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

Comments(2)

  • larock5th September, 2008

    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??

  • cjmazur5th September, 2008

    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.

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