Most people don’t understand what an HOA really means. You don’t truly own the home; you’re just allowed to live there as long as you keep paying the mortgage each month.
HOA is truly horrible-just a group of individuals on a power trip. This story highlights more about greed and extortion. I would advise anyone considering such a move to work with a financial advisor to avoid making these kinds of mistakes.
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@@pamelaflynn1129 it's a made up fee that should not exist in the first place you are DELUSIONAL these fees by no means should follow people into the future.
How did the buyers lawyer not know this?? It's not like it would have been a needle in a haystack fine. And... after the purchase that same lawyer should have been called. Either way, greed is one of those things that makes 1 person $ while takes much more than $ away from many, many others.
@@pamelaflynn1129 A HOA has no jurisdiction over the individual just the house. If the buyer didn't think this was disclosed beforehand when it should have they can sue the seller.
I had my HOA contacting me about a weed while I was deployed to Iraq, I brought that up and they told me that wasn’t their problem. They managed to fine till I got home. I was able to resolve it after I ran into the HOA President at the mailbox, I helped him see the light. They dropped the issue after that and my attorney filed a lawsuit against all the HOA members for violations for the Service Member Civil Relief Act. I will never live in an HOA again.
"For profit" is where this went wrong. $300 per month is absolutely insane, and giving them the power to issue fines, dock your pay or take YOUR house should be criminal. This is literal extortion.
$300 is cheap if it's a condo, it wouldn't take much to blow through the reserve fund and bring on special assessments. Many folks are simply: 1. in denial about what it costs to maintain the building and grounds, 2. mistakenly think they could do a better job themselves, or 3. looking for people to blame unexpected bills they hadn't budgeted for, on. Rents go up over time. Maintenance costs go up over time. My condo fees used to be $479 a month. Painting was $152k for 52 units ten years ago the place has original cedar siding. The sewer replacement was estimated at $24k per unit. In the 1970s they had used vitreous clay and not PVC. Only an open excavation can be used to replace them. Cast iron pipes can be lined. Neighbor, SF house just like mine, on a big lot, said their sewer replacement was $86k. I'm busy for hours every Sunday taking care of the lawn and garden; I could only imagine what it would cost to hire that work out. Spent over an hour just collecting and bagging debris today.
@@dan-qe1tbCondo fees are one thing-after all, the full building does need to be maintained. But HOAs in single-family, detached neighborhoods are the ones people tend to complain about.
Same thing goes for allowing governments to collect taxes. I swear that we are in this mess because the first tax a collector wasn't strangled with the entrails of the first tax assessor.
$300 on top of mortgage and home insurance isn’t affordable for the average homeowner family. Lights, water, groceries and if kids are part of the equation smh easily $3500+
HOA wants to fine for not trimming my hedges on time, but the moment I ask HOA Karen how they could afford their new Boat, suddenly I'm crossing a line.
@@who2u333 It is becoming increasingly common for developers to intentionally maintain ownership of a majority of the lots in the HOA in order to maintain a permanent voting majority. You cannot vote anyone out nor enact any changes.
@who2u333 easier said than done, I've read a bunch of stories of HOAs changing the bylaws by having an "express" meeting at odd hours when most of the owners are not available, "oh sorry, the meeting was at 4 pm, oh no, you've missed it it was at 5 am" Or HOAs with bylaws that makes it that only a particular set of people can be on the board. They are scummy and will find a way to stay.
problem is a large percentage of new homes are built in HOAs due to current incentives, so in many places you can either rent (sometimes to a landlord that charges +20%/yr) or buy through an HoA
@@JohnFraser-zc8cu Odd that one still has to pay the municipality property tax, HOA or no. You know...the taxes that pay for road maintenance, plowing etc. that they don't do.
I always said that but I ended up buying a home in a 4-unit HOA and I love it. They're very much individual though and if the other folks in the association weren't on the same page it could become a problem quickly.
My mom's HOA board member had a family member that own a towing company. When that guy took over the board, parking became an issue. Then all of sudden after decades of no parking issue, people started getting towed. 7 to 11 cars a night, every night. it was insane. It stopped the minute that person was kicked off the board.
@@W333L Why? I don't want a load of cars at the side of the street. The HOA rules are there for a reason. If you don't like them then you can always move or campaign to get the rule changed.
This is the summary of the rent vs buy decision I’ve been trying to figure out for years. The rental income vs mortgage payment calculation never made sense to me. But this is much more logical and makes far more sense. Thank you for simplifying this!
Most people are unable to handle a fall since they are accustomed to bull markets, but if you know where to look and how to get around, you can profit handsomely. It depends on your entry and exit strategy.
The fact that the US stock market had been on its longest bull run ever makes the widespread worry and enthusiasm understandable given that we are not used to such unstable markets. As you pointed out, it wasn't tough for me to earn over $780k in the last 10 months, so there are chances if you know where to go. I hired a portfolio advisor since I was aware that I needed a solid and trusted plan to survive these trying times.
Recently, I have been exploring the possibility of consulting with advisors. As a mature individual, I am in need of guidance, but I am curious to know how truly impactful their services can be?
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If I was sold a house by a realtor who didn't disclose a pre-existing lean on the home I'd have to inherit, I'm suing them for that dollar amount to get that settled
Yes, I don’t understand why that didn’t appear on the disclosure. Maybe it did but these folks didn’t pay attention. Maybe they received a credit from the seller to offset the debt. That while situation was bizarre
@@jones2277that’s quite the assumption to assume this was the fault of the homebuyers and not the shadiness of the HOAs when that’s what the whole video is about.
There was an instance where the HOA signed off that there were no items against the house and then tried to bill the new owners for fees.. and then since there are not enough laws covering HOAs the courts to not know how to handle the cases so they don't
This is why, I made sure my first home purchase was no where close to under HOA. I heard too many horror stories due to HOA. They are like small mobsters having control over your home.
it's hard for the unsuspecting people, because they think they are getting a good deal. the house is much much cheaper than other houses in that county so they jump, not knowing it's an HOA.
@@BobRooney290it’s hard for SUSPECTING people in a lot of areas, since your options for purchase are a “modest” (barely affordable on two above median incomes) “starter” home or condo with an HOA, or wish upon a star for a million dollars to fall out of the sky to afford one of the last remaining non-HOA homes, usually in historic locations with big lots
The problem with HOA is the HOA board. Hoa as a concept isn't bad. The problem in practice the only one interested and available to be the HOA board is the nosy busy body retired Karen. Like keeping your lawn is reasonable to prevent some crazy lawn but having the lawn nazi come with a ruler and say your lawn is 1/4 too tall and fine you $100 is the problem.
HOA devalues a property because many people won’t consider purchasing a home within an HOA. Also less people can qualify for loans when HOA fees are incorporated into the monthly payment. This reduces the pool of potential buyers. Homes without HOA are becoming more desirable and therefore more valuable.
Understand in Florida and HOA/COA is created by the Developer/Builder Not the end users Homeowners. What should happen is 6 months after a majority ownership is sold some key parts Expire or need to voted on by Homeowners. (Issues like vehicle restrictions, landscaping, items allowed on patios/balconies, Association power to evict Problem Renters)
None of us own homes until they are paid off. A mortgage is NOT ownership-it's a rent-to-own agreement with the lender. An HOA was intended for condos only. No home should ever be in an HOA.
In my opinion, a housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!
You are right! I’ve diversified my 450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.
So many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.
At this point, its only reasonable for investors to diversify into other sectors, the stock market, to balance out their real estate holdings. Even the worst recessions offer valuable buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. this is not personalized financial advice, just giving my 2 cents!
@sheldongardner You're correct! With the help of a financial advisor, I was able to diversify my 450K portfolio across markets and produce slightly more than $830K in net profit from high dividend yield equities, ETFs, and bonds.
My portfolio has been in the gutter for the entire year, so I started researching new ways to profit in the market, but everything I tried just seemed to miss the mark. Please who is advisor? and how can i reach out?
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Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
I concur; I've been in frequent communication with an investing advisor for more than 17 months. I definitely remember needing inspiration to keep my business running after a protracted divorce. I researched licensing consultants, sometimes known as portfolio coaches by some.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
I rented an apartment in Redmond WA (home of Microsoft), for 15 years straight $700 to $850 a month, been going up $200 a month every year for 10+ years, same junk, old apartment is now $2,500...
The renting story and homeowner and HOA story are completely separate issues. The cost for landlords has gone up dramatically - the building manager, leasing agent, tradesmen, drywall/painters, lawyers, and the cost of an eviction. Also the landlords are competing with each other for best tenants. Bad tenants are nightmares (crime, drug problems, non-payment of rent/trashing the place/destroying property).
