Good for you. I’ve had really good experiences with HOAs. I’ve had enough of living with a flamingo pink shed that’s falling down basically in my backyard. I noted the owners had it as far away from their own house as possible. Tired of overflowing garbage cans left out in the sun right at the fence we share. I’m not saying this is you. I am saying most people I’ve met that think this way, are the ones who live like that
@debbylou5729 Wanting to live a certain way is fine. Wanting to mandate that everyone around you lives according to your standard and preferences is the problem.
@SelfMadeBum but who wants a raggedy neighborhood? That's just gross. Very embarrassing to. Nevertheless, I grew up in a non HOA neighborhood in San Diego and the community was very well maintained. The local park as well and it was considered "the hood". Manicured lawns sitting on top of a hill. Worth lots money today and even then.
@@chinaarlene7035 embarrassing? Well I live in an older neighborhood and I am grateful to own my home. I'd rather save $6,000 a yr and put that into my own home or savings. I also love knowing I will never be hit with an assessment and I know exactly what my home needs. HOA are all good while a neighborhood is still fairly new but as someone who worked in an HOA office I seen the greedy and immoral stuff they did. Most have no idea how badly funded their community is until it's too late. I would NEVER buy in an HOA.
This is definitely embezzlement. I live in an HOA community. We have a very well-maintained pool and clubhouse, trash pickup, cable, mosquito-repellant trucks that come by regularly to keep the population low...just off the top of my head. Trash is kept at a low, and we have man-made lakes in the area that wildlife are always enjoying. The price we pay to the HOA? $150 a month. Also, when it rose by $25, people complained and called for the board to release the itemized list of where this money goes to...because that is a legal right of residents living in an HOA. HOA residents are entitled to an itemized list of these services and costs to understand where their money goes, as they aren't just paying for the privilege to live there. They are totally pocketing every penny they can.
I'm in beautiful Sedona, Az been in my condo 45 years and they are top notch still. I pay $280 a month and well worth it. I hear so many horror stories about HOA, so far we're doing OK.
This is exactly my view on condos and HOAs. You are still sharing walls with neighbors, communal spaces and when something goes wrong its on you. At least in an apartment complex depending on the nature of the issue you can withhold rent. In a condo everything is on you as the owner and you still have to pay your mortgage or risk ruining your credit, and your HOA fees or risk foreclosure by the HOA. Owning a single family home just makes more sense even if you don't need much space.
simplistic common answer and after the fact: barn door wide open. Oversight needs to happen ongoing with the Board, Audit committee, and volunteers with the eyes wide open and ears to the ground.
@@molonlabe9602 With my building the pools are almost half the cost of the regular maintenance budget. If you have ANY AirBnB allowances and/or short term rentals you HAVE to maintain the pool for public safety.
@@gotacallfromvishalHow is someone saying to abolish an HOA a Democrat idea? When it's usually a bipartisan topic that most people can agree on that they don't like.
I infer you misunderstand the word "regulate." It is not only to prohibit and restrict but also to allow. It means to make regular, as in regular-looking houses, regular maintenance, regular sanitation, regular quality of life. It's up to the members of the HOA, through the board they elect, to decide what "regular" means. For example, I live in a lake community, and it is "regular" for people to park their boats in their driveways. It would seem our members want this to be "regular." For this example, the members of River Oaks would probably disagree with our definition of regular. We do not think it is regular for people to park their car in the grass on their front lawn. The members of some HOAs might disagree and allow it. And that's OK; it's the whole point of having elected boards. Now, some things are strictly guided by written deed restrictions. And, for those things, the board has a duty to enforce.
@@donbeckhamYou basically described how the HOA "regulates" things... You might be in agreement with them, or you may not be. Unless they actually take care of things for you, why bother with them?
I can almost guarantee you that the HOA board consists of whoever owns this property, their friends, and family members. This is pure and simple embezzlement.
That’s the HOA Board that’s stealing money from the HOA reserves. A contractor I know did work for them and the HOA President agreed to give the job to this contractor if the guy would give him a private kickback in the initial down payment.
@@suwinky The repair isn’t the point. It’s the hiring of a contractor who is willing to split the amount the contractor bills. For ex: maintenance or repair for ____ is billed to HOA at $4K. Check is sent to contractor. Contractor then “kicks back” whatever portion of the 4k (usually half) to HOA Pres. The repair not being done isn’t the point.
