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Old 10-09-2016, 02:41 PM
 
10,604 posts, read 14,126,728 times
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Quote:
Originally Posted by germaine2626 View Post
I lived in condos for 35 years.

During that time we had three assessments, one for $4,000 or $5,000 because the condo association was only a few years old (new construction) and we had not built up a big reserve fund. Normally the builder would have fixed the problem but he went bankrupt.

The other two assessments were for $2,000 each and we had two years advance notice on each of them.

Our association had a one year budget, a two and three year tentative budget and five and ten year rough financial plan. At our last annual meeting we briefly discussed that the roofs that were replaced in 2016 probably would need replacing 25 years from now so we needed to be aware of that in future planning.

What happened was the builder turned the HOA over to the residents who accepted it without knowing what they were getting into. (even if it was turned over due to bankruptcy and the residents had no choice).

This is a good buyer beware story. Anyone buying new construction needs to understand that when the HOA is around 70-80% sold, the residents will have to start assuming the HOA association from the builder and that's when the fun begins. Normally this is a slow-ish turnover but if the guy goes bankrupt - nope.

When I worked in a 38 story high rise in Jacksonville, the residents REFUSED to take over the HOA from the builder/investors without engineering studies and inspections - just like when you buy a house.
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Old 10-09-2016, 02:45 PM
 
10,604 posts, read 14,126,728 times
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Quote:
Originally Posted by rmm0484 View Post
Our townhouse HOA raised the dues every year by 5%. Water was included in the HOA fee, so there was no incentive to be frugal, even though it was the largest item in the budget. Oh, and they never bothered with capital maintenance the entire time we were there except for some shabby patch jobs, so the mortar work on the brick sidewalks is still crumbled or missing. Landscaping consisted of cutting down trees and shrubs, and planting annuals and crape myrtles. The management company at the time advised residents to attend to their own problems (such as an outdoors rodent infestation). They allowed one resident to install vinyl windows, although we were in the historic district.. When we moved in, it was an attractive complex; when we left 20 some years later, it looked shabby and tired, and its home prices did not rise as much as for nearby developments and neighborhoods. They did obtain a new management company, but too little, too late!
Were you an owner or a renter?

As an owner, the HOA is YOUR responsibility. The "management company" only does what they're directed to do BY THE OWNERS.
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Old 10-09-2016, 02:48 PM
 
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Originally Posted by Nov3 View Post
Peace of mind to keep out the condescending "rif-raf" does seem to come at a hefty price.
Rif-Raf isn't usually condescending.
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Old 10-09-2016, 03:08 PM
 
Location: Wisconsin
16,876 posts, read 17,190,006 times
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Originally Posted by middle-aged mom View Post
I don't see a cap on reserves. Did I miss it?

https://docs.legis.wisconsin.gov/sta...atutes/703/163

Some states require a defined minimum percentage of Operating Expenses to be set aside as reserves.
Hmmm. I am not on the board anymore (I took my turn for nine years) but a few years ago we were looking ahead to do some scheduled major maintenance (roofs) as well as some rather expensive driveway repairs a few years earlier than we anticipated. We condo owners wanted to start putting more money per month in the reserve fund but the officers said that we were already putting in the maximum that was allowed. It is possible that I misunderstand what they meant.

We ended up raising the monthly dues and took part of the money for the driveways from the regular budget and part from the reserve fund, when they were repaired two years later.
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Old 10-09-2016, 03:33 PM
 
Location: Fort Lauderdale, Florida
9,067 posts, read 8,215,349 times
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Quote:
Originally Posted by Jbeechuk View Post
Lol. Let's see



We have 2 cats, and dogs are certainly permitted. Never heard of a condo that didn't allow pets. You own your place. Why wouldn't pets be allowed?

Never heard of rules of saying who can stay with you or for how long. Again, it's my place. Yes, there are rules, and most of them I agree with.

.
The above are both very common in Fort Lauderdale in high rise condos. Many don't allow pets or extended guests.

The ones that do not allow extended guests are the ones that don't allow rentals of any kind.
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Old 10-09-2016, 03:41 PM
 
5,818 posts, read 13,271,430 times
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Many times the people on the condo boards lack experience in everything such as home ownership, maintenance, budgeting. etc. They make rules and regulations and many run the HOA like a dictatorship. Lived in a townhouse with HOA once...NEVER again.
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Old 10-09-2016, 03:42 PM
 
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Quote:
Originally Posted by blueherons View Post
The above are both very common in Fort Lauderdale in high rise condos. Many don't allow pets or extended guests.

The ones that do not allow extended guests are the ones that don't allow rentals of any kind.
I think every city has condos that don't allow pets. There are some that don't allow smoking either. Probably some that don't even allow children. It's not that hard to imagine different restrictions for different condos.
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Old 10-09-2016, 05:19 PM
 
11,296 posts, read 7,655,244 times
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Quote:
Originally Posted by Stockyman View Post
I think every city has condos that don't allow pets. There are some that don't allow smoking either. Probably some that don't even allow children. It's not that hard to imagine different restrictions for different condos.
The ones that don't allow children would have to be 55 and over otherwise it's discrimination to not rent to a person with children.
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Old 10-09-2016, 06:09 PM
 
Location: Columbia SC
8,848 posts, read 7,641,615 times
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Quote:
Originally Posted by Mightyqueen801 View Post
middleagedmom makes some great points. I do believe that there is too often a renter's mindset and the perception that there's a They who is doing things in secret with your money.

We had a woman who came to the meetings, always complaining about board decisions and getting nasty with the management representative. There was an open spot on the board, and she got all her neighbors to show up at the annual meeting and elect her so she could change things and oust the management company. It was kind of humorous because she was not contested for the open spot anyway.

So she gets on the board, and she starts to look at the numbers, and I was sitting next to her when she saw the confidential stuff for the first time--the people in delinquency on their fees, one to the tune of $20k. Her face just registered shock. She asked questions about each item, and she got an answer, and she learned what reality was. When the management company's contract was coming up, we got two other proposals, and the incumbent was the best deal by far. She was the first one to say continue with the company we have.

The best way to deal with these people is hand them the job of stuffing ten pounds of $#!+ into a five-pound bag and see how they do. They change their tune in a hurry.
Before turnover to we owners, we had one owner that was egged on by several dissenters to publish a monthly newsletter very critical of the Declarant and the appointed BOD. We invited him to be on the advisory BOD thus see us in action. Within several meetings of him seeing what we were doing, his newsletter became pro Declarant and pro BOD. He split from the dissenters and the newsletter died within another month or two.
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Old 10-09-2016, 08:45 PM
 
Location: Columbus, OH
915 posts, read 669,312 times
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Quote:
Originally Posted by blueherons View Post
The above are both very common in Fort Lauderdale in high rise condos. Many don't allow pets or extended guests.

The ones that do not allow extended guests are the ones that don't allow rentals of any kind.
Why in the world would cats/dogs not be allowed? You own your condo. If your pet damages your carpeting or whatever, it's your problem to deal with. You aren't renting. I don't understand that.
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