Excellent video. As a condo President who led their association through the complete restoration of the concrete roof and stucco, I can say your advice is spot-on. Staying away from older condos is the best advice. Judging the management style and the transparency of the financial information, particularly the reserves, would be very difficult for most buyers.
Your comment will be very valuable to others! I do think there are exceptions but yes, easiest way to avoid trouble is skipping older buildings. Thanks for watching! 🌴
I'm an owner in an older building from the 80s and we're stuck with the board who has no transparency and pretty much act like a dictatorship. They collected the money to fix the roof a couple years back but it's leaking again and some units get flooded. I've also had some minor water intrusions in my apartment from the roof. We went on the roof a few times and there were pockets of water under the roofing material. When we brought that issue to the president, they just closed the access to the roof. They lied to the owners about us passing the 40 year recertification when you can check on MB portal it clearly says failed.. I wonder if you know if anything can be done to hold them accountable? A few people started lawsuits against the board but most of the unit owners either don't live there or older people who don't care. Now they've also collected another assessment of 300K and not doing much only minor cosmetic repairs here and there I guess to keep the old people happy.
@@kirillkolesnikov566 likely the insurance company will have more of an effect than the owners. Insurance companies are now to the point where they are actually denying coverage to old failing roofs which may get your board to wake up. While I am loath to suggest this, another alternative is to call your county building department and to get a code violation filed, which they may do with active leaking. They certainly will if there is structural cracking. But what you really need is to have three or four of you come and take over the board. That's what I had to do, to push out an ex President that did not fund maintenance.
@@CherylSCampbell Thank you for your reply and I really like the idea about the insurance company, I never thought of that. We've reported a bunch of issues to the building department and now we have 7 open violations some of which are realted to the leaks and structural cracks. The board recently just patched up a balcony with cement, the balcony is literally separating from the building, it needs to be propped up and rebuilt, it will crack in a couple months again. Some of the reported violations have not been addressed in a couple years and the building department doesn't seem to be doing anything except for slapping an occasional 500 extra. How can we take over the board? We had an election and residents still voted for the same bunch of crooks (one of the board members is an actual insurance scammer). They hold on to the power any way they can.
Sorry to read this. The residents voting for the same board doesn't make it any easier, maybe you have to prove they have been mismanaging. you can send me an email to livinginsoflo@gmail.com with more details to see how we can help you. I can Reach out to an attorney who can layout the options. Thanks For Watching! 🌴🌴
Why would anyone buy in a hoa period anywhere are insane! Criminal behavior unchecked in fl, as Miami, they stole over $ 2 mil from hoa, and no services. Need to be massive lawsuits against hoa, put these criminals in prison, out of busines
After I Posted this video a few of my clients got hit really bad with HOA increases. One client I have in Plantation had an Increase from $496 /mo to $1320 / mo !! PLUS a $44K Special Assessment. His Equity is pretty much gone. I may do a follow up video...Thanks a lot for watching. Feel Free to reach out to me directly if anything 🙌🌴
Great video!!!
Thanks for Watching !!🌴
Excellent video. As a condo President who led their association through the complete restoration of the concrete roof and stucco, I can say your advice is spot-on. Staying away from older condos is the best advice. Judging the management style and the transparency of the financial information, particularly the reserves, would be very difficult for most buyers.
Your comment will be very valuable to others! I do think there are exceptions but yes, easiest way to avoid trouble is skipping older buildings. Thanks for watching! 🌴
I'm an owner in an older building from the 80s and we're stuck with the board who has no transparency and pretty much act like a dictatorship. They collected the money to fix the roof a couple years back but it's leaking again and some units get flooded. I've also had some minor water intrusions in my apartment from the roof. We went on the roof a few times and there were pockets of water under the roofing material. When we brought that issue to the president, they just closed the access to the roof. They lied to the owners about us passing the 40 year recertification when you can check on MB portal it clearly says failed.. I wonder if you know if anything can be done to hold them accountable? A few people started lawsuits against the board but most of the unit owners either don't live there or older people who don't care. Now they've also collected another assessment of 300K and not doing much only minor cosmetic repairs here and there I guess to keep the old people happy.
@@kirillkolesnikov566 likely the insurance company will have more of an effect than the owners. Insurance companies are now to the point where they are actually denying coverage to old failing roofs which may get your board to wake up. While I am loath to suggest this, another alternative is to call your county building department and to get a code violation filed, which they may do with active leaking. They certainly will if there is structural cracking. But what you really need is to have three or four of you come and take over the board. That's what I had to do, to push out an ex President that did not fund maintenance.
@@CherylSCampbell Thank you for your reply and I really like the idea about the insurance company, I never thought of that. We've reported a bunch of issues to the building department and now we have 7 open violations some of which are realted to the leaks and structural cracks. The board recently just patched up a balcony with cement, the balcony is literally separating from the building, it needs to be propped up and rebuilt, it will crack in a couple months again. Some of the reported violations have not been addressed in a couple years and the building department doesn't seem to be doing anything except for slapping an occasional 500 extra. How can we take over the board? We had an election and residents still voted for the same bunch of crooks (one of the board members is an actual insurance scammer). They hold on to the power any way they can.
Sorry to read this. The residents voting for the same board doesn't make it any easier, maybe you have to prove they have been mismanaging. you can send me an email to livinginsoflo@gmail.com with more details to see how we can help you. I can Reach out to an attorney who can layout the options.
Thanks For Watching! 🌴🌴
Why would anyone buy in a hoa period anywhere are insane! Criminal behavior unchecked in fl, as Miami, they stole over $ 2 mil from hoa, and no services. Need to be massive lawsuits against hoa, put these criminals in prison, out of busines
After I Posted this video a few of my clients got hit really bad with HOA increases. One client I have in Plantation had an Increase from $496 /mo to $1320 / mo !! PLUS a $44K Special Assessment. His Equity is pretty much gone. I may do a follow up video...Thanks a lot for watching. Feel Free to reach out to me directly if anything 🙌🌴