Rental Units And HOA
I am looking at a 24 unit complex and the current owner has installed a HOA. The owner pays a rather large fee ($30,000 per year) to his management company to maintain the exterior on the building and roof, plow the snow and maintain the lawn, etc. My question is, as a new owner would I be able to dissolve the HOA? Also, other than some tax benefits, are there any other benefits to maintaining the HOA?? Thanks
Yes, the units are individually deeded and all have seperate meters. My thinking is that the original idea may have been to do a condo conversation at some point in time, but the current owner never followed through on it. If I purchased the property , one owner would compose the entire HOA, then I could dissolve it after purchase. Does this sound reasonable??
it sounds like a 90% completed condo conversion.
If you control a majority of the HOA share, you should have control other that stateor city issues.