Home Owners Association - Going Ballistic

[Stabilo]

Interesting

 

[flots am]

Interesting

Yep. 40PSI is the magic number. They can be shipped, taken into tunnels, sent via truck, whatever you want.

If you were a guy with a good lawyer and didn't mind a fight, it would be fun to go after the HOA over this.

flots.

 

[USdiver1]

Flots,

That is indeed interesting information to know. Seems to me that if you store / transport your cylinders at or below 40 psi you are in the clear, HOA be damned.

BTW, what exactly is your avatar? I recall once having a rather nasty dump in Cozumel that resembled that mass, and was wondering if we might have both eaten the same dish: calamares en su propia tinta. Inquiring minds want to know.

 

[flots am]

BTW, what exactly is your avatar? I recall once having a rather nasty dump in Cozumel that resembled that mass, and was wondering if we might have both eaten the same dish: calamares en su propia tinta. Inquiring minds want to know.

It's some sort of jellyfish from the noaa website.

Sorry I don't remember the name anymore. It just looked cool.

flots.

 

[tech3324]

The perception is that once the neighborhood begins to have a significant number of rental properties, the home values will begin to drop.

That's not a perception, that's reality. When the percentage of non-owner occupied units reaches a certain level, typically 20% - 25%, the banks will refuse to write mortgages in that complex. When a perspective buyer can't get a mortgage then yes, the home values will decline.

Having been an HOA board member for many years, we had a clause in our bylaws restricting the number of rented units to 20%. Not because renters are necessarily bad people, but the banks have a different interpretation of high rental rates.

 

[drbill]

There is a thread on the board about this incident and if I remember correctly, O2 was involved.

Apparently 100% O-2 as I assumed when I first read the story on another site.

 

[theduckguru]

That's not a perception, that's reality. When the percentage of non-owner occupied units reaches a certain level, typically 20% - 25%, the banks will refuse to write mortgages in that complex. When a perspective buyer can't get a mortgage then yes, the home values will decline.

Having been an HOA board member for many years, we had a clause in our bylaws restricting the number of rented units to 20%. Not because renters are necessarily bad people, but the banks have a different interpretation of high rental rates.

How does a mortgage company determine that what percentage of houses are rentals in a community with an HOA? I have seen this for condos because
condo association owns the buildings / land and they have to track rentals.

 

[tech3324]

How does a mortgage company determine that what percentage of houses are rentals in a community with an HOA? I have seen this for condos because
condo association owns the buildings / land and they have to track rentals.

I was speaking of a townhome complex, this may not apply to all communities with HOA's. Our management company kept records of owner contact information and occupant name, so it was easy to identify non-owner occupied units.

 

[theduckguru]

I was speaking of a townhome complex, this may not apply to all communities with HOA's. Our management company kept records of owner contact information and occupant name, so it was easy to identify non-owner occupied units.

Yes, the term HOA sometimes is a condo term. I haven't heard of mortgages being denied where individually owned houses are part of an HOA based on number of rentals.

 

[kelpmermaid]

The lender may ask for confirmation of the number of rentals from the association or its management company.