Condo Association Management Blog

Let us start with a few questions concerning missing information before we can begin to formulate a responce to this situation. In no particular order: 
 
 
 
How many units in the HOA? 
 
How much is in the HOA Reserves? 
 
What is the assessment project? 
 
How long has the situation been known and what steps has the HOA already taken? 
 
How long have you, OP, known about this situation? 
 
 
 
I'm sure there will be a lot more but these should at least allow a better idea of the situation. 
 
 
 
Mark

Our association just finished paying off our new roof of 5 years ago. The association should be able to get a loan if their reserves are at least 75% of what the loan is for. Thgis is used for collatral. We each made payments for 60 months until it was paid off. We have a small association 15. 
 
 
 
My question is this. How many people in your association and why $25K each? Next what is this going to be used for. I do believe if you go to your bank for just yourself you will be able to take out a loan on your home just like anybody does with their homes when they have needed repairs. 
 
Was this voted on? 80% must be in favor of this fee. Please get back to us. Thanks

Do you have a management company? If you do this company should have been helping you get organized. If not, you need to get another management company and ask your board why it was not putting money aside through the years for improvement, maintenance, and repairs. This is one of the main reason why condominium associations are dangerous. You have people, often with subprime mortgages, on the board and they have no idea how to manage a corporation let alone a business. 
 
 
 

how can i remove my property (Single family home) from the HOA?

My suggestion will always be that community property owners need to work on a state level to change the laws. It has to be the owners who change the laws not organizations that change the laws for the owners. Who knows better what needs to be changed but the owners.