceeded Your HOA Guest Limit!
In this week's tip, we address a thorny yet persistent problem: Your HOA has
rental restrictions. But you're constantly facing the question of owners
with frequent guests--sometimes when the owners aren't even
present--whom you suspect are actually renters.
Click here to read full article:
http://www.hoaleader.com/members/Owners-Youve-Exceeded-Your-HOA-Guest-Limit.cfm
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How Many HOA Guests Are Too Many? And What If the Owner's Not Home?
Here's a common problem: Your HOA has rental restrictions. But you're
constantly facing questions about owners with frequent guests--sometimes
when the owners aren't even present--whom you suspect
are actually renters.
Click here to read full article:
http://www.hoaleader.com/members/How-Many-HOA-Guests-Are-Too-Many-And-What-If-the-Owners-Not-Home.cfm
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Do Built and Unbuilt Units Have to Pay the Same HOA Assessment?
An HOAleader.com reader asks, "Our condominium has built units that are
basically the same and therefore pay the same annual assessment. The
condominium also has unbuilt units that are owned by the bank through a
foreclosure. Since all the assessment funds are for maintenance and repair
of the common elements owned by the association, reserves for future
expenses to enhance or replace the common elements, and other normal
monthly expenses to run the condominium, should the built and unbuilt units
be paying the same assessment amount? Both built and unbuilt own the same
percentage of the all the common elements within the condominium. This
condominium is in the state of Wisconsin."
Click here to read full article:
http://www.hoaleader.com/members/Do-Built-and-Unbuilt-Units-Have-to-Pay-the-Same-HOA-Assessment.cfm
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Home Owners to HOA Board: We Want This Service, But Not That. OK?
In this week's tip, we answer a reader's question about whether owners can
simply decline HOA services it provides to reduce its liability and that of
its owners.
Click here to read full article:
http://www.hoaleader.com/members/Owners-to-HOA-Board-We-Want-This-Service-But-Not-That.cfm
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