HOA New surcharge

[nalnk]

What is the name of your state (only U.S. law)? SC

My townhome is located in Charleston. I am a landlord.

Just a few facts:

With current comps in my development, 2-3 bedrooms, 2.5 baths, current rent is going for 1200-1395.

My one tenant is currently paying 1050 (2 bedroom)

She is a great tenant.

We just received a letter from the HOA stating that flood insurance is going up and if you don't reside in the townhome, there is a $250 surcharge for the coverage.

The 1050 that we get from her is just barely covering our expenses. HOA monthly, taxes, property mgmt., insurance, mortgage.

Her lease is up in July (we will be increasing)

Is there anything I can do now?

 

[Gail in Georgia]

"Is there anything I can do now? "

Other than "buying" this tenant out of their current lease (i.e., offering them a "cash for keys" deal so they can move out and you can attempt to rerent this unit at a higher rent), no.

You must abide by the terms of the current lease which includes the current rent.

Gail