@@fernyv4368 Once the mortgage is paid off it's just the HOA so you do have equity in the home for a loan or to sell. Nothing is simple any more. I pay $280 a month on my HOA, the condo is long paid off. I can easily afford that, even if it triples, it's less than rent. 2 br 2 ba wood fireplace, Sedona Az.
@@fernyv4368 Apartments have big ticket common areas as anything exterior is under the HOA maintenance, as well as the parking area and grounds. Sometimes the HVAC too, it depends. The more amenities the complex offers, such as elevators, pools, gardens, etc, the more dramatically wild of expenses it is all going to be. Some might say, "That's one less headache for me then as I don't have to worry about maintenance" - well maybe, but remember the HOA decides who the contractor will be to do maintenance vs if you're a homeowner you pick who you want. The HOA has nothing binding in their charter that it has to be the lowest bidder either, nor do they need to pick a reputable firm even. So you may end up paying sky high HOA fees to do common maintenance that if you owned yourself would've cost 1/4 the cost and a better quality contractor.
Until they have laws that fine them for being bad landlords, nothing will change. Even if they do get fine, it still will be the residents paying. Get board members who actually own property there and youll see a change.
Its obvious someone is pocketing the money, there needs to be a investigation ASAP!. There is no excuse for anything of these violations to be happening.
Holy shit yall have adhd or something, the $550 is an assessment. 220 unit * 12 * $550 = 1.2 milly, and they have a $770,000 debt. If you want the pool and fences fixed you gotta pay up that's how it works in condos!!!!!
@@gotacallfromvishal Not really Einstein….it’s called sending an email to all the owners to assist in cleaning up the pool and help make the place they live around better. With a property like that ultimately the city can close the entire place down. Who’s fault would that be? If yore going to want to play a big role of a hoa member it comes with alot of responsbilities otherwise stepdown and let guys like this guy in this video lead.
Where are they gonna go with Bidens economy and high interest rates? People are pretty much stuck at the moment. But I agree, they do need to get out of there.
Real estate issues are continuously rising, businesses are directly at fault for pricing them this way. These buildings were secured before Biden but sure...blame Biden for business owner's greed. @oSnapMillerTime
I KNOW THIS AREA! Each condo is between $60,000 - $75,000….it’s not in a good neighborhood!! To charge $6,000 EACH YEAR for HOA is beyond ROBBERY!! That’s 1/10 of the property value!! This is NOT including PROPERTY TAX!!
they dont care ,,, you will either pay it or they will send it to the attorney , south Florida is becoming a nightmare , thanks to the large condos that neglected the repairs needed and now its become hell for condo owners ,,, just hope this crap stops
I've been in my condo over 40 years, my HOA in Sedona, Az is $280 a month and it's excellent. We are self managing by the residents. Wonderful coverage.
But don’t taxes deal with water and trash. I live in NY. My trash is covered by taxes. My water is $76 per quarter and the town maintains parks out of my taxes. AND I get to fire my mayor. Do people HOA and taxes? Let me add, I live on the Atlantic Ocean. My taxes maintain a beach too.
@@Galworld761 In the city of Houston, Texas, residential trash service is typically included as part of the utility services provided to homeowners, which also cover water and sewer services. For multi-family properties, such as condominiums, apartment complexes, and townhomes, the situation regarding trash and utility services can differ significantly from single-family residential services. Multi-family properties do not receive trash collection services directly from the city's Solid Waste Management Department. Instead, these properties often contract private companies for trash and sometimes recycling services. The cost for these services is typically included in the homeowners' association (HOA) fees for condos or in the rent for apartment dwellers.
The Government needs to step in and start regulating HOA's because they have really gotten out of hand they take your money and don't fix anything or have rules that goes against basic rights of the people. I lived in an HOA community the fees went from 300.00 to 1500.00 and nothing changed so we left.
I'm paying $275/mo for an HOA in Florida. We have two pools, gated community with guard and just went through a hurricane. Something isn't adding up in this story. Demand Financials
Hell yeah. I'm paying $150 and we have a very well-maintained pool, clubhouse, insect repellant services, trash pickup, and a cable package for every resident. They have been pocketing every penny they can.
When we were looking for homes in Jersey City, some charge $900 per month for water and maintenance. Parking is extra! Don’t know how I will ever be afford a home, even with a 6 figure income.
When buying into a condo association the first thing to do is to investigate the financials of the community. If the reserves aren't 100% funded then walk away.
Years ago my fiancé and I were looking at at house ( Stand alone ) in a beautiful neighborhood with access to everything we need . As soon as the realtor mentioned the HOA I said thank you but no thanks !
