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This HDFC must be a mess

Started by UWSHDFC
about 6 years ago
Posts: 3
Member since: Dec 2013
Discussion about 160 East 2nd Street #4A
How can this be an HDFC? Supposed to be primary residence, not liberal sublet and Airbnb. And supposed to have high flip tax to create reserves for capex since the low income shareholders can't afford assessments for major repairs. Any prospective buyer should review the financial and bylaws extremely carefully.
Response by David2016
about 6 years ago
Posts: 110
Member since: Feb 2016

Not necessarily. It depends on the flip tax history. Most hdfcs have a mandatory 30% flip tax until their RA expiry, which can produce a huge accumulation prior to being voted out.
They also may receive income from leases/commercial rents.

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Response by David2016
about 6 years ago
Posts: 110
Member since: Feb 2016

Airbnb is pretty suspect though, esp putting it in the sales listing.

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