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What is the acceptable owner to renter percentage in an 18 unit condo building?
Wiki User
∙ 14y ago
The ratio you mention can be a key factor considered by a bank in lending money to a prospective owner.
A building with too many renters may appear to the banker like a building with too high a risk -- i.e., for owner abandonment (due to the lack of a renter to help pay the mortgage); a building with mostly owners may appear more stable.
There may be a few guidelines in your general geography: for example, some condominium communities in ski areas require that every unit be rented for some number of weeks during the year.
Federal lending guidelines under Freddie Mac/ Fanny Mae may state a maximum ratio. You can ask your local bank lender for a ratio that the bank would be comfortable with, in order to offer a mortgage to a prospective buyer in your building.
Finally, you can read your governing documents to verify any rental caps, rental percentage limits and so forth. Your board or property manager can answer your question specifically.
Wiki User
∙ 14y ago
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