Condo Homeowners Associations are the main reason I don’t particularly recommend a lot of condos for your real estate portfolios.
The reason is we have been involved with condos and a homeowners association for over twenty years and all the problems that come with them.
My conclusion is there are just too many cooks in that kitchen.
Believe me, we’ve dealt with everything from noise, squirrel and spider infestations, raccoons (our state animal by the way), water problems and leaks, air conditioners, pets, foundation problems, dumpster troubles, etc.
Last night I was forced to attend the annual condo board election because my brother is out after having less than successful knee surgery and my dad was unable to go.
I had to vote for my brother who was running for the board.(We have to protect our investments)
In fact, he won, as did everyone else who was running. What a waste of time.
The current president kept pleading with the few of us who were actually there to please fill in that last empty spot on the board.
I tried not to make eye contact with her.
Then there’s the person who always takes up half the meeting complaining about stupid, insignificant stuff.
This lady complained about the standing water and about getting her feet wet while throwing away her daughter’s trash at the dumpster on a rainy day last week.
“When did you have that problem?” the acting manager asked.
“Oh you know, when we had all that rain.”
“Well,” the manager said, “everyone on this side of town, including the mall, had standing water because we received over an inch of rain in one day.”
But the woman had just a few more little troubles that she had to share with all of us.
“You know, I was going to buy another condo up here, but I decided not to because I just can’t get anyone to listen to me,espceially Mr._____ , ” she went on to say. “I want rental property, but…”
Lady, did you hear the poor man from the property management company you’re referring to just got out of the hospital with a new stent because he had had a heart attack? Could stress be a factor?
I really wanted to take this woman aside, however, and ask her if she really wants to become a landlord after all. Sure, it can be lucrative. We all know that. You don’t have to be real smart to figure that out.
But exactly how would she deal with a real problem such as a room sliding off the non-foundation and floating down a hill? Hmmmm?
And yeah, I stood out in the dampness and coldness last week examining the outside of that room trying to make up my mind whether to spend the $13,000 to fix it. My feet got wet and muddy.
The take away for today is it’s my guess all or most condo homeowners associations are probably pretty much the same. That woman will be at most of the meetings.
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