BuyLowSellHigh
Active Member
What is the name of your state? Indiana
I live in a single family home 25 years old goverened by HOA created at time of construction. The HOA board has just proposed an amendment change that would prohibit leasing of property or allowing anyone other than immediate family of owner to live in family (prohibit all leases not just short term). This house is owned in my name only and I do have a current mortgage at a rate of 3.0%. I have lived here 10 years and have no plans on moving. However, I have one teenager left at home and had planned to potentially move to a smaller home maybe a few years in the future and rent this home.
The association in the amendment would specifically grandfather existing leases until the end of their term. Is there an action I can take now to allow me to rent later? I was thinking about retitling the property to a Trust, LLC, or Corporation but I don't think I can do that because of the mortgage and don't know if that would work anyway. But what about creating a long term lease with a LLC or Corporation which could then sublease in the future? Anyone have any other experiences or ideas?
I live in a single family home 25 years old goverened by HOA created at time of construction. The HOA board has just proposed an amendment change that would prohibit leasing of property or allowing anyone other than immediate family of owner to live in family (prohibit all leases not just short term). This house is owned in my name only and I do have a current mortgage at a rate of 3.0%. I have lived here 10 years and have no plans on moving. However, I have one teenager left at home and had planned to potentially move to a smaller home maybe a few years in the future and rent this home.
The association in the amendment would specifically grandfather existing leases until the end of their term. Is there an action I can take now to allow me to rent later? I was thinking about retitling the property to a Trust, LLC, or Corporation but I don't think I can do that because of the mortgage and don't know if that would work anyway. But what about creating a long term lease with a LLC or Corporation which could then sublease in the future? Anyone have any other experiences or ideas?