I love this article. My personal experience with managing some condos in San Antonio TX made this article ring loud and true. I managed property for a man who had several properties in a condo development. The complex had deferred maintenance everywhere you looked. Pot holes in the parking lots, holes in the siding, common areas that were no longer usable, and roof issues. When the HOA management changed and the new manager started to catch up on all the deferred maintenance the complex started to turn around. However, when you replace the roofs on every building money can get tight. Soon siding was replaced and special assessments were given to owners. The assessments I saw were $40,000. They could have been more or less for other units based on size. Owners were offering to pay off the assessment in order to sell their units. I considered one of the units when he sold his but figured I’d have to get it for free in order for it to make sense. Investors, there is some good information in this article.
Click here to read the article “How to spot a bad HOA”