Regarding restitution. Understand that when a Rental Home Value is appraised the income, expenses, profit of that property are analyzed and used to determine a Fair Market Value. That value may be similar to what a City/County uses to calculate Property Taxes. If restitution is granted will the City/County also be required to payback the Excess Property Tax for those years?
@@Aaron_RHow does that apply to the comment you’re replying to? They’ve lived in the same unit for years, no painters or upgrades needed. My rent has also gone up $400 in past two years. We are good tenants and our lease is crap - we are responsible for everything, even have to pay taxes that apply to landowners in our county. Lawn care, electric, gas, trash, etc. We cannot speak to a human when we have an issue at our property, it’s all online forms and robots with no paper trail. We’ve been here for 5 years, have always taken care of property, haven’t gotten any upgrades. There’s been a dying tree on our property since we moved in, we cannot get property mgmt to deal with it. Our landlord bought our house and did reno less than a year before we moved in. He bought it for dirt cheap and barely did any renovations. We like our appliances, we live close to my elderly father. Even when you include property mgmt expenses, the profit has to be huge for them. Our rent is more than triple what his monthly mortgage would be at the price he bought it for, even with a minimum down payment. And remember, we are responsible for *everything*. Their definition of normal wear and tear is so limited. I’ve never lived anywhere that asked me to pay a county tax that’s levied on homeowners, not usage based or utility related.
@@Aaron_R And they out-priced all good renters. All they get now are transients who 100% PLAN to stop paying rent by month three. So they can save up and do it over again. Insurance is skyrocketing unjustly. Mine went from $160 in 2021 to now over $250. For a super low-risk place.
I live on both sides of the Atlantic continents. I'd received 2 HOA warnings of grass higher than "5" inches in the heat of the summers during 12 years of house ownership. I maintained calm, collected, and did not even complaint. I quietly waited until my house price came to the highest market price, a quick sold got rid of that Florida HOA/house. No matter how much I loved and missed that house, it's the HOA that kept me running away from their corruption.
I agree Some Florida HOA'S for condos/homes are poorly managed regarding finding a balance between asthetics, lifestyle, and to what severity and offense is effecting the neighbors. Power of association members needs to be more balanced. If the Board creates a Rule members do not agree with members should be able to send 30 days notice of a meeting on the rule and a vote will be recorded. Whatever majority percentage defined in the HOA docs decides.
I’m glad I own my home. Old Craftsman built in 1945 fully remodeled. I paid 898 dollars in taxes and we have no HOA. I can bbq and drink beer on my font lawn in my boxers on a Saturday morning. Nobody is going to tell me squat. That’s what homeownership is all about. I don’t get this fancy house complexity these days.
I got lucky after trying to sell my 1 bed 1 bath condo when the HOA discovered my place had hardwood in the living room. It was already there when I bought the place and suddenly I’m responsible for replacing it with carpet. Luckily they told me if I could prove it had been there for over 7 years it would be their fault. My real estate agent was able to find a photo from 7 years ago and there was a picture of the living room with the same hardwood floor
This week, the rent went up around $500 per month in SW Florida for large apartment complexes using Real Page. I have screenshots of the units. I have been monitoring prices while apartment searching and in 1 day, the prices jumped $400-$500 a month per unit. This is absolutely collusion to fix prices and something has to be done to stop this.
Rented a home in NC for a year. It was rainy season so it rained for two weeks straight. They cited me for not mowing the yard. Head of the association had her yard waist high and missing tiles on roof. HOA's are a giant pain and a rip off.
Everyone is talking about buying homes. We can barely even rent. The rent crisis is real. We don't have the down payment for a home.. but rents are higher than a mortgage!! My generation is stuck and we are suffering. Boomers and elder gen X are only building "luxury" apartments and housing now. Who tf affords all this. You can't even live in an OLD run down apartment on 50k/year. And now my state is forcing women to have babies they can't afford, and ofc no help for childcare. We are screwed.
Had a home builder build and sell hundreds of houses advertising that they were non-HOA. When they were down to the last lot they sub-divided the last lot into a thousand tiny lots and voted the neighborhood into a HOA they controlled. They foreclosed on 25% of the homes and resold them within 2 years. They're trying to get the others 75% to this day. HOAs are never good.
That's not how HOA's work. If you bought the house before the HOA existed, no neighborhood or body can force you to sign into the newly founded HOA. Doesn't matter if they suddenly split the last lot into thousands and outvoted people, had you bought your house in that neighborhood prior to the establishment of the HOA they can't do anything at all to force you into it without you specifically signing their contract documents saying they can do so.
@@HDCybersun That is not always true, unfortunately. In some jurisdictions if you are surrounded by lots that vote to form an HOA you can be forced into it.
This seems questionable. To split a lot into a thousand of lots capable of having a home on it, the lots would need to be at least 100 acres each. I really don't see an HOA with the majority of the lots not being large enough to build on surviving a court challenge.
It doesn't matter if this is legal or not. What matters is do you have the financial means to fight the HOA in court. Even if you win that court case the HOA can simply start the whole process over. HOAs are the best example of America living in the future dystopia now.
Buying a house only for someone to tell you what to do. That’s like living in a rental.if I feel like having 20 cars on my property. I should be able to do that without problems. 😂😂😂😂
My friend said her HOA Karens want to ban any cars that are older than 5 years from parking where they are visible from the street. For example, if you have a 2018 carry it would have to be kept in the garage at all times.... they're getting ridiculous
Spend your money wisely-invest in quality where it counts, for it often outlasts the cost of cheapness. Yet, remember that sometimes the simplest, least expensive option is the real gem in disguise.
I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Stephanie Janis Stiefel. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, I was able to scale this quickly to $150,000. If I can do this in a year, anyone can.
@@IvanSimaleza Steady progress! A solid strategy is crucial for growth and minimizing taxes. After six months of getting affiliated with Stephanie Janis Stiefel , l'm averaging 35k a week . It's not huge, but it eases financial stress. Best of luck on your journey!
No No No Man. It's because "climate change" causes the insurance companies to charge us more, they make so little money they are forced to do it. Poor insurance companies!
You're struggling because the voters are voting themselves money the government doesn't have, so the government is creating more money which means more liquidity sloshing around which ends up inflating assets like stocks and real estate. Think about every time we give money to whatever sob story, they use that spend that money on something and eventually it ends up in the pockets of the wealthy who then use it to buy up more land. Think about every time we give Ukraine another $100 billion dollars, those dollars eventually find their way back to the US inflating asset prices. What are Chinese doing with all the trillions of dollars we give them for useless trinkets? They buy up US land which can't be duplicated. In other words when the government gives poor people money for welfare, it's a moment in the recipients lips and forever on the hips of the wealthy as it trickles up.
my mom bought into a HOA home but they dealt with all the maintenance/landscaping , every year they did the driveways and after 20 years everyone got new a roof .. i wouldn’t buy into one but it worked for my mom she didn’t want to leave but lives in texas with my sister now .
It depends on your HOA. Summerlin, Las Vegas HOA is not that bad and we only pay $65 a month. They make sure the communities are clean and uniform. When someone moved in down the road and started parking their TRACTOR TRAILER on the street... my email to the HOA was swiftly addressed.
My biggest issue with HOA’s is they are a for profit business and they get more and more expensive as time goes on. $800 a month is the typical fee in Bellevue Washington where I was looking.
Actually unless defined by State, City laws or Association documents your Fee for management can increase to ANY level. I had one started at $342 in 2016 that is $612 in 2024 approximately 79% increase or approximately 10% a year increase.
@@kuebby Some are run very inexpensive. I had a $30 HOA once. Others have full time salary employees and lobby to hire more while charging hundreds monthly. Not all are bad but some are downright evil.
I was able to single handedly dissolve my HOA. It takes a little effort, but I convinced everyone that there is no point to us having an HOA. We have nothing. We have no pool, no park, just a common area the county owns. We were just paying 20 dollars a month to a property managing firm for the strip out by the road. Unfortunately, a few years later we do have some bad looking houses. Some people are just lazy.
@@TomikaKelly did you not watch the video? the very first couple paid total of $12k for a 1.6k fine (that the previous homeowner incurred), and the HOA is "only" $200/year, less than $20/month no amount of HOA even $20 is worth the headache and potential nightmare.
Mind your business and your own house. Anything is better than a HOA. I’d rather have a neighbor who works on cars beside my house than a HOA. Pay attention to your city’s ordinances. If they violate them, report them. If not, mind your business and be happy in your own home.