Let me get this straight, you have to pay property taxes and pay an additional $550/month... Why on earth would you do that when you can just buy a house with no HOA and the city would be responsible for all of those repairs except for the pool, that's insane.
The same reason why people love to pay MUCH MORE for an Apple product instead of other same functions brands for half the price or less. There are stupid people who love to be controlled and decided by others what work for them, and think that them paying more means they're klassy.. not 😏
Because the city will not pay for the maintenance of any common assets, it's more than just about the pool. In a multi-family property like this, the HOA is responsible for things like the roof, all the exterior walls, stairwells, and paint. I suspect they needed a new roof and borrowed the money to do the work, instead of saving money over time. On a property like that, there should be a trust account set up for major depreciating assets, such as roofs, siding, windows, doors, concrete driveways, and sidewalks, pool equipment, etc. Things that last many years before needing to be replaced. And that trust account can't be touched by the various boards that are elected over the years, except for those purposes. Then, a portion of the fees each year goes into the trust. That way, when a board sees $3 million sitting in a bank account, they can't just spend it on a whim.
If you have noticed, a lot of homes now have HOA fees too. Owning a home or a condo is becoming unaffordable between the mortgage, property taxes, HOA fees, insurance and maintenance.
@@donbeckhamI'm surprised there are no laws on the book there as many other places have mandatory minimums for HOA reserves, and reserve studies are required every so often (must be done by licensed engineering firms) to get an accurate figure of life expectancy and replacement/maintenance costs associated. The reserves must be maintained and adequately funded, including special assessments if required. If board members are intentionally reckless on this they can be held personally liable, including having a judgment for personal liability and subsequent seizure of their assets.
My uncle passed away last year and when I went to sell his condo, the HOA took the opportunity to demad I make a ton of modifications. They forced me to replace all of the windows and the exterior doors and replace the toilet with a low water usage toilet (not their business, the HOA doesnt pay the water bill or sewer) before they would allow me to sell the property. The windows had just been completely replaced four years prior when he bought the condo. There's $15,000 taken straight out of my inheritance. And then I had a tough time selling the place (in Scottsdale AZ with a hot market) because apparently that particular HOA has a "reputation."
They are getting screwed. I used to live in a pretty high-end townhome property. We had two pools, tennis courts, bocce ball court, substantial trees and groomed landscaping and lighted walkways. Our HOA was about $400/month, and that also paid for part of our cable bill. Did I mention this was also in California, the land of all things overpriced?
I’m paying $800 a month by the galleria to our hoa for maintenance fee. Agree it’s a complete rip off. One year one of the board member wanted to increase fees for no reason although there was sufficient funding. There are too many unneccesarry costs given such as paying management companies to run the place, buying bushes and unnessary landscaping that cost too too much when it could be kept neat looking for a fraction of that costs. In short vote in board members who want to reduce costs, but still have innovative ways to kee your area well. Don’t ever vote in power hungry board members who simply want to increase fees for no reason.
Don't feel bad for you, what you described is how condos work. It's socialism. Just because you think landscaping can be done cheaper doesn't mean jack shit unless you're making that decision.
@@gotacallfromvishal Glad you’re not a decision maker. I know how HOA’s work. and some become a member because they just have stupid fantasies of power and shouldn’t be making decisions. If the decision makers aren’t good at making good decisions, it can impact your pockets. Similar to how our government works by taxing us and sending billions of dollars for wars across seas. Bad decision makers = bad results.
I wonder if the guy could get on the hoa board. Members select or elect the board right. The current hoa is probably paying there mortgages with the increased fees
It’s a shame.550.00 is like paying rent. It would’ve been cheaper to buy a house and maintain it yourself. If I ever buy a condo, I’d be sure to evaluate the HOA policies and ask the neighbors if they are taking care of their responsibilities.
We once had deed restrictions in my neighborhood, no trailers allowed and there was a square footage requirement on home construction. The deed restrictions expired because we couldn't get enough signatures to keep it active after the Mexicans came in. Now we have people living in travel trailers and storage barns from Home Depot. On weekends the Julio's play their music so loud all night it rattles my windows. I've been able to stop some of it by intimindation.
