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Old 01-23-2012, 01:20 PM
 
1,825 posts, read 5,335,914 times
Reputation: 1702

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Quote:
Originally Posted by jet757f View Post
I just bought a home and didn't read all the HOA CCRs. I am surprised that they would prevent someone from leasing a home for 30 yrs. How can they have so much power?
30 years? If that rule remains then it would be forever. Home owner's associations are run by the homeowners. If the majority doesn't want renters, then they can make that rule. Owners that bought before the rule are grandfathered in. If the majority of owners later decide to retract that rule, then they do it. New owners get the HOA docs so they can see what kind of crazy rules their neighbors have created, then they decide to be a part of the neighborhood or not.
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Old 01-23-2012, 01:31 PM
 
Location: Orange County/Las Vegas
2,581 posts, read 2,779,532 times
Reputation: 2533
It is a really stupid rule. Even if you buy a house with no intention of renting you really don't know how things might change in your life where you might need to rent.
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Old 01-23-2012, 05:59 PM
 
Location: Las Vegas / GV
508 posts, read 1,027,341 times
Reputation: 175
Quote:
Originally Posted by jfkIII View Post
Yes...but a nosy neighbor will...and then report it.
a nosey neighbour in vegas? i have been in the same house for almost 2 years now and i have seen my neighbours maybe 3 times. and 2 of those times it was on purpose....

i dont think anyone here cares what his or her neighbours are doing as long as they are not dirty or not loud.
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Old 01-24-2012, 02:03 PM
 
Location: OC, Big Bear Lake, Las Vegas NV, Laughlin NV, Palm Desert CA
113 posts, read 425,055 times
Reputation: 124
Your agent should have made this clear to you when you were in escrow. The rule is not a bad rule, because it protects the community by not allowing the place to become a nightmare with investors buying up the homes and sticking anyone in it to just pay rent. If you want to see what a toilet a community can be with no rental restrictions, just visit some Desert Shores condo communities. Owners that live there take way more pride in their property and respect the neighbors more than just any renter off the street. I feel for you that this fact wasn't addressed before closing. I believe the term is normally like 1 year, but 30??? Wow. Just be happy you got a great deal and maybe use it as a vacation home or flip it. Have you asked your agent why this important fact wasn't made clear before the close of escrow? He / She must have known you're an investor.

Last edited by Oldwestgambler; 01-24-2012 at 02:18 PM..
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Old 01-24-2012, 02:16 PM
 
Location: Tyler, TX
23,797 posts, read 24,262,674 times
Reputation: 15148
Quote:
Originally Posted by jet757f View Post
How can they have so much power?
Because...
Quote:
Originally Posted by jet757f View Post
I just bought a home and didn't read all the HOA CCRs.
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Old 01-26-2012, 07:28 AM
 
89 posts, read 269,724 times
Reputation: 113
Quote:
Originally Posted by Atlas1337 View Post
I suppose it depends how aggressive the HOA is. My advise is to just rent it out anyway (short term or month to month lease) and see what happens.

Pay the dues on time, keep everything clean, make sure the tenant is willing to cooperate, and they probably won't even notice...
If the HOA is serious about this issue, then all they would have to do is check the Clark County Assessor's website. The owner's name and mailing address is listed, along with the address of the property. If those two addresses are different, then the property is either a second/vacation home or it's being rented out. That would be the easiest way for the HOA to keep tabs on the property owners.
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Old 01-26-2012, 08:28 AM
 
1,460 posts, read 2,823,003 times
Reputation: 1105
I personally would rather not live next door to some philistine renter.
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Old 01-26-2012, 03:51 PM
 
Location: Planet Earth
677 posts, read 839,278 times
Reputation: 350
Quote:
Originally Posted by Exaday View Post
I personally would rather not live next door to some philistine renter.
Why wouldn't you want to live next door to smart, educated people who were smart enough not to buy a house during the bubble?
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Old 01-26-2012, 11:34 PM
 
2,723 posts, read 4,791,664 times
Reputation: 1043
You could always use the home for indoor pot growing, ROI would be vastly greater as well.
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Old 01-27-2012, 09:39 AM
 
Location: Earth Wanderer, longing for the stars.
12,406 posts, read 19,065,538 times
Reputation: 8913
Quote:
Originally Posted by jfkIII View Post
It just seems odd to me that someone would make such a big purchase, with the intent of becoming a landlord, that they would not have looked into it long before. It boggles my mind that they wait until the purchase is completed to then check on it.
I can purchase a house without a realtor, but I never sign a legal contract (even marriage if there is a prenup) without consulting my attorney. The cost of a house is not chickenfeed. It is a small expense for such a big investment. Why take a risk if you don't have to?

The realtor, I am told, actually represents the seller and not the buyer, which is why you could request a buyer's broker. I would still hire an attorney, though.

Last edited by goldengrain; 01-27-2012 at 09:49 AM..
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