Realtor here. I had a client in their situation; the current homeowner didn't pay into the HOA. It became a cloud on title and, just like child support, escrow couldn't close until it was paid. I believe that was a FHA requirement. I don't know if that's typical or has changed since, but, yeah... Many of my clients are moving out of an HOA neighborhoods specifically because of the HOA.
When I was house hunting, I originally wanted a home with an HOA. Until I talked to one of the neighbors in an HOA community. He basically said, run. I'm glad I didn't.
I am an electrician for the County in San Jose, California. My wife is a school teacher. A house in the least desirable part of San Jose cost 1 million dollars. Even if we had 20 percent to put as a down payment it is completely unattainable for us. We just don’t earn enough income. It’s highly discouraging not to be able to afford a home in the town you were born and raised in.
I’m with you. We made $200k/year in 2018 in San Jose and could only afford 2 bedroom townhouse. Sold it $525k and bought a 5 bedrooms with a pool in Rancho Cucamonga (SoCal) with $615k. Best decision ever
My HOA hired a management company that's now hitting everyone with violations. My house has been hit with $2k in yard violations, even though my yard is taken care every 2 weeks. When I question the HOA company about the picture they send, they give a vague answer. I had my flower bed redone and they're still fining my house, it's outrageous.
I bet no one is even checking, they’re just sending the fines. Send them the receipt for the improvements to the garden, maybe then they’ll stop because you have proof they’re lying
Funny how our neighborhood newsletter actually list a few houses that have 3-4 years of past HOA dues balance. Also on Closing Day, the realtors ask ME to pay the previous owners HOA past dues in order to close....I said No Way... What a joke HOA!....but it's hard to find Non-HOA in most 'burbs nowadays.
I owned a house with a HOA. I once tried to upgraded my outside and garage lights to the better, motion sensor, automatic on during dawn. And that stupid HOA gave me a letter stating that I must use that particular old fashion, outdated lights (yet, they are more expansive !!!). Then I swear I would never buy another house with HOA.
I remember in 2007 when I was working in real estate seeing people buy homes new from builders with the intention of selling before close of escrow to a new buyer for profit. The crash was so brutal and fast that I remember seeing a lot of these units foreclosed on with the builder plastic still on the carpet.
Most people find it difficult to handle a fall since they are used to bull markets, but if you know where to look and how to maneuver, you can make a size-able profit. Depending on how you intend to enter and exit, yes.
The enduring US stock market bull run evokes a mix of fear and excitement, presenting opportunities with insight, resulting in $780k gains in the past ten months, utilizing a portfolio advisor for a well-defined strategy.
Successfully released from my HOA recently after one and half years battle. At the end I have to agree to pay about 10k fee related to the dissociation (replatting the common area and legal changes to the deed, etc.) in order to finally get out. I didn’t use a lawyer, because one lawyer told me it’ll take three to five years to get out HOA through the court system, and at least 30-50k Omg so glad I didn’t fall for his BS. Now I do my own landscaping and will pay for snow removal for the section of the street right in front of my house. Freedom is sweet!
Housing prices likely won’t drop significantly until supply increases. The U.S. is short millions of housing units and isn’t building fast enough. Demand remains high, and even a small dip in prices attracts many buyers. I’m looking to buy affordable houses in February 2025 and maybe invest in stocks. When’s the best time to invest in stocks? Some say it’s profitable, but others warn it’s risky. Any advice?
I agree with you and I believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don’t know who agrees with me but either way I recommend either real estate and stocks..
I've always delegated my excesses to an advisor, since suffering major portfolio loss early 2020, amid covid outbreak. I'm now semi-retired and only work 7.5 hours a week, with barely 25% short of my $1m retirement goal after subsequent investments to date.
How can one find a verifiable financial adviser? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
@@face2lune *Mr Gary Mason Brooks* a highly respected figure in his field. I suggest delving deeper into his credentials, as he possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
*Mr Gary Mason Brooks* a highly respected figure in his field. I suggest delving deeper into his credentials, as he possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
I loathe HOAs and avoid them at all cost. Why do so many sign up for someone else to tell them what to do with THEIR property and it’s another never ending tax on top of everything else.
Simple version: Costs = too high Income = too low Employers = too greedy Corporate landlords = need to be outlawed HOAs are a minor issue compared to all of the above.
its the banks and finance. finance is burdening our economy in debt. banks are parasites, wanting as much of your available income to go towards a mortgage to pay interest. the bigger the loans the bigger the money for the bank. gov needs to step in. banking should be a public utility and we need a jubilee.
I agree with your other bullet points, but HOAs are a huge problem because they’re able to increase rates out of nowhere causing home owners to loose a house they could previously afford.
I'm on the community approved design and colored fence with hoa's. They do have their place for maintenance and covering things like insurance for community pools, but their reach should stop at community property. Whether or not my grass is too tall is defined and should be restricted to city code, not an hoa. I live out in the desert or Arizona and we created a volunteer road group that is limited to maintaining our community road. It's worked really well, and we have about a 75% participation without all of the overreach you see in a typical neighborhood.
I see why most people hate HOAs, but I think it's a factor of how and why they're set up. I always said I'd never live in an HOA but I ended up buying a home in a 4-unit building that's an HOA and I love it. The small size keeps the paperwork minimal, and the low number of members keeps it low cost and low stakes. I also get more than my money's worth because the HOA pays my water bill and minimizes my homeowner's insurance because of the way condos are structured versus townhomes/apartments. It might make it a little harder to sell one day, idk, but this is my home for the next 20 years, not an investment.
In regards to the first couple. That is an interesting case. First off the HOA dues and fines should have been disclosed in the attached addendum to the purchase and sales agreement. In addition the purchase and sales agreement should have a clause directing title and escrow to pay off all outstanding debts associated with the property, so that should have been brought current upon closing.
That’s stunning that their HOA helped cause 12 foreclosures! It sounds some get rich scam someone is pulling. I’ve run two HOAs. If you don’t know exactly who to talk to about an issue, that’s a serious problem. This couple’s lawyer should have helped them with a written agreement to stop paying insane fines after they came to the $3k agreement.
Agreed. Their lawyer and title company failed them. They never should have been able to get a clear title with the outstanding HOA balance. It should have been paid by the previous owner in sale of the house.
In Tampa it's hard to find a 1 bedroom under $1400/mo. You need 3x income to qualify jobs around here teachers cops nurses corporate don't pay that much.
In all states and cities I lived in, homes with HOA is almost always less desirable and cheaper than same types of properties without HOA. Pretty sure people factors in the reduced freedom and fees from HOA when they buy their home.
Nobody wants an HOA except those who profit off it. People buy HOA-impaired homes IN SPITE of the HOA, not because they WANT an HOA. In many areas of the country, most homes are HOA-impaired, hence, excluding those from buying consideration severely limits your potential inventory from its already scant levels. 😢
Had a home in an hoa in TX, it was awful, they picked on every single thing. They drove around looking for infractions and would actually measure grass height. I got fined for my trash can being barely visible. They were also the rudest ladies I've ever met. Now in MA, there aren't any HOA's and its great! Everyone respects neighbors and has pride in their homes without being treated like children.
The people saying they would never clearly don't live in HCOL areas and/or bought their homes ions ago or worse yet, will never even be in a position to buy/own homes
300/month is higher than my local taxes and my little city is well kept. Mind blowing. And I love my awesome wild life garden which would not be allowed with any HOA because native plants are "weeds".
We are so screwed. HOA, insurance, supply, everything is out of control and the people that are supposed to be fighting for us only care about their own pockets.
If you like living in an HOA, yeah, YOU are meant to have a boss and NOT own anything. Your sole purpose in life is to make sure you service the loans of the landlord.
The dumbest part of an HOA is the ability to foreclose on your own home with no consequences and no reasons…at least in Florida, not sure about the rest of the country. I hate that the board or whoever in charge can literally tell any homeowner how to live no matter what.
I am age 74 and my husband is age 79, we both have health issues and can no longer keep up a yard, snow plowing, leaf removal and exterior maintenance. We live in a HOA condo community and pay $325.00 per month in fees. Our HOA maintains this property and they do it well but they have denied us for disability requests I have made. IF the HOA is done right it works....but if it becomes all about the egos of the member then the trouble begins.
My condo assoc. is corrupt beyond belief. They keep charging huge fees and do nothing. I have a condo attached to mine that has been causing significant water damage into my home and the Assoc refuses to do anything about it claiming its not their problem. I am too poor and have no legal benefits to get legal help to sue them so I am screwed as my condo now cannot be sold.
2:54 That fee should be illegal. How do you come up with a fee because a house is sitting on the market too long. That fee alone was probably why no one wanted it.