@@Kenzie_HillYou can't. The houses are cheaper you can't just buy a cheap HOA house then make it disappear you need to understand buying an HOA is exactly like socialism. Buyer beware srry
I have a "real house" and I have a "real HOA". And, to protect my investment, to make sure the HOA is run conservatively, and make sure the dues don't go through the roof, I am on the board. We have been able to keep our dues below $250 per year! And, we have 3 large parks, a clubhouse, a boat ramp, security patrol, and community events.
All this place looks like is a former rental apartment complex built about 3-40 years ago and someone made it into a condominium property. I'll bet the place is falling apart. I'm estimating these buildings were originally rental apartment complexes and were built back in the 80's and 90's fast and cheap. Barely meeting code if they even did that. .No surprise they look like this. In addition, some parts of Houston that were nice back in 1990 look like crap today. An old neighborhood I lived in the 1980's looks like a dump now. Bars over every window, furniture in the front yards. Junk cars on jacks in the driveways. No way I would look at condo's that looked like old apartment complexes.
The HOA community need to demand a detailed costs breakdown to see where their fees are going. They need to be told what exactly that loan was for. And they need to be told how if they are paying over $1.3 million in yearly fees, how does the HOA still owe almost $800, 000. The HOA should be able to make the loan payments while still paying the bills for proper maintenance of the community.
Before you join an HOA, go to your local courthouse. Look at the number of John Smith vs. HOA and you will be astounded. If, for some reason, you still want to join an HOA, take some time to look into cases where the prospective HOA is involved. The only thing is, a lawyer type can still control the HOA later and figure out how to game the by-laws to milk you for all you got.
In the great state of California, our HOA’s are under strict regulations concerning transparency, providing to owners all monthly expenses and cash amounts in reserve funds, expense funds and emergency funds. There is a minimum required amount in these funds. Owners must also be given a list of upcoming large expenses and we are also given a fiscal year end breakdown of all expenditures and income from HOA fees. Some regulations are there to protect people and this is one example. A lot of the repairs in that place seem like minor expenses. Sounds like gross mismanagement of a lot of money.
What they didn't show us is the yearly budget. What is the money being spent on? I don't know what laws Texas has governing HOS's, but in my state, the board members are elected by the homeowners. If they aren't doing the job right you elect someone else. Also, by law, the annual HOA fees have to be passed by the homeowners at a yearly meeting that has a 66% quorum. If the quorum isn't met or the new budget isn't passed by the homeowners it stays at the previous years rate.
HOA fees also cover things like taxes and insurance on the common areas (parts of the building that are outside your unit, like elevators, stairwells, roof, pool, HVAC, et...) When cost of property tax and insurance go up, so do your HOA fees. Don't forget that cost of material and labor goes up too, so routine maintenance costs continue to rise... every year you pay more and you get less. I lived in an HOA building for 10 years - I would not want to do it again. You have all the costs of home ownership, but none of the autonomy.
In Australia we have strata titles which are similar. At our annual meeting we had 6 out of 52 owners there. Later I was talking to an owner, who wasn’t at the meeting, that she had talked with two of the other owners and the fees were too high. If they want to find out why then turn up to the meetings.
HOA's only have as much power as homeowners allow them. All the homeowners need to call an HOA meeting and toss the current board out and elect a new board to lower the fees and make the repairs the old board failed to make. HOA's are NOT landlords. They're elected and can be unelected.
HOA's are usually volunteer (except very large ones) and as a homeowner/voter you are LEGALLY entitiled to look at the books, where the funds are (short term or long term accounts, planning, insurance, repairs not annual, expected piping/electrical/roofing/building envelope. Someone who is "upset" is just too lazy to find out where they stand.
like someone else mentioned earlier, it's not hard to "hide" where the funds are going. Say you have a contracted landscaper that the HOA pays $10,000 a month to do landscape work. That may seem ok on the books, but you never know the true deal behind that contract. It could include a $2,000 a month kickback to the HOA president that gets hidden in the landscape work. These people are not stupid, they are not just going to write a check to themselves for $2,000 every month and be caught.
@@saidtheblueknight That's where Board and volunteer and audit committee oversight begins, and ends. What the "average" for a similar contract of X number of houses on X amount of acreage?? Why are we paying DOUBLE compared to next door??!!
Many HOA boards get friends/family to do repairs without getting other bids on the work. They get crappy repairs (or no repairs) at hugely inflated prices in exchange for kickbacks.
Those are nothing but apartments and the owners got greedy and sold them as Condos. Nothing but a tax write off. People that don't know any better are the ones that suffer.
