ANSWERS: 2
  • That all depends on how flexible your HOA Board might be. A lease is a lease is a lease. On the other hand, exceeding 10% may disqualify other potential BUYERS, thereby inhibiting the sale of other owner's properties. Usually, most lenders will allow up to 20% before raising any red flags. If this is a high-rise, th rules may vary by market.
  • Most condo associations are pretty flexible when it comes to enforcing their bylaws when it comes to allowing owners to rent out their units. The bylaws may say that 10% leases are allowed but they aren't going to attempt to stop a few owners from lending out their units if it goes over the 10% mark--especially if the new leases contain option to buy clauses in them. I found myself in this situation several times as a condo owner when the number of rented units was over the 10% mark. I rented out my unit three times over a seven year period because my new wife didn't want to live in a condo when I married her because she owned three dogs. The bigger problem was the fact that there were some units that were vacated because some owners had moved into houses just like I had done. My unit was vacant for about four months until I found a tenant. We have to realize that bylaws are usually not more effective than guidelines. The bylaws can't tell us not to get married. They can effectively prevent us from hanging clotheslines outside our units.

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