I made sure I bought my home without an HOA, and I don't regret it. My neighbor and I maintain our properties, and I am thankful for having good neighbors I get along with. I am young and most of my neighbors are much older. It is tranquil and that's how I like it. Our police department publishes a map of where crime has happened and the area I live doesn't show anything. Knocking on wood it stays that way.
Here in Florida HOAs are horrible, nearly 700+ a month for the bare minimum. The board members have a massive Ego and go on power trips all the time. We beed to start banning HOAs. Even the homes without HOAs are massively more expensive than those with.... Makes you think about the BS "maintaining value"
The "maintaining value" argument is a fallacy when you factor the monthly HOA fees paid are lost opportunity cost. How much would all have those monthly fees + a reasonable 8%+ interest rate have netted you in your pockets over a decade or two / three? It's a fallacy right up there with people who think cars are "investments".
Funny how the video didn't seem to mention Florida. Florida got some of the worst HOAs and insurance costs. I remember hearing the one HOA in Florida charging everyone 60k and everyone freaking out.
If the hoa charges 500 follars a month, how are you profitable from house value increases when the hoa sucks any profit while you live there unless your house consistently gains 6k+ yearly
IT IS A BIG LIE that HOA Homes are value for money. WHAT YOU WILL SPEND ON THE HOA will much outnumber any home equity. ANYONE FOOLISH ENOUGH to buy in an HOA are signing off their rights to their home. NEVER, NEVER, NEVER buy a house in an HOA.
@ facts. Anyone that’s ever had family deal with HOA’s know how much of a rip off it is. Unless you make so much money throwing $300 away doesn’t feel like much. But I’ll leave that to the college grads to consider as options
This kind of video makes me glad I'm age 71 and won't have to be around here much longer to have to deal with these dramatic situations. I feel truly sorry for the younger people
I don't understand why anybody would want an HOA. Everything they do can be done by a regular local government, and then you could vote them out if they mismanage. My town fines people who don't maintain their property, and they also own a public golf course, so it's not like you have to have an HOA if you want community amenities like a pool.
"Everything they do can be done by a regular local government" THAT'S the source of the problem; local governments don't want the maintenance/enforcement responsibility. Some municipalities even require new builds to be part of HOAs for that very reason.
With around £120k invested in tech/TSLA stocks, any suggestions for additional stocks to diversify across various markets? Looking for a well-rounded portfolio that balances risk aversion with returns meeting yearly inflation concerns.
Prioritize two goals: strategically sell stocks to limit losses and maximize gains, and be prepared to capitalize on market shifts. Consult a financial advisor or professional for personalized guidance.
Certainly, I've been consulting with a Certified Financial Planner (CFP) since the outbreak. Beginning with an initial fund of $80k, my advisor makes decisions on when to enter and exit positions in my portfolio, which has now expanded to around $350k.
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@ No. a lot of times people buy a home in an area where they have a job and nearly every home on the market is in an HOA. So not everyone has a choice.
I complained to my California small town HOA for my neighborhood from 2012-2021 because of one simple fact: the park rubberized turf was ripped and in major disrepair. It was nice when I bough in 2012. Horrible by 2019. And we paid $250/mo in dues time over 100 houses. The finances showed they had Cap Reserves on the balance sheet! I sold in 2021. I recently went back through the neighborhood this year (2024) and the park still looks like sh*t with the rubberized floor torn up even worse. That’s what HOAs are good for! Paying themselves first and deferring maintenance till infinity!
The homeowners in the HOA story maybe be able to hold their mortgage title insurance company liable for the outstanding HOA fees when they purchased the home.
It sounds like the person they bought from stiffed them on these fees. They're transferring a liability on the home so aren't they required to disclose that? We've lived in an HOA since the 1980s and have no problems with it and certainly nothing approaching the problems described here.
Everyone's been promoting investing as a source of passive income, but with a 70-hour workweek and limited financial knowledge, how can I stay on top of things? Every RUclips video says "BUY, BUY!" but when and how do I sell for profit at the right time?
Well all i know is that you cannot go wrong taking profit at near high. No one ever went broke taking a 10% loss. It's best if you consult with a fiduciary advisor to get informed buying & selling decisions
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even if HOA can help increase property value, if you plan to live in the home long-term you will only end up paying more property taxes on top of the HOA dues since property taxes are assessed at percentage of estimated value!
Aren’t HOA’s supposed to have monthly meetings and aren’t the home owners supposed to vote for the board members yearly? The homeowner has more rights than they realize…
6:30 The point is to go to HOA meetings and network with neighbors. It goes a long way when you chat up with ice breakers. Always talk, ask who is in the HOA. Interact or stay away from HOAs.
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I don’t think buying a house in an HOA is a good idea.
Most people don’t understand what an HOA really means. You don’t truly own the home; you’re just allowed to live there as long as you keep paying the mortgage each month.
HOA is truly horrible-just a group of individuals on a power trip. This story highlights more about greed and extortion. I would advise anyone considering such a move to work with a financial advisor to avoid making these kinds of mistakes.
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Charging HOA fees from a past owner should be criminal 😡
Any outstanding HOA fees on a home at the sale would be substracted from the sellers. It should not be the buyers responsibility.
@ That’s not what the person stated in the video
@@pamelaflynn1129 it's a made up fee that should not exist in the first place you are DELUSIONAL these fees by no means should follow people into the future.
How did the buyers lawyer not know this?? It's not like it would have been a needle in a haystack fine. And... after the purchase that same lawyer should have been called.
Either way, greed is one of those things that makes 1 person $ while takes much more than $ away from many, many others.
@@pamelaflynn1129 A HOA has no jurisdiction over the individual just the house. If the buyer didn't think this was disclosed beforehand when it should have they can sue the seller.
I had my HOA contacting me about a weed while I was deployed to Iraq, I brought that up and they told me that wasn’t their problem. They managed to fine till I got home. I was able to resolve it after I ran into the HOA President at the mailbox, I helped him see the light. They dropped the issue after that and my attorney filed a lawsuit against all the HOA members for violations for the Service Member Civil Relief Act. I will never live in an HOA again.
😮😮
Did you win the lawsuit though?
Thank for service 🪖
Military personnel shouldn't have to pay an HOA fee, IMO
@@Rust_Rust_Rust probably settled and took some cash. waiting for the actual answer...
"For profit" is where this went wrong. $300 per month is absolutely insane, and giving them the power to issue fines, dock your pay or take YOUR house should be criminal. This is literal extortion.
$300 is cheap if it's a condo, it wouldn't take much to blow through the reserve fund and bring on special assessments. Many folks are simply: 1. in denial about what it costs to maintain the building and grounds, 2. mistakenly think they could do a better job themselves, or 3. looking for people to blame unexpected bills they hadn't budgeted for, on. Rents go up over time. Maintenance costs go up over time. My condo fees used to be $479 a month. Painting was $152k for 52 units ten years ago the place has original cedar siding. The sewer replacement was estimated at $24k per unit. In the 1970s they had used vitreous clay and not PVC. Only an open excavation can be used to replace them. Cast iron pipes can be lined. Neighbor, SF house just like mine, on a big lot, said their sewer replacement was $86k. I'm busy for hours every Sunday taking care of the lawn and garden; I could only imagine what it would cost to hire that work out. Spent over an hour just collecting and bagging debris today.
@@dan-qe1tbCondo fees are one thing-after all, the full building does need to be maintained. But HOAs in single-family, detached neighborhoods are the ones people tend to complain about.
Same thing goes for allowing governments to collect taxes. I swear that we are in this mess because the first tax a collector wasn't strangled with the entrails of the first tax assessor.
Yeah, mine is $140 a year. They maintain common areas. That’s about it.
$300 on top of mortgage and home insurance isn’t affordable for the average homeowner family. Lights, water, groceries and if kids are part of the equation smh easily $3500+
HOA wants to fine for not trimming my hedges on time, but the moment I ask HOA Karen how they could afford their new Boat, suddenly I'm crossing a line.
The HOA board is elected by you and your neighbors. Vote Karen out. But if participation is too inconvenient then that is on you.
You wanted HOA. You got what you wanted. Get the neighbors together
@@who2u333
It is becoming increasingly common for developers to intentionally maintain ownership of a majority of the lots in the HOA in order to maintain a permanent voting majority. You cannot vote anyone out nor enact any changes.
@who2u333 easier said than done, I've read a bunch of stories of HOAs changing the bylaws by having an "express" meeting at odd hours when most of the owners are not available, "oh sorry, the meeting was at 4 pm, oh no, you've missed it it was at 5 am" Or HOAs with bylaws that makes it that only a particular set of people can be on the board.
They are scummy and will find a way to stay.
