Re: rental policy in these economic times | <– Date –> <– Thread –> |
From: Sharon Villines (sharonsharonvillines.com) | |
Date: Mon, 31 Jan 2011 17:22:44 -0800 (PST) |
Our policy is posted on our website: http://www.takomavillage.org/wordpress/documents/policies/leasing-units/ We allow 3 years for leasing and the homeowner can request an extension. We have only had one instance of a leasing household not participating in the community. Our other leasers, 8 in 10 years, have been fully involved and positive additions to the community. Two then purchased units, two moved to other cohousing communities, two returned home out of the area, two are still here. Banks do look at the number of leased units when doing mortgages. They have maximums because they believe that a condominium that can't sell units may be badly managed or that if it has lots of investor owners, they will allow the property to deteriorate because they get depreciation tax credits anyway. Why spend the money? Take the loss. I just had to have our treasurer sign a statement about how many units were leased in order to do a refinance. However, If you designate some units as rentals, an intentional act, the bank might look at it differently. Their concern is the stability of the real estate. We currently have two units rented because the owners were unable to sell — one because of bad financial decisions, in my opinion, and the other because of the bad economy. Both are lovely units. Both are now occupied by people we would love to see stay forever. Sharon ---- Sharon Villines Takoma Village Cohousing, Washington DC http://www.takomavillage.org
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rental policy in these economic times Lisa Lackey, January 31 2011
- Re: rental policy in these economic times Holly McNutt, January 31 2011
- Re: rental policy in these economic times Sharon Villines, January 31 2011
- Re: rental policy in these economic times Sharon Villines, January 31 2011
- rental policy in these economic times Lisa Lackey, January 19 2012
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Re: rental policy in these economic times R.N. Johnson, February 1 2011
- Re: rental policy in these economic times Diana Carroll, February 1 2011
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