L/O Condo - Posted by Mae

Posted by Lynn_Atlanta on February 12, 2000 at 08:06:24:

Make sure that the covenants do not restrict you. A lease-purchase may be okay when a straight rental isn’t, but be careful.

Also make sure that you know how much the dues are, and whether your seller is current in the dues. You should be able to get your hands on a balance sheet that will show you if the association has any money. If the association is broke, and the buildings are in need of repair there may be a problem.

You need to find out what the association takes care of, and what the home owner is responsible for. The associtation may take care of all outside maintenance, or they may not take care of hardly anything.

Talk to some of the other property owners to get their input on the neighborhood and the association.

Condos can be a great deal for you. Just be sure to do your homework.

Good Fortune!

L/O Condo - Posted by Mae

Posted by Mae on February 12, 2000 at 07:35:33:

Hi everyone,

Is there any risk in lease optioning a condo from a seller. Here’s the scenario. I’m speaking to a seller who moved out of his condo into his new home. Now, the condo sits vacant. He’s interested in lease optioning the condo. He “states” that I would be able to easily rent it out. However, he doesn’t know if any other condos in the complex are rented.

My concern: Aren’t there normally restrictions by the Condo Association to prevent renting of condos or is it a case-by-case basis. How do I go about protecting myself against this situation. Note: we haven’t spoken about terms. yet. I’m a newbie, folks, so any help would definitely be appreciated.

Thank you,