Its in the by laws. Everything they are doing is legal.
I would never buy a home in an HOA…
problem is a large percentage of new homes are built in HOAs due to current incentives, so in many places you can either rent (sometimes to a landlord that charges +20%/yr) or buy through an HoA
@@Plutogalaxy municipalities don't want to maintain the roads, so give developers an easier path to permit if they enact an hoa.
@@JohnFraser-zc8cu Odd that one still has to pay the municipality property tax, HOA or no. You know...the taxes that pay for road maintenance, plowing etc. that they don't do.
I always said that but I ended up buying a home in a 4-unit HOA and I love it. They're very much individual though and if the other folks in the association weren't on the same page it could become a problem quickly.
When I live most homes have HOAs. It’s not really a choice
My mom's HOA board member had a family member that own a towing company. When that guy took over the board, parking became an issue. Then all of sudden after decades of no parking issue, people started getting towed. 7 to 11 cars a night, every night. it was insane. It stopped the minute that person was kicked off the board.
😮nepotism and greed
😮wow wtf
Honestly wish they would tow a lot of the cars that are parked in my street since it's against our HOA too.
@@John-ok8tsrespectfully John, get a damn hobby
@@W333L Why? I don't want a load of cars at the side of the street. The HOA rules are there for a reason. If you don't like them then you can always move or campaign to get the rule changed.
Do not buy a home in a community that charges HOA fees.
if the house is $300k but the other homes in the area go for $900k, then you know it's an HOA. too good to be true.
You had me at ‘do not buy a home.’ I wasn’t gonna
This is the summary of the rent vs buy decision I’ve been trying to figure out for years. The rental income vs mortgage payment calculation never made sense to me. But this is much more logical and makes far more sense. Thank you for simplifying this!
Most people are unable to handle a fall since they are accustomed to bull markets, but if you know where to look and how to get around, you can profit handsomely. It depends on your entry and exit strategy.
The fact that the US stock market had been on its longest bull run ever makes the widespread worry and enthusiasm understandable given that we are not used to such unstable markets. As you pointed out, it wasn't tough for me to earn over $780k in the last 10 months, so there are chances if you know where to go. I hired a portfolio advisor since I was aware that I needed a solid and trusted plan to survive these trying times.
Recently, I have been exploring the possibility of consulting with advisors. As a mature individual, I am in need of guidance, but I am curious to know how truly impactful their services can be?
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If I was sold a house by a realtor who didn't disclose a pre-existing lean on the home I'd have to inherit, I'm suing them for that dollar amount to get that settled
Yes, I don’t understand why that didn’t appear on the disclosure. Maybe it did but these folks didn’t pay attention. Maybe they received a credit from the seller to offset the debt. That while situation was bizarre
@@jones2277that’s quite the assumption to assume this was the fault of the homebuyers and not the shadiness of the HOAs when that’s what the whole video is about.
The title company should've caught that and if they didn't the title insurance should've covered it. The realtor is a glorified used car salesman.
There was an instance where the HOA signed off that there were no items against the house and then tried to bill the new owners for fees.. and then since there are not enough laws covering HOAs the courts to not know how to handle the cases so they don't
Should never use a realtor
This is why, I made sure my first home purchase was no where close to under HOA. I heard too many horror stories due to HOA. They are like small mobsters having control over your home.
it's hard for the unsuspecting people, because they think they are getting a good deal. the house is much much cheaper than other houses in that county so they jump, not knowing it's an HOA.
@@BobRooney290it’s hard for SUSPECTING people in a lot of areas, since your options for purchase are a “modest” (barely affordable on two above median incomes) “starter” home or condo with an HOA, or wish upon a star for a million dollars to fall out of the sky to afford one of the last remaining non-HOA homes, usually in historic locations with big lots
HOA is another form of Redlining
The problem with HOA is the HOA board. Hoa as a concept isn't bad. The problem in practice the only one interested and available to be the HOA board is the nosy busy body retired Karen.
Like keeping your lawn is reasonable to prevent some crazy lawn but having the lawn nazi come with a ruler and say your lawn is 1/4 too tall and fine you $100 is the problem.
HOA devalues a property because many people won’t consider purchasing a home within an HOA. Also less people can qualify for loans when HOA fees are incorporated into the monthly payment. This reduces the pool of potential buyers. Homes without HOA are becoming more desirable and therefore more valuable.
In an HOA, you do not own the home. You're just allowed to live there IF you pay the mortgage and the monthly randsom.
...and municipal property tax...what a racket.
Understand in Florida and HOA/COA is created by the Developer/Builder Not the end users Homeowners. What should happen is 6 months after a majority ownership is sold some key parts Expire or need to voted on by Homeowners. (Issues like vehicle restrictions, landscaping, items allowed on patios/balconies, Association power to evict Problem Renters)
None of us own homes until they are paid off. A mortgage is NOT ownership-it's a rent-to-own agreement with the lender. An HOA was intended for condos only. No home should ever be in an HOA.
Even if your house is paid off, you never completely own your house. See what happens when you stop paying property tax.
In my opinion, a housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!
You are right! I’ve diversified my 450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.
@@Dantursi1 Do you mind sharing info on the adviser who assisted you?
Annette Christine Conte is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Thank you for the lead. I searched her site up and filled the form. I hope she gets back to me soon.
HOA's are out of control. City governments transfer all responsibilities to HOA but still want to collect high property taxes
Why doesn't someone run against that for city council? Seems like a winning campaign.
These city governments are the enemy of hard working homeowners it seems to me.
So many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.
At this point, its only reasonable for investors to diversify into other sectors, the stock market, to balance out their real estate holdings. Even the worst recessions offer valuable buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. this is not personalized financial advice, just giving my 2 cents!
@sheldongardner You're correct! With the help of a financial advisor, I was able to diversify my 450K portfolio across markets and produce slightly more than $830K in net profit from high dividend yield equities, ETFs, and bonds.
My portfolio has been in the gutter for the entire year, so I started researching new ways to profit in the market, but everything I tried just seemed to miss the mark. Please who is advisor? and how can i reach out?
Monica Mary Strigle is the licensed advisor I use. She is a hot topic even among financial elitist in lower Manhattan and has been interviewed on a lot of business videos, with an aum of over 500m usd. search her name, You'd find necessary details to work with to set up an appointment
@waldenharvey I looked her up and found her consulting page. I’ve got to say her credentials are truly impressive! I've scheduled a call to discuss further
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
I concur; I've been in frequent communication with an investing advisor for more than 17 months. I definitely remember needing inspiration to keep my business running after a protracted divorce. I researched licensing consultants, sometimes known as portfolio coaches by some.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
'Rebecca Nassar Dunne’ is the manager I use. Just research the name. You'd find necessary details to set up an appointment.
Found her webpage, I wrote her an email and scheduled a call. Hopefully she responds. Thank you.
I rented an apartment in Redmond WA (home of Microsoft), for 15 years straight $700 to $850 a month, been going up $200 a month every year for 10+ years, same junk, old apartment is now $2,500...
The renting story and homeowner and HOA story are completely separate issues. The cost for landlords has gone up dramatically - the building manager, leasing agent, tradesmen, drywall/painters, lawyers, and the cost of an eviction. Also the landlords are competing with each other for best tenants. Bad tenants are nightmares (crime, drug problems, non-payment of rent/trashing the place/destroying property).
There is a five generation SE Asian family living in there now …
Regarding restitution. Understand that when a Rental Home Value is appraised the income, expenses, profit of that property are analyzed and used to determine a Fair Market Value. That value may be similar to what a City/County uses to calculate Property Taxes. If restitution is granted will the City/County also be required to payback the Excess Property Tax for those years?
@@Aaron_RHow does that apply to the comment you’re replying to? They’ve lived in the same unit for years, no painters or upgrades needed.
My rent has also gone up $400 in past two years. We are good tenants and our lease is crap - we are responsible for everything, even have to pay taxes that apply to landowners in our county. Lawn care, electric, gas, trash, etc. We cannot speak to a human when we have an issue at our property, it’s all online forms and robots with no paper trail. We’ve been here for 5 years, have always taken care of property, haven’t gotten any upgrades. There’s been a dying tree on our property since we moved in, we cannot get property mgmt to deal with it.
Our landlord bought our house and did reno less than a year before we moved in. He bought it for dirt cheap and barely did any renovations. We like our appliances, we live close to my elderly father. Even when you include property mgmt expenses, the profit has to be huge for them.
Our rent is more than triple what his monthly mortgage would be at the price he bought it for, even with a minimum down payment.
