Rentals in Winter Garden>Question Details

Alan Martin, Real Estate Pro in Orlando, FL

I have heard that some HOA s are setting a cap on the number of homes that they will allow in the subdivision to be rented out by the owner.

Asked by Alan Martin, Orlando, FL Tue Aug 31, 2010

Is that lawful? Can a HOA board of directors dictate how home in a subdivision can be lease by owners? That will put a damper on home sale in that subdivision. Pretty much all buyers are investors at the moment. Discuss please

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Actually, most HOAs have those kinds of provisions within their bylaws. Yes, it puts a damper on home sales, and it's one of the key reasons why some investors (myself included) prefer to avoid condos and properties in HOAs. (Notice I didn't write that I'd refuse to buy them; I'd consider buying them under the right conditions--at a greater discount due to the reduced marketability.)

On the other hand, as long as a HOA doesn't have the cap and anti-flipping provisions, then a seller could opt to sell with seller financing instead of renting, and s/he would be able to comply with their bylaws while doing what's best for him/her.
1 vote Thank Flag Link Tue Aug 31, 2010
Hello my name is Katie and I am looking for a condo 2 or 3 bedroom that is not over the top expensive .Would like something in the winter garden windermere area but do not want to pay over the top.
0 votes Thank Flag Link Mon Aug 6, 2012
Try windtree condos in winter garden off 50 nestled behind Wendy's. Pretty sure they have restrictions on pet size though. To my knowledge they only have 2 BR/2 ba there. You'd have your own entrance/"patio", tennis court. lake, pretty sure w/d h-ups, etc about 925 sq ft is my guess and br's are at sep. ends. Rent is around 650, so purchase $ maybe 325ish or less.
Flag Mon Sep 3, 2012
Hi Katie,
I would love to help you find a condo for you to purchase in the Winter Garden area. My contact information is below.

Best Regards,

135 E Colonial Dr
Orlando, FL 32801
Office: 407-406-5300
Cell: 321-356-7341

Flag Fri Aug 31, 2012
Summerport in Windermere, FL is a prime example of why HOA are fighting back, this Subdivision had an investor purchase more than 25 homes and foreclose on them with renters while never paying the HOA or the mortgage, lawns went un-mowed, renters abandoned the properties or stayed till they were foreclosed on and property values sank to new lows. Summerport is still recovering from this but doing so nicely now that foreclosures are slowing a bit for the moment. This is not to say all investors will go this route but investors are savvy enough to be dangerous as they are not primarily residences and this is something that makes them less attached to a property if and when the values take a turn for the worse so HOA are being understandably cautious.
0 votes Thank Flag Link Tue Oct 26, 2010
Believe it or not, that doesn't surprise me. I've seen some that absolutely prohibit rentals, and others that prohibit rentals unless an exception is made. So what's up with that latter one?! Basically, the HOA board wants to reserve the right to pick and choose who can/can't rent their properties (often assuming that renters will bring drama/problems that will drag the other property values down).
0 votes Thank Flag Link Tue Aug 31, 2010
thanks for that. This HOA has a cap of 5% !!!!!!!!!!!!!!!!!!!!
0 votes Thank Flag Link Tue Aug 31, 2010
I forgot to mention that a reason why some HOAs include this provision is that many lenders won't finance properties in HOAs with an owner-occupancy rate below a certain threshold. (Each bank has its own guidelines, but I've seen many banks that want at least 50%, and others that what at least 80%.)
0 votes Thank Flag Link Tue Aug 31, 2010
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