RE investment options and questions…

[scaredyclassic]

What about trying to get some really nice sfh at a low price at short sale, undercutting market rate and just trying to break even with the best possible tenant. My last landlord let us have the place cheap because we were ultra dependable,,I’m sure he couldve found someone willing to pay more. Low rent, more applicants, better renters.

[sdrealtor]

20% is possible.

[sdrealtor]

20% is possible.

[sdrealtor]

20% is possible.

[sdrealtor]

20% is possible.

[sdrealtor]

20% is possible.

[Ren]

[quote=JBurkett19]There are indeed special assessments for the roof replacemnt and any other major repair. That is why I dislike HOA’s. They have too much power and the regular monthly fees never seem to go to anything substantial.

Special assessments for major repairs are as real as a heart attack.[/quote]

For major unforeseen repairs, sure. HOA’s know what the major expenses will cost them, they plan for it, and it’s in every HOA’s budget. It’s one reason HOA fees continually go up. If they miscalculate by several thousand, okay. Nobody could be dead on. I could handle a $500-1000 per unit special assessment. But the entire cost of the roof? That would take some serious management ineptitude and corruption.

It’s the reason a housing development only need charge $46/month for a pool, security, and large private park (my ‘hood as an example), while a condo complex will charge $200-300. If an HOA squandered that much cash over decades, someone should be in jail.

[Ren]

[quote=JBurkett19]There are indeed special assessments for the roof replacemnt and any other major repair. That is why I dislike HOA’s. They have too much power and the regular monthly fees never seem to go to anything substantial.

Special assessments for major repairs are as real as a heart attack.[/quote]

For major unforeseen repairs, sure. HOA’s know what the major expenses will cost them, they plan for it, and it’s in every HOA’s budget. It’s one reason HOA fees continually go up. If they miscalculate by several thousand, okay. Nobody could be dead on. I could handle a $500-1000 per unit special assessment. But the entire cost of the roof? That would take some serious management ineptitude and corruption.

It’s the reason a housing development only need charge $46/month for a pool, security, and large private park (my ‘hood as an example), while a condo complex will charge $200-300. If an HOA squandered that much cash over decades, someone should be in jail.

[Ren]

[quote=JBurkett19]There are indeed special assessments for the roof replacemnt and any other major repair. That is why I dislike HOA’s. They have too much power and the regular monthly fees never seem to go to anything substantial.

Special assessments for major repairs are as real as a heart attack.[/quote]

For major unforeseen repairs, sure. HOA’s know what the major expenses will cost them, they plan for it, and it’s in every HOA’s budget. It’s one reason HOA fees continually go up. If they miscalculate by several thousand, okay. Nobody could be dead on. I could handle a $500-1000 per unit special assessment. But the entire cost of the roof? That would take some serious management ineptitude and corruption.

It’s the reason a housing development only need charge $46/month for a pool, security, and large private park (my ‘hood as an example), while a condo complex will charge $200-300. If an HOA squandered that much cash over decades, someone should be in jail.

[Ren]

[quote=JBurkett19]There are indeed special assessments for the roof replacemnt and any other major repair. That is why I dislike HOA’s. They have too much power and the regular monthly fees never seem to go to anything substantial.

Special assessments for major repairs are as real as a heart attack.[/quote]

For major unforeseen repairs, sure. HOA’s know what the major expenses will cost them, they plan for it, and it’s in every HOA’s budget. It’s one reason HOA fees continually go up. If they miscalculate by several thousand, okay. Nobody could be dead on. I could handle a $500-1000 per unit special assessment. But the entire cost of the roof? That would take some serious management ineptitude and corruption.

It’s the reason a housing development only need charge $46/month for a pool, security, and large private park (my ‘hood as an example), while a condo complex will charge $200-300. If an HOA squandered that much cash over decades, someone should be in jail.

[Ren]

[quote=JBurkett19]There are indeed special assessments for the roof replacemnt and any other major repair. That is why I dislike HOA’s. They have too much power and the regular monthly fees never seem to go to anything substantial.