And remember, we are responsible for *everything*. Their definition of normal wear and tear is so limited. I’ve never lived anywhere that asked me to pay a county tax that’s levied on homeowners, not usage based or utility related.
@@Aaron_R And they out-priced all good renters. All they get now are transients who 100% PLAN to stop paying rent by month three. So they can save up and do it over again. Insurance is skyrocketing unjustly. Mine went from $160 in 2021 to now over $250. For a super low-risk place.
I live on both sides of the Atlantic continents. I'd received 2 HOA warnings of grass higher than "5" inches in the heat of the summers during 12 years of house ownership. I maintained calm, collected, and did not even complaint. I quietly waited until my house price came to the highest market price, a quick sold got rid of that Florida HOA/house. No matter how much I loved and missed that house, it's the HOA that kept me running away from their corruption.
I agree Some Florida HOA'S for condos/homes are poorly managed regarding finding a balance between asthetics, lifestyle, and to what severity and offense is effecting the neighbors. Power of association members needs to be more balanced. If the Board creates a Rule members do not agree with members should be able to send 30 days notice of a meeting on the rule and a vote will be recorded. Whatever majority percentage defined in the HOA docs decides.
I’m glad I own my home. Old Craftsman built in 1945 fully remodeled. I paid 898 dollars in taxes and we have no HOA. I can bbq and drink beer on my font lawn in my boxers on a Saturday morning. Nobody is going to tell me squat.
That’s what homeownership is all about. I don’t get this fancy house complexity these days.
You're just lucky homes were dirt cheap in your years.
But alcohol is consodered a carcinogen
That's where they get you though with the taxes, 1945 home but $900 a month in taxes is crazy. Still beats where I am, even a 400k home is over that
@@Bengy22 that’s my yearly. I bought the house in 207
@@tranger4579 I could only dream of my taxes being that low, would be a home under 40k
I got lucky after trying to sell my 1 bed 1 bath condo when the HOA discovered my place had hardwood in the living room. It was already there when I bought the place and suddenly I’m responsible for replacing it with carpet. Luckily they told me if I could prove it had been there for over 7 years it would be their fault. My real estate agent was able to find a photo from 7 years ago and there was a picture of the living room with the same hardwood floor
why would you have to replace hardwood with carpet? I got rid of all carpet in my house and replace with real hardwood....Its more healthy
Thank God!! Hopefully you get out of that place soon🙏🏽
I would rather live in the Hood, ghetto before I live in an HOA..
Preach
HOAs are there as well
@@Kinsale101 not really
@@Kinsale101 I want to see a movie about HOA Karen enforcing HOA rules in the hood, omg. What a creative outlandish idea.
@@Come_On_Scents NOT creative, actually dumb.
This week, the rent went up around $500 per month in SW Florida for large apartment complexes using Real Page. I have screenshots of the units. I have been monitoring prices while apartment searching and in 1 day, the prices jumped $400-$500 a month per unit. This is absolutely collusion to fix prices and something has to be done to stop this.
We have literally signed off on being £#[|
Rented a home in NC for a year. It was rainy season so it rained for two weeks straight. They cited me for not mowing the yard. Head of the association had her yard waist high and missing tiles on roof. HOA's are a giant pain and a rip off.
Everyone is talking about buying homes. We can barely even rent. The rent crisis is real. We don't have the down payment for a home.. but rents are higher than a mortgage!! My generation is stuck and we are suffering. Boomers and elder gen X are only building "luxury" apartments and housing now. Who tf affords all this. You can't even live in an OLD run down apartment on 50k/year. And now my state is forcing women to have babies they can't afford, and ofc no help for childcare. We are screwed.
Had a home builder build and sell hundreds of houses advertising that they were non-HOA. When they were down to the last lot they sub-divided the last lot into a thousand tiny lots and voted the neighborhood into a HOA they controlled. They foreclosed on 25% of the homes and resold them within 2 years. They're trying to get the others 75% to this day.
HOAs are never good.
That's not how HOA's work. If you bought the house before the HOA existed, no neighborhood or body can force you to sign into the newly founded HOA. Doesn't matter if they suddenly split the last lot into thousands and outvoted people, had you bought your house in that neighborhood prior to the establishment of the HOA they can't do anything at all to force you into it without you specifically signing their contract documents saying they can do so.
@@HDCybersun
That is not always true, unfortunately. In some jurisdictions if you are surrounded by lots that vote to form an HOA you can be forced into it.
This seems questionable. To split a lot into a thousand of lots capable of having a home on it, the lots would need to be at least 100 acres each. I really don't see an HOA with the majority of the lots not being large enough to build on surviving a court challenge.
@HDCybersun you know every HOA rule in every HOA in the US?
It doesn't matter if this is legal or not. What matters is do you have the financial means to fight the HOA in court. Even if you win that court case the HOA can simply start the whole process over. HOAs are the best example of America living in the future dystopia now.
Buying a house only for someone to tell you what to do. That’s like living in a rental.if I feel like having 20 cars on my property. I should be able to do that without problems. 😂😂😂😂
My friend said her HOA Karens want to ban any cars that are older than 5 years from parking where they are visible from the street. For example, if you have a 2018 carry it would have to be kept in the garage at all times.... they're getting ridiculous
@ All this madness can be avoided by not living in an Hoa community 😂😂😂😂😂
@@AnaDiaz-wz4cfinsanity
HOA were created so people didn't run the risk of having someone like you buy the house next to them ;-)
Spend your money wisely-invest in quality where it counts, for it often outlasts the cost of cheapness. Yet, remember that sometimes the simplest, least expensive option is the real gem in disguise.
I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Stephanie Janis Stiefel. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, I was able to scale this quickly to $150,000. If I can do this in a year, anyone can.
Great advice and I live by it as well. I have wasted too much money and time on cheap garbage
@@JessieeAlmarI would really love to know how much work you did to put in to get this stage
Exactly well said.. spread the wisdom
@@IvanSimaleza Steady progress! A solid strategy is crucial for growth and minimizing taxes. After six months of getting affiliated with Stephanie Janis Stiefel , l'm averaging 35k a week . It's not huge, but it eases financial stress. Best of luck on your journey!
We are struggling because the Uber rich are choking the hell out of us.
No No No Man. It's because "climate change" causes the insurance companies to charge us more, they make so little money they are forced to do it. Poor insurance companies!
You're struggling because the voters are voting themselves money the government doesn't have, so the government is creating more money which means more liquidity sloshing around which ends up inflating assets like stocks and real estate. Think about every time we give money to whatever sob story, they use that spend that money on something and eventually it ends up in the pockets of the wealthy who then use it to buy up more land. Think about every time we give Ukraine another $100 billion dollars, those dollars eventually find their way back to the US inflating asset prices. What are Chinese doing with all the trillions of dollars we give them for useless trinkets? They buy up US land which can't be duplicated.
In other words when the government gives poor people money for welfare, it's a moment in the recipients lips and forever on the hips of the wealthy as it trickles up.
Well, most of America is A ok with being choked!!! 🤣
Most of America is A.ok with being chocked!
my mom bought into a HOA home but they dealt with all the maintenance/landscaping , every year they did the driveways and after 20 years everyone got new a roof .. i wouldn’t buy into one but it worked for my mom she didn’t want to leave but lives in texas with my sister now .
Same for my family too. Not a new roof tho lol
It depends on your HOA. Summerlin, Las Vegas HOA is not that bad and we only pay $65 a month. They make sure the communities are clean and uniform. When someone moved in down the road and started parking their TRACTOR TRAILER on the street... my email to the HOA was swiftly addressed.
My biggest issue with HOA’s is they are a for profit business and they get more and more expensive as time goes on. $800 a month is the typical fee in Bellevue Washington where I was looking.
You just described government. Have to seek funding, but get bigger and bigger with time.
@@billydotson3598 that is absolutely true too. Bigger and bigger, more and more waste.
They're an association, they're not a for-profit business.
Actually unless defined by State, City laws or Association documents your Fee for management can increase to ANY level. I had one started at $342 in 2016 that is $612 in 2024 approximately 79% increase or approximately 10% a year increase.
@@kuebby Some are run very inexpensive. I had a $30 HOA once. Others have full time salary employees and lobby to hire more while charging hundreds monthly. Not all are bad but some are downright evil.
I was able to single handedly dissolve my HOA. It takes a little effort, but I convinced everyone that there is no point to us having an HOA. We have nothing. We have no pool, no park, just a common area the county owns. We were just paying 20 dollars a month to a property managing firm for the strip out by the road. Unfortunately, a few years later we do have some bad looking houses. Some people are just lazy.
If you don’t care about selling your home, you don’t really need to worry about your neighbour’s’ house appearance.
