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Real Estate FAQ's | I'm Going to Buy The Condo and Then Rent It Out! NOT!

You’ve heard the saying, “one man’s loss is another man’s gain.” That kind of applies to some real estate today. People have lost homes to foreclosure and investors have come in, purchased them, and then rented them back out. It’s helping get rid of the inventory, but such is not the case if you are thinking I’m Going to Buy The Condo and Then Rent It Out!
Many people, investors and owner’s alike, are often surprised when I tell them you can’t just rent your Midtown Atlanta condo out when you feel like it. As part of the Condominium Covenants and Restrictions (called CC&R’s) or the Condominium Declaration, only a certain percentage of homes may be leased out at any given time. Say WHAT?
Most CC&R’s or Condo docs limit the number of homes that can be rented at any given time from as low as 10 percent to as high as 25 percent. So, if you live in a building with 398 homes, at 25%,  99 of the homes in the building may be leased at any given time.  Why?
These rules are in place for a couple of reasons. First off, if a condominium building has to many ... more

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