@@Aesthetics622that's because you dont know the market. HOAs are everywhere. He'd have to move 30-40 miles outside of the city to try and find one. And with the hate for HOAs this now means houses NOT in a HOA can be sold for more
Only $550 a month for an aging condo. Yea, right....way too low. Everyone expects first class service with fourth class fees. I guess there are still tradesmen who work for peanuts in Houston? Too many refuse to consider raising condo fees to do the necessary investments. Then everyone is surprised that the state has reached a critical stage.
You could make a weekly report on HOA/COA's across Houston and the metroplex. Our place in Pasadena has been falling apart for years, money has been in limbo for years, and we now have more renters than owners living here. I've been trying to get security lights repaired for over a year to no effect. Our fees are about to go up, too.
@@colinmellin1325Of course they didn't, they're American. They sign a contract that forces them into socialism, they don't ask questions, then when the assessment comes out they're fucking outraged over it.
What the news isn’t showing is a likely 500k-750k insurance bill, plus a property tax bill on common elements(Texas has high property taxes). Utility bills and paying to have the area mowed Our complex of 22 units spends 70k per year just paying bills with no upkeep. Also I am guessing all the long term damage was there when the people bought those units
I was paying this garbo 15 years ago on Westheimer in a 70 year old unit with a swamp AC that would switch to heater once a week in the middle of the night and boil me alive before work. When I moved the others around me stared with fierce rage as I happily left the loop.
what we really need is an outside source (a stae force) to make sure HOAs are not getting out of hand. 1.32 million a year that complex collects plus they have almost a million in savings. There's no excuse why the repairs cannot be done. In CA an ADA lawyer would have a field day with that place and win. Complex advertises a Pool, is there a usable pool? is that pool ADA accessable? Is the sidewalk ADA accessable? Is there ADA/Handicapped parking and access to it?
This is why there are tons of homeless people around. The cost of living in a place has gone up in every sense but our pay remains the same. Even getting a raise was bad for me because of the higher tax bracket. This is supposed to be affordable to all. There are many other circumstances that attribute to this delima, the cost still remains one of the main causes for homelessness.
My condo association had a board of directors found negligent in a court of law of maintaining proper finances for the community. It was such an ugly situation. For a community with well over $250,000 in monies saved for repairs, we were down to $21,000 by the time they left 3 years later. Only one still dares to live here, and she wrote a check out for CASH on Dec. 31st and no one knows where it was deposited to still.
The HOA I live in is easily 3 times the size of that one and nothing but houses, our fee is 1,600 a year. We’ve got our own maintenance crew with dump trucks a couple backhoes and full time crew. It makes no sense a small place like that let it get neglected to the point it is now. I agree that someone must have done something they shouldn’t have with the money.
There can be so many reason for that kind of a monthly charge. Garbage, water, cable, internet and security plus an internet secuirty gate (not including regular structural maintenance that appear to be ignored). Lets be honest, if that HOA is in the red for over 770K last year money has vanished for some reason. The place looks like it is falling apart. Just like with Fl condos, if the residents refuse to authorize proper maintenance of grounds and buildings in the budget, believe me that down the road when upkeep is finally done you have a whopper of monthly fees. The residents should get copies of accounts receivable/payable to make sure the board is honest and not subcontracting out to family memebers to inflate the bills. FL passed a law that HOA residents cannot vote on deferring maintenance of condo property. If you ever buy a property with an HOA, in the offer always demand the seller has to supply a copy of the HOA's reserve fund and budget. Of course you are going to have to learn basic accounting to be able to understand those 2 reports.
The HOA shown is far from new, and has CLEARLY been allowed to run downhill without proper repairs and maintenance. That means that the only remedy is large assessments / HOA fee increases. There is a group in any community of owners who resist spending money for any reason. They like the idea of owning their own condo and not paying rent, but they want to treat the common areas (the rest of the property outside the actual condo units) as if they lived in an apartment, so all that is “somebody else’s” problem. People living under an HOA need to look for their problems by looking in a mirror. People looking to buy into an HOA need to read the declaration / bylaws and HOA rules and understand these before signing. Res ipse loquitur.
Its not the HOA fee that is getting out of control. Its the aggravation. I'm in the real estate investing. Not any longer, but Lesson learned over 30 years of experience. Try avoiding property with HOA's
As bad as me and my wife wanted to purchase a new build from this developer in DE we gracefully declined because the one thing the representative couldn't guarantee is that our HOA fees wouldn't go up and I'm so glad we purchased a house outside of a HOA community because we got much, much more bank for our buck... with NO HOA FEES or restrictions , "won't he do it !"
