Here’s a veteran who has no clue how lucky he was when the VA loan he was planning to use to purchase a condo did not pan out.
It’s a bit confusing, but it appears the Pheasant Run condo complex in Topeka, Kansas did not meet the criteria of the VA. Somehow, it is being reported that the HOA turned down the purchase due to a VA loan. I’m not exactly sure what went ‘wrong’ but I know this is the best ‘wrong’ Mr. Simmons will ever have in his life.
Well, golly gee! A small group of Congressmen have discovered that tax jurisdictions have been selling tax liens to investors who, for a tiny bit of money, can buy up properties where taxes weren’t paid and auction them off to investors. That’s been going on forever. When I was a teenager I bought a tax lien in Seattle for 70 bucks. Never made a dime from it and I ended up giving it back to the city.
Many will recognize the acronym KISS. It stands for Keep It Simple Stupid.
The question is asked: “How do we wake up the legislators so they will understand the extent of the abuse and destruction the modern day HOAs are inflicting on homeowners? Sending a KISS message such as the following is concise and a summary of the horrible HOA truth. As I see it, there will be a powerful message and a great deal of education in these paragraphs if they read like this:
Why was I in Topeka testifying in front of the Kansas legislators today? HB 2557. Kansas now has this bill in the Local Government Committee being discussed to make amendments to the Kansas Uniform Common Interest Owners Bill of Rights Act.
The bill needs a lot of work but the legislators were all ears today. Some were very open about how they are hearing from more and more of their constituents that are having HOA problems.
Lately, I’ve learned quite a lot about self-storage. It’s an interesting business where investors own steel structures with no plumbing, limited wiring, concrete slab flooring, and no overnight tenants. Generally speaking the square footage rents for far more than apartment rentals and the maintenance is amazingly less. The laws that protect those who rent these spaces are far more extensive and protective of the tenant than it is for the homeowner that buys into an HOA or COA. The process to cut the lock on a tenant’s unit and sell their contents to the highest bidder is closely adhered to. In addition, when it comes to taking bids for buy-outs the employees better closely adhere to the laws or find themselves in BIG TROUBLE for bid-rigging. (See below)