$20 a month isn't unreasonable to make sure your neighbors maintain their houses. It's when the HOA fees are $500+ a month.
@@TomikaKelly did you not watch the video? the very first couple paid total of $12k for a 1.6k fine (that the previous homeowner incurred), and the HOA is "only" $200/year, less than $20/month
no amount of HOA even $20 is worth the headache and potential nightmare.
Mind your business and your own house. Anything is better than a HOA. I’d rather have a neighbor who works on cars beside my house than a HOA. Pay attention to your city’s ordinances. If they violate them, report them. If not, mind your business and be happy in your own home.
Realtor here. I had a client in their situation; the current homeowner didn't pay into the HOA. It became a cloud on title and, just like child support, escrow couldn't close until it was paid. I believe that was a FHA requirement. I don't know if that's typical or has changed since, but, yeah... Many of my clients are moving out of an HOA neighborhoods specifically because of the HOA.
I heard about the HOA nightmares and have never and will never buy a house in a HOA.
😂
PROPERTY TAX AND HOME OWNERS INSURANCE ARE OUT OF CONTROL!!!
So is the use of all caps..
When I was house hunting, I originally wanted a home with an HOA. Until I talked to one of the neighbors in an HOA community. He basically said, run. I'm glad I didn't.
I am an electrician for the County in San Jose, California.
My wife is a school teacher.
A house in the least desirable part of San Jose cost 1 million dollars.
Even if we had 20 percent to put as a down payment it is completely unattainable for us.
We just don’t earn enough income.
It’s highly discouraging not to be able to afford a home in the town you were born and raised in.
I’m with you. We made $200k/year in 2018 in San Jose and could only afford 2 bedroom townhouse. Sold it $525k and bought a 5 bedrooms with a pool in Rancho Cucamonga (SoCal) with $615k. Best decision ever
My HOA hired a management company that's now hitting everyone with violations. My house has been hit with $2k in yard violations, even though my yard is taken care every 2 weeks. When I question the HOA company about the picture they send, they give a vague answer. I had my flower bed redone and they're still fining my house, it's outrageous.
Get ready, this is only the beginning!
I bet no one is even checking, they’re just sending the fines. Send them the receipt for the improvements to the garden, maybe then they’ll stop because you have proof they’re lying
My friend got fined the day after the last hurricane because they hadn’t gotten to their broken fence yet. It’s all BS
Funny how our neighborhood newsletter actually list a few houses that have 3-4 years of past HOA dues balance.
Also on Closing Day, the realtors ask ME to pay the previous owners HOA past dues in order to close....I said No Way...
What a joke HOA!....but it's hard to find Non-HOA in most 'burbs nowadays.
Why would you be asked/expected to pay someone else's bill?
@@TomikaKelly because you didnt read the contract that has language it there, or you hired a lawyer that isnt a real estate lawyer.
There’s not enough housing but there are empty houses I see all over. 🤔💭
Make it make sense please.
There's not enough houses selling at realistic prices.....
They are only making luxury apartments and luxury homes
I owned a house with a HOA. I once tried to upgraded my outside and garage lights to the better, motion sensor, automatic on during dawn. And that stupid HOA gave me a letter stating that I must use that particular old fashion, outdated lights (yet, they are more expansive !!!). Then I swear I would never buy another house with HOA.
I remember in 2007 when I was working in real estate seeing people buy homes new from builders with the intention of selling before close of escrow to a new buyer for profit. The crash was so brutal and fast that I remember seeing a lot of these units foreclosed on with the builder plastic still on the carpet.
Most people find it difficult to handle a fall since they are used to bull markets, but if you know where to look and how to maneuver, you can make a size-able profit. Depending on how you intend to enter and exit, yes.
The enduring US stock market bull run evokes a mix of fear and excitement, presenting opportunities with insight, resulting in $780k gains in the past ten months, utilizing a portfolio advisor for a well-defined strategy.
How do I reach out to one? my assets have been struggling since 2022 and I’ve been holding on by the skin of my teeth.
Amy Lea Kohlert is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Thank you for the lead. I searched her site up and filled the form. I hope she gets back to me soon.
Successfully released from my HOA recently after one and half years battle. At the end I have to agree to pay about 10k fee related to the dissociation (replatting the common area and legal changes to the deed, etc.) in order to finally get out. I didn’t use a lawyer, because one lawyer told me it’ll take three to five years to get out HOA through the court system, and at least 30-50k Omg so glad I didn’t fall for his BS. Now I do my own landscaping and will pay for snow removal for the section of the street right in front of my house. Freedom is sweet!
Housing prices likely won’t drop significantly until supply increases. The U.S. is short millions of housing units and isn’t building fast enough. Demand remains high, and even a small dip in prices attracts many buyers. I’m looking to buy affordable houses in February 2025 and maybe invest in stocks. When’s the best time to invest in stocks? Some say it’s profitable, but others warn it’s risky. Any advice?
I agree with you and I believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don’t know who agrees with me but either way I recommend either real estate and stocks..
I've always delegated my excesses to an advisor, since suffering major portfolio loss early 2020, amid covid outbreak. I'm now semi-retired and only work 7.5 hours a week, with barely 25% short of my $1m retirement goal after subsequent investments to date.
How can one find a verifiable financial adviser? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
@@face2lune *Mr Gary Mason Brooks* a highly respected figure in his field. I suggest delving deeper into his credentials, as he possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
*Mr Gary Mason Brooks* a highly respected figure in his field. I suggest delving deeper into his credentials, as he possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
I loathe HOAs and avoid them at all cost. Why do so many sign up for someone else to tell them what to do with THEIR property and it’s another never ending tax on top of everything else.
Glad I bought a home without an HOA. Not gonna deal with their BS.
Simple version:
Costs = too high
Income = too low
Employers = too greedy
Corporate landlords = need to be outlawed
HOAs are a minor issue compared to all of the above.
“Income” is nothing more than a cost, it’s just a cost to the employer, raise their costs, and prices will follow
its the banks and finance. finance is burdening our economy in debt. banks are parasites, wanting as much of your available income to go towards a mortgage to pay interest. the bigger the loans the bigger the money for the bank. gov needs to step in. banking should be a public utility and we need a jubilee.
I agree with your other bullet points, but HOAs are a huge problem because they’re able to increase rates out of nowhere causing home owners to loose a house they could previously afford.
@@aaronpoisson They can even increase Every YEAR if they choose, Had that happen to me twice!
Bought a condo in 1985 with a $70 HOA. HOA fees are now 380.00. Do not buy a property with an HOA. It is just a Hugh headache.
So happy to live in a rural community, where just the moose, bobcats, raccoons etc care about our yard.
I don’t think you could find a HOA in the state of Florida for under $500 a month let that sink in
Do not buy a house in an HOA.
I'm on the community approved design and colored fence with hoa's. They do have their place for maintenance and covering things like insurance for community pools, but their reach should stop at community property. Whether or not my grass is too tall is defined and should be restricted to city code, not an hoa. I live out in the desert or Arizona and we created a volunteer road group that is limited to maintaining our community road. It's worked really well, and we have about a 75% participation without all of the overreach you see in a typical neighborhood.
I see why most people hate HOAs, but I think it's a factor of how and why they're set up. I always said I'd never live in an HOA but I ended up buying a home in a 4-unit building that's an HOA and I love it. The small size keeps the paperwork minimal, and the low number of members keeps it low cost and low stakes. I also get more than my money's worth because the HOA pays my water bill and minimizes my homeowner's insurance because of the way condos are structured versus townhomes/apartments. It might make it a little harder to sell one day, idk, but this is my home for the next 20 years, not an investment.
The title wasn’t cleared. They need to go after the broker and the title company.
In regards to the first couple. That is an interesting case. First off the HOA dues and fines should have been disclosed in the attached addendum to the purchase and sales agreement. In addition the purchase and sales agreement should have a clause directing title and escrow to pay off all outstanding debts associated with the property, so that should have been brought current upon closing.
That’s stunning that their HOA helped cause 12 foreclosures! It sounds some get rich scam someone is pulling. I’ve run two HOAs. If you don’t know exactly who to talk to about an issue, that’s a serious problem. This couple’s lawyer should have helped them with a written agreement to stop paying insane fines after they came to the $3k agreement.
Agreed. Their lawyer and title company failed them. They never should have been able to get a clear title with the outstanding HOA balance. It should have been paid by the previous owner in sale of the house.
In Tampa it's hard to find a 1 bedroom under $1400/mo. You need 3x income to qualify jobs around here teachers cops nurses corporate don't pay that much.
HOA is lovely in a truly shared community. High rise condos are part of this. It’s a completely different animal when you own a free standing home.
