It’s very important to know if the buildings are being maintained and if they have enough reserves because if they don’t and you look back at the history and they’ve done a lot of special assessments then that could be an indication that you could also be having special assessments and if that happens you can really throw your numbers off. So the other thing that you want to do is you want to know whether the HOA includes sewer water cable, those are the different things because that’s going to make a difference on your budget if you’re doing long term or short term rental and then that’s the other thing is before we go looking at properties we have to check the neighborhoods because some neighborhoods have restrictions on how many rentals they’ll take in a current complex and so before we run around and start showing you property we have to do our due diligence on that and then if you wanted short term rental over mid term rental over long term rental and we have to make sure that that’s the case as well and sometimes the agent doesn’t always want to tell us they may know but they always say to verify the facts which means we have to contact the HOA and a lot of times these are big management companies they’re not always responsive to us as the agent on the buyer side they’re responsive to the seller so there’s a lot going in before we even step foot into opening the lock of a property to show our clients and then they need to know what the return on investment is going to be then we need to look at the rentals to see what the rent is bearing in the area and then do their numbers from there so just want to fill you in a little bit on investment property have a great day.
Learn more about buying a home in Charlotte, North Carolina, and surrounding areas over the border in Indian Land, Fort Mill, Tega Cay, Lake Wylie, Clover, and Rock Hill, South Carolina.
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Karen T Cynowa
Elite Carolina Group at eXp Realty
00:00 Important Thing About HOA
00:22 What Does HOA Includes?
00:50 Doing The Due Diligence
01:08 Contacting The HOA