November 2022

STATE MIGRATION... from page 34.

• Garbage Rules - The custodial staff has enough challenges to work with the new tenants, not worrying about recy cling, which can result in fines and an unhappy staff. These are only a few of the rec ommended rules and regulations that should be a staple in the documented acknowledgements by prospective tenants. Condominium associations are reluctant landlords to the residents of their community. Now it’s not a landlord in the traditional sense, but the landlords of the common areas have responsibilities to those living in their communities. For this article, there was no reference to coopera tives. You will find cooperatives with limitations on renting or not allowing renting. They can approve or deny an application. They have latitude with terminating a sublease or event, a proprietary lease, if a shareholder’s tenant doesn’t comply with the rules after repeated offenses. Investors look for opportunities for assets that will appreciate over time. An essential segment of the analysis for an investor is their IRR or Internal Rate of Return, where the annual income plus the profit upon the sale is attractive enough to purchase. The community needs to balance the inter ests of all members within a commu nity. While an investor may want to increase their return, the community has the fiscal responsibility to make decisions in preparation for long-term preservation. n

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