In all states and cities I lived in, homes with HOA is almost always less desirable and cheaper than same types of properties without HOA.
Pretty sure people factors in the reduced freedom and fees from HOA when they buy their home.
Nobody wants an HOA except those who profit off it. People buy HOA-impaired homes IN SPITE of the HOA, not because they WANT an HOA.
In many areas of the country, most homes are HOA-impaired, hence, excluding those from buying consideration severely limits your potential inventory from its already scant levels. 😢
Should homes be thought of as investments? I'm not sure they should be. It's certainly an asset.
Had a home in an hoa in TX, it was awful, they picked on every single thing. They drove around looking for infractions and would actually measure grass height. I got fined for my trash can being barely visible. They were also the rudest ladies I've ever met. Now in MA, there aren't any HOA's and its great! Everyone respects neighbors and has pride in their homes without being treated like children.
Running the country like a business… here we go!!
The people saying they would never clearly don't live in HCOL areas and/or bought their homes ions ago or worse yet, will never even be in a position to buy/own homes
300/month is higher than my local taxes and my little city is well kept. Mind blowing. And I love my awesome wild life garden which would not be allowed with any HOA because native plants are "weeds".
We are so screwed.
HOA, insurance, supply, everything is out of control and the people that are supposed to be fighting for us only care about their own pockets.
I'm so glad i don't live in an HOA, basically give up all your rights and there isn't anything you can do about it.
@@ddc2343d someone watching you 24/7. Like jail.
The HOA fines and fees should not be added to an unpaid balance from a previous owner. This is an outrageous theft from the new owners.
If you like living in an HOA, yeah, YOU are meant to have a boss and NOT own anything. Your sole purpose in life is to make sure you service the loans of the landlord.
HOA are basically businesses with a captive customer. Its a way for corporations to siphon homeowner's wealth.
The dumbest part of an HOA is the ability to foreclose on your own home with no consequences and no reasons…at least in Florida, not sure about the rest of the country. I hate that the board or whoever in charge can literally tell any homeowner how to live no matter what.
I am age 74 and my husband is age 79, we both have health issues and can no longer keep up a yard, snow plowing, leaf removal and exterior maintenance. We live in a HOA condo community and pay $325.00 per month in fees. Our HOA maintains this property and they do it well but they have denied us for disability requests I have made. IF the HOA is done right it works....but if it becomes all about the egos of the member then the trouble begins.
My condo assoc. is corrupt beyond belief. They keep charging huge fees and do nothing. I have a condo attached to mine that has been causing significant water damage into my home and the Assoc refuses to do anything about it claiming its not their problem. I am too poor and have no legal benefits to get legal help to sue them so I am screwed as my condo now cannot be sold.
Title Insurance should have caught that HOA Bill.
I will not buy a HOA home.
10000000% agree. HOA is a criminal idea.
I’d never buy a house in an HOA. I can’t wrap my head around the concept of paying someone to tell me what I can and can’t do with my property.
2:54 That fee should be illegal. How do you come up with a fee because a house is sitting on the market too long. That fee alone was probably why no one wanted it.
I made sure I bought my home without an HOA, and I don't regret it. My neighbor and I maintain our properties, and I am thankful for having good neighbors I get along with. I am young and most of my neighbors are much older. It is tranquil and that's how I like it. Our police department publishes a map of where crime has happened and the area I live doesn't show anything. Knocking on wood it stays that way.
Here in Florida HOAs are horrible, nearly 700+ a month for the bare minimum. The board members have a massive Ego and go on power trips all the time. We beed to start banning HOAs. Even the homes without HOAs are massively more expensive than those with.... Makes you think about the BS "maintaining value"
The "maintaining value" argument is a fallacy when you factor the monthly HOA fees paid are lost opportunity cost. How much would all have those monthly fees + a reasonable 8%+ interest rate have netted you in your pockets over a decade or two / three? It's a fallacy right up there with people who think cars are "investments".
Funny how the video didn't seem to mention Florida. Florida got some of the worst HOAs and insurance costs. I remember hearing the one HOA in Florida charging everyone 60k and everyone freaking out.
If the hoa charges 500 follars a month, how are you profitable from house value increases when the hoa sucks any profit while you live there unless your house consistently gains 6k+ yearly
Shhh you're going to make people realize they aren't actually making any gains.
IT IS A BIG LIE that HOA Homes are value for money. WHAT YOU WILL SPEND ON THE HOA will much outnumber any home equity. ANYONE FOOLISH ENOUGH to buy in an HOA are signing off their rights to their home. NEVER, NEVER, NEVER buy a house in an HOA.
When looking on Zillow or trulia if the property had an HOA hard PASS
That's house hunting 101. Either no HOA or no house.
@ facts. Anyone that’s ever had family deal with HOA’s know how much of a rip off it is. Unless you make so much money throwing $300 away doesn’t feel like much. But I’ll leave that to the college grads to consider as options
This kind of video makes me glad I'm age 71 and won't have to be around here much longer to have to deal with these dramatic situations. I feel truly sorry for the younger people
I don't understand why anybody would want an HOA. Everything they do can be done by a regular local government, and then you could vote them out if they mismanage. My town fines people who don't maintain their property, and they also own a public golf course, so it's not like you have to have an HOA if you want community amenities like a pool.
Same with my city, but many cities pass this responsibility off to HOAs.
"Everything they do can be done by a regular local government"
THAT'S the source of the problem; local governments don't want the maintenance/enforcement responsibility. Some municipalities even require new builds to be part of HOAs for that very reason.
You couldn't get in touch with the HOA for 8 years? How can they charge the new residents for previous fines????
With around £120k invested in tech/TSLA stocks, any suggestions for additional stocks to diversify across various markets? Looking for a well-rounded portfolio that balances risk aversion with returns meeting yearly inflation concerns.
Prioritize two goals: strategically sell stocks to limit losses and maximize gains, and be prepared to capitalize on market shifts. Consult a financial advisor or professional for personalized guidance.
Certainly, I've been consulting with a Certified Financial Planner (CFP) since the outbreak. Beginning with an initial fund of $80k, my advisor makes decisions on when to enter and exit positions in my portfolio, which has now expanded to around $350k.
"Julianne Iwersen Niemann" a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
States need to limit the ability of HOAs to restrict rights.
@ No. a lot of times people buy a home in an area where they have a job and nearly every home on the market is in an HOA. So not everyone has a choice.
I complained to my California small town HOA for my neighborhood from 2012-2021 because of one simple fact: the park rubberized turf was ripped and in major disrepair. It was nice when I bough in 2012. Horrible by 2019. And we paid $250/mo in dues time over 100 houses. The finances showed they had Cap Reserves on the balance sheet! I sold in 2021. I recently went back through the neighborhood this year (2024) and the park still looks like sh*t with the rubberized floor torn up even worse. That’s what HOAs are good for! Paying themselves first and deferring maintenance till infinity!
They probably need to allocate some funds for Ukraine 😂
I will never live in an HOA.
The homeowners in the HOA story maybe be able to hold their mortgage title insurance company liable for the outstanding HOA fees when they purchased the home.
It sounds like the person they bought from stiffed them on these fees. They're transferring a liability on the home so aren't they required to disclose that? We've lived in an HOA since the 1980s and have no problems with it and certainly nothing approaching the problems described here.
90% of the comments are from people that have no clue.
A house is more of a liability than an asset
The only reason i live in a house is because i prefer it over a landlord who can raise rent at any time.
I do not see how they are helping the owners but just harassing with outrageous fines and rude behavior
Everyone's been promoting investing as a source of passive income, but with a 70-hour workweek and limited financial knowledge, how can I stay on top of things? Every RUclips video says "BUY, BUY!" but when and how do I sell for profit at the right time?
Well all i know is that you cannot go wrong taking profit at near high. No one ever went broke taking a 10% loss. It's best if you consult with a fiduciary advisor to get informed buying & selling decisions
Can you share details of your advisor? I want to invest my increased cash flow in stocks and alternative assets to achieve financial goals.
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even if HOA can help increase property value, if you plan to live in the home long-term you will only end up paying more property taxes on top of the HOA dues since property taxes are assessed at percentage of estimated value!
Will never live in an HOA
This was difficult to watch. Disgusting HOA's. Vomitous insurance companies. Shameful RealPage.
Aren’t HOA’s supposed to have monthly meetings and aren’t the home owners supposed to vote for the board members yearly? The homeowner has more rights than they realize…
6:30 The point is to go to HOA meetings and network with neighbors. It goes a long way when you chat up with ice breakers. Always talk, ask who is in the HOA. Interact or stay away from HOAs.