HOAleader.com provides practical advice on homeowner and condominium association management, laws, rules, insurance, finances, reserves, dues, liens, assessments, dispute resolution, and more.HOAleader.com provides practical advice on homeowner and condominium association management, laws, rules, insurance, finances, reserves, dues, liens, assessments, dispute resolution, and more.
HomeBrowse by TopicDiscussion ForumResearchSearchMember Log-in
Sign up for the FREE
HOAleader.com
Tip of the Week
 Search
 Interact
Free Newsletter
Discussion Forum
Follow on Twitter
 RSS Feed
 Browse
New Headlines
Topics
Most Popular
Special Reports
Webinars
Vendor Directory
Research
Contributors
 Membership
Join HOAleader.com
Members-Only Home
Group Discounts
Renew Membership
 FAQ
About HOAleader.com
Affiliates
HOA Vendors
Help
Our Guarantee
Text Size
Contact Us
Your Privacy
Published by Plain-English Media, LLC
Home | Weekly E-Zine | HOA Landlords: Are You Following The . . .

HOA Landlords: Are You Following These Best Practices?

March 2, 2012
Printer-Friendly Format

HOA Landlords: Are You Following These Best Practices?

In this week's tip, we offer three of six best practices you should be implementing if you're now not only managing your HOA but you're also managing rental units your HOA has required through foreclosure.

1. Don't be a loosey goosey landlord. "Make sure you enter into a written lease agreement," advises Dennis J. Eisinger, a partner at Eisinger, Brown, Lewis & Frankel PA in Hollywood, Fla., who represents more than 500 condo and HOA associations. "Also, make sure the HOA goes through the same tenant screening process you'd require if you were leasing out your own personal unit."

2. Explain to tenants the status of the unit. "Disclose in the lease that the property is presently, or may be, subject to a mortgage foreclosure action," says Eisinger. "We have form leases we provide to our association clients that say something along the lines of, 'This property may be subject to a mortgage foreclosure action, but pursuant to the federal Protecting Tenants at Foreclosure Act, tenants may have the right to extend their tenancy if there's a foreclosure.' We're disclosing there's a possible mortgage foreclosure but also that there's a statute that might give tenants extra protection."

3. Create one person for tenant contact. "We usually advise HOAs to make sure you have a point person for tenants," says James R. McCormick Jr., a partner at Peters & Freedman LLP in Encinitas, Calif., who represents associations. "It might need to be your property manager, or you might even need a separate property management company. But if issues come up—such as things that need to be fixed or questions about whom to send rent to—it's better that the tenant and the board know who that point person is."

Find out the other three of Six Best Practices for HOA Landlords in our new article.

Best regards,
Matt Humphrey
President




Printer-Friendly Format
·  Six Best Practices for HOA Landlords


 Free White Papers

 
HOA Finances:
Best Practices for Getting Your Homeowners Association through Difficult Economic Times

Download now »

Advertising Information
 Topics
Communications
Dispute Resolution
Facilities & Maintenance
Financial Matters
HOA Elections
HOA Governance
HOA Insurance
HOA Reserves
HOA Rules
Human Resources
Legal Compliance
Security & Safety
HOA Glossary
Complete Topic List

 Discussion Forum
Recent Forum Posts
· Use of association funds for social events
· condo owner mowing and landscape
· Non Compliance of the CC&R's
· HOA Reserve
· Reserve Funds & how they are posted
· Reserve Usage
· Texas HOA Open Meetings
· Recording public and legal meetings
· Board minutes contain confidential info re Owners
· Reasonable Rules for holiday decorations
· Reserves Accounting
· HOA Kitchen
· vigilantes taking over association
· Can our first meeting be in Executive Session?
· Electronic Bulletin Boards
Search Discussion

 TESTIMONIALS

Here's what our readers
are saying ...

 

"Your news and ideas have been a Godsend and so helpful, you can't imagine... Thanks for everything."

Saundra Ragona
Quail Ridge Owners' Association



"We really appreciate your publication. It's as if you had a spy at our meetings and over hear our gripes :). Keep up the good work."

Cynthia Ramnarace
Palmer's Landing HOA



"This is a great service."

Mark R. Benson
CAM, CMCA, AMS, PCAM
Past Chairman of the Florida Community Association Living Study Council
Past Member of the Regulatory Council of Community Association Managers
Past Vice-Chairman of the Advisory Council on Condominiums County Court Mediator



"I am a newly elect President of a small (10 units) HOA / Condo, and I am learning the business almost from scratch ... Thanks for your very valuable information."

Volodymyr (Vlad) Boryshpolov
1102 Avenue X HOA



"Thanks for all your great HOA tips! I am a new Board Secretary—your site is truly worth signing up for!"

Kathie Norris
Whispering Pines West HOA