Re: HOA situation - should I sell and get out? - Landlord Forum thread 362660

Re: HOA situation - should I sell and get out? by lpadave on December 21, 2023 @10:44

well finally an appropriate and pertinent question amidst the totaLLY Unrelated c..p

my dad used to refer to condo and co ops as the future gettos that would blight our societies.

the problem is that boards are unpaid volunteer positions made up of owner residents. with the perhaps exception of the VERY UPPER END COMMUNITIES these people are not the titans of business and industry. they volunteer to serve and are often totally amazed that they actually got elected, or inducted because they were the only ones running to fill the position. often they are totally nieve unprepared and incompetent. sometimes they are corrupt and see it as an opportunity to get kickbacks which may be happening.
management companies make their money from operations, payroll and mark up on repairs and maintaince. just like those who manage smaller landlords properties.

expense have legitimly gone up and aging properties are aging and require more extensive and expensive work.

run your numbers and see if it is still working and can continue to work for you. if so bite the bullet and march on keeping your rents and occupancy up. turn overs are taking longer to fill. a warm body that is paying is better than a vacant unit. dont be greedy and price yourself out of the market.

if youre into self abuse -- get on the board !
or polish it up and sell !

good luck

[ Reply ] [ Return to forum ]