Rent-to-Own HOA Rules and Guidelines
- Homes must be located in HOAs that allow leasing without requirements for background/credit checks or interviews.
- Investor will not purchase in age-restricted communities or in HOAs that require a social, tennis, golf, or country club membership.
- Total annual HOA dues must not exceed 1% of list price. HOA transfer fees and capital contributions must be reasonable and are considered on a case-by-case basis.
Here are a few other HOA conditions that will disqualify a property from the Investors consideration. These include:
- Minimum period of owner occupancy
- Maximum rental period
- Board approval of the lease post-closing
- Board requirement to be a third-party beneficiary of the lease documents or the right to evict the tenant
- Rental caps (exceptions are considered on a case-by-case basis)
Investor is able to provide HOAs with basic resident information, such as name, phone number, email, vehicle information and pet information. This approach allows Investor to rent to any resident that qualifies for our program, regardless of HOA requirements.
Documentation Requirements
When submitting an HOA property for acquisition consideration by the Investor, the following HOA documents will be reviewed as part of Investor’s due diligence:
- Budget
- Certificate of Insurance
- Covenants, Conditions, and Restrictions (CCRs)
- Bylaws
- Rules & Regulations (If applicable)
- Investor HOA Questionnaire