Special assessments for major repairs are as real as a heart attack.[/quote]

For major unforeseen repairs, sure. HOA’s know what the major expenses will cost them, they plan for it, and it’s in every HOA’s budget. It’s one reason HOA fees continually go up. If they miscalculate by several thousand, okay. Nobody could be dead on. I could handle a $500-1000 per unit special assessment. But the entire cost of the roof? That would take some serious management ineptitude and corruption.

It’s the reason a housing development only need charge $46/month for a pool, security, and large private park (my ‘hood as an example), while a condo complex will charge $200-300. If an HOA squandered that much cash over decades, someone should be in jail.

[JBurkett19]

They should indeed go to jail, but they don’t. The bottom line is that Housing Associations are essentially small governments. They tax through imposing fees and, in theory, return a service for it. Much like our other governments, the services rendered tend to go down, and taxes tend to go up.

The day always comes when they send a letter to the residents saying something like “…by the way, we miscalculated, or have collectively decided on another avenue for the roof repair…and there’s a special assessment of $2,000 this year for each of you. Pay or we’ll forclose. No discussion.” Now, picture yourself as an older person on a fixed income. What happens when you can’t afford your HOA fees? They forclose and you’re on the street. I’d hate to be homeless over some self imposed housing government. I’d rather live in a house with deferred maintenance, than on the street, any day of the week.

The fundamental point in owning real estate is to one day have it free and clear (outside of unavoidable property taxes). But, with HOA fees, you’ll NEVER have it free and clear.

Anyway-just my humble opinion

[JBurkett19]

They should indeed go to jail, but they don’t. The bottom line is that Housing Associations are essentially small governments. They tax through imposing fees and, in theory, return a service for it. Much like our other governments, the services rendered tend to go down, and taxes tend to go up.

The day always comes when they send a letter to the residents saying something like “…by the way, we miscalculated, or have collectively decided on another avenue for the roof repair…and there’s a special assessment of $2,000 this year for each of you. Pay or we’ll forclose. No discussion.” Now, picture yourself as an older person on a fixed income. What happens when you can’t afford your HOA fees? They forclose and you’re on the street. I’d hate to be homeless over some self imposed housing government. I’d rather live in a house with deferred maintenance, than on the street, any day of the week.

The fundamental point in owning real estate is to one day have it free and clear (outside of unavoidable property taxes). But, with HOA fees, you’ll NEVER have it free and clear.

Anyway-just my humble opinion

[JBurkett19]

They should indeed go to jail, but they don’t. The bottom line is that Housing Associations are essentially small governments. They tax through imposing fees and, in theory, return a service for it. Much like our other governments, the services rendered tend to go down, and taxes tend to go up.

The day always comes when they send a letter to the residents saying something like “…by the way, we miscalculated, or have collectively decided on another avenue for the roof repair…and there’s a special assessment of $2,000 this year for each of you. Pay or we’ll forclose. No discussion.” Now, picture yourself as an older person on a fixed income. What happens when you can’t afford your HOA fees? They forclose and you’re on the street. I’d hate to be homeless over some self imposed housing government. I’d rather live in a house with deferred maintenance, than on the street, any day of the week.

The fundamental point in owning real estate is to one day have it free and clear (outside of unavoidable property taxes). But, with HOA fees, you’ll NEVER have it free and clear.

Anyway-just my humble opinion

[JBurkett19]

They should indeed go to jail, but they don’t. The bottom line is that Housing Associations are essentially small governments. They tax through imposing fees and, in theory, return a service for it. Much like our other governments, the services rendered tend to go down, and taxes tend to go up.

The day always comes when they send a letter to the residents saying something like “…by the way, we miscalculated, or have collectively decided on another avenue for the roof repair…and there’s a special assessment of $2,000 this year for each of you. Pay or we’ll forclose. No discussion.” Now, picture yourself as an older person on a fixed income. What happens when you can’t afford your HOA fees? They forclose and you’re on the street. I’d hate to be homeless over some self imposed housing government. I’d rather live in a house with deferred maintenance, than on the street, any day of the week.

The fundamental point in owning real estate is to one day have it free and clear (outside of unavoidable property taxes). But, with HOA fees, you’ll NEVER have it free and clear.

Anyway-just my humble opinion

[Author]

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