Rentals in Stamford>Question Details

drascher1, Home Owner in Clifton, NJ

I live in a small ten unit condo complex. two are rented, two foreclosure, and one will be for sale Can we put a rental cap?

Asked by drascher1, Clifton, NJ Mon Nov 19, 2012

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Jay Cooke’s answer
Hi Drascher1,

I note that you seem to live in New Jersey. By all means check with the appropriate folks mentioned, your lawyer, the association board or the management company. Your state regulations may differ from ours in Conn.

I think I would also try and find buyers for the 2 units in foreclosure. Once these are bank owned, their sale prices may depress you values for years to come!

Good Luck,
Jay Cooke
0 votes Thank Flag Link Mon Nov 19, 2012
Hi,
Yes, check what the condominium by-laws state as well as your Board of Directors (if you have a Board). You may also wish to contact the property management company about it and voice your concerns.

Good luck to you!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Mon Nov 19, 2012
Absolutey you can. But you have to insure it is placed not just in your Condominium Association bylaws but also in the Association Declaration. The Declaration is where it really counts. The Board of Directors, or the owners, simply have to vote on it. What you are trying to do is very important and a good thing since banks may not issue mortgages when an Association is more than 40-50% renter occupied. Once there are too many renters than it becomes so much more difficult to sell a unit since buyers would have to pay all cash if they are unable to secure a loan. Best to speak with a good attorney for more details and to insure your Association is handling it correctly. Good luck!
0 votes Thank Flag Link Mon Nov 19, 2012
you have to check your bylaws-
but most condo bylaws require association approval.

other wise you would have to amend your bylaws.
0 votes Thank Flag Link Mon Nov 19, 2012
Yes. Association has to write it into your bylaws. Consult your local real estate attorney for process details and instructions.

Best
Andrew
http://www.andrewdavisct.com
0 votes Thank Flag Link Mon Nov 19, 2012
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