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Renting an Over-50 Condo

ClareMullen

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Dec 13, 2007
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3
Hello everyone, this is my first post as a Rein member (yehh!) Nice to be on the site.

I have a question regarding two over-50 condos we bought pre-construction in Edmonton about one and a half years ago. (I was not a Rein member then, so we didn`t know these are not always good investments!)

Does anyone know the policy for renting to people under 50 in an over-50 building? These condos have just closed and there is no condo board set up yet. We expect that to happen in the next few months.

As far as we can tell, about half the condos purchased in this building have been bought by investors. We also know that there are people under 50 renting some of the condos now.

We will certainly be involved as much a possible on the board, as we expect other investors will be. Our plan is to sell these condos, but we would like to hold them as long as we can untill the market is more seller-friendly and have someone else make the payments.

We are in a JV with my mom on these, who is over 50. Her name is on title; does that make a difference?

Any thoughts on this? We`d really appreciate any feedback. Thanks everyone!
 

leighd

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Feb 13, 2008
Messages
9
I would suggest you read the by-laws to see if renter`s ages are addressed. If you get on the board maybe
you can change the by-laws. Having said this, the reason there are over 50 condo`s is so the owners don`t have to put up with little kids, teenagers etc. Good luck
 
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