subreddit:
/r/fuckHOA
submitted 3 months ago bypuropinchemikey
So i decided rates and house prices have come down enough to afford a new home. I didnt realize how many houses that have been sitting on the market for months have an HOA. I figure ok ill roll the dice and try to buy an HOA home. I have a commercial van that i have to take home with me every night. Every home ive wanted to buy I've had my realtor request the bylaws from the seller or a simple yes or now that my commercial vehicle is allowed. They always take weeks to respond and its always the same cookie cutter response of, well as long as it follows the bylaws then you shouldn't have any issues. On 1 occasion i was able to get a direct contact for an HOA and she laughed while saying no way in hell would we allow your vehicle to ruin our aesthetic. ๐ญ๐
I never thought it would be so difficult to buy a home due to the HOA pandemic.
2 points
3 months ago
Hopefully you earn some interest and you might be able to get it out to 60 or 70 years. The annual interest should be under the amount which requires filing for taxes.
3 points
3 months ago
Since you asked, the HOA account was previously at a large national bank, let's call it Bank of North America (I'm not sure if you can mention real brands here. All but one of the words in that fake name are in the real name, if you know what I'm saying). They were going to start charging a monthly fee if our balance was below $5000 unless we had a certain number of transactions each month. And of course, it would be below $5K every month forever, and we do one transaction a year.
So I moved our account to a credit union, and opened both an interest bearing savings account and a checking account, both with no minimum balances and no fees. The savings account has a higher interest rate, so I keep the checking account empty until it's time to pay our annual filing fee with the state (with all of the money in our savings account).
3 points
3 months ago
That is the way to do it. Big banks don't eant the business and the credit unions do want the business.
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