HOA fees

Definition

Monthly payments to a committee of bored neighbors who fine you for parking your own car in your own driveway. It's the subscription service nobody wanted, covering 'amenities' like a pool you never use and landscaping you could do yourself.

Example Usage

The HOA fees are only $400 per month, plus special assessments whenever Karen decides the clubhouse needs new curtains.

Source: Real estate common interest communities

Related Terms

Beginner

sticks and bricks

The physical structure and materials of a property, as opposed to the land or location. It's what contractors care about and what investors try to look past while focusing on cash flow.

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Intermediate

Appraisal

The process where a stranger with a clipboard determines how much your house is worth, and it's always either too high for the buyer or too low for the seller. Nobody has ever been happy with an appraisal in the history of real estate.

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rent control

Government-mandated caps on rent increases, beloved by tenants and blamed by landlords for everything from peeling paint to climate change. Economics' most passionate debate in apartment form.

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origination fee

The charge lenders levy for processing your loan application and creating your mortgage. It's basically an admission fee to the debt party, typically 0.5-1% of the loan amount.

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hard money loan

A short-term, high-interest loan from private investors secured by property rather than creditworthiness, typically used by house flippers who need fast cash. It's called 'hard money' because of the asset-based collateral and the hard hit your wallet takes from those interest rates.

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positive leverage

When borrowed money produces a higher return than the interest cost, making you look like a financial genius. It's the Holy Grail of real estate investing: using other people's money to make more money than you're paying them.

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cwtgypo

can't wait to get your panties off...