THIS HAS BEEN GOING ON FOR YEARS!...THE REASON MY FAMILY MEMBER SOLD HER HOME YEARS AGO, AND BROUGHT ANOTHER HOME WITHOUT A HOA!.......THE SAME THING WAS OCCURING/ HOA MONEY PAID...NO RERPAIRS OR UPKEEP DONE....SO SAD!
People need to get involved in their HOA, stay informed,, volunteer, and be willing to stomach increased fees to make repairs, pay bills, build reserves, and plan for future capital expenditures.
Those HOA boards often comprise of seniors on fixed income, who are more focused on keeping monthly payments down as long as they can and kick repairs down the road. They also have the spare time. If you are working you have to find time to dig into the running of the HOA. This HOA was in debt with only 5k in reserves for repairs. That means the previous boards looted the budget for themselves. Waiting for a sudden shock, is too late after the damage is done. You let it happen because you didn't protect your 'investment'. Sometimes those low HOA fees can be very expensive. A game of musical chairs of who get hit with the increase.
You could at least fix that mailroom door with ONE persons payment! There is no reason why NO work is happening at all! I think someone is taking those funds…
Living in a place with hoa fees, is something would pay for the rest of your life, even after you finished to pay your mortgage. At least property taxes is paying once a year, but hoa you have to pay every month like a rent.
This sounds like a lot of owners just let the Board do whatever it wants. Especially the guy at 1:44 who apparently owns several homes at the community. I bet he doesn't even live in the area or even the state. His lack of paying attention, and him not using several of his votes tied to all of his lots, is a direct result of letting would be know-it-all Board members roam free for years. $832,000 loan? Was that approvable through their Articles of Incorporation? Or the state statue? Who are the Board members? How long have they been on the Board? Where are the previous Board members? Are they self managed? Who's names are blurred out on the balance sheet for the FOUR petty cash accounts they have? Did they ask for records of all the minutes for when all this was approved? Where's the copy of the annual budget that outlines every expense and where every dollar is assigned to? How about a copy of the reserve study? How many homeowners or "investors" submitted a ballot the last 5-10 years during their annual elections? Did they even meet quorum or did the homeowners just not care and let the same people run the Board for a decade? This is all public record to the homeowners that live there. All he has to do is ask them via a records request. This reporter didn't investigation shit. It's just a bunch of shots of things that are in disrepair. Why didn't they figure out WHY it was in disrepair?
I say, don't buy a condo or coop bcuz it's just really paying rent. The only difference is having to make a huge down payment to move in, masquerading as a purchase.
Getting my home in a non HOA community has definitely been one of the smartest decisions I've made
me too Amen
Good for you. I’ve had really good experiences with HOAs. I’ve had enough of living with a flamingo pink shed that’s falling down basically in my backyard. I noted the owners had it as far away from their own house as possible. Tired of overflowing garbage cans left out in the sun right at the fence we share. I’m not saying this is you. I am saying most people I’ve met that think this way, are the ones who live like that
@debbylou5729 Wanting to live a certain way is fine. Wanting to mandate that everyone around you lives according to your standard and preferences is the problem.
@SelfMadeBum but who wants a raggedy neighborhood? That's just gross. Very embarrassing to. Nevertheless, I grew up in a non HOA neighborhood in San Diego and the community was very well maintained. The local park as well and it was considered "the hood". Manicured lawns sitting on top of a hill. Worth lots money today and even then.
@@chinaarlene7035 embarrassing? Well I live in an older neighborhood and I am grateful to own my home. I'd rather save $6,000 a yr and put that into my own home or savings. I also love knowing I will never be hit with an assessment and I know exactly what my home needs. HOA are all good while a neighborhood is still fairly new but as someone who worked in an HOA office I seen the greedy and immoral stuff they did. Most have no idea how badly funded their community is until it's too late. I would NEVER buy in an HOA.
There's no excuse for this! $550/m 200 units is $1.32million/yr. Absolutely no excuse.
You don't know until you see the fix it list.
@@info781what’s costing them 1.3M a year? All they do in my neighborhood is a bit of landscaping and harassing people about the trash bins.
@@nexypl We have a labor shortage and cost have gone up, you would be surprised when you get quotes..
There is not a labor shortage lol goofy. I have 400 applications on my desk right now@@info781
You're confused. It's a $550 assessment not the monthly HOA fee they've been collecting annually. Remember they have a $770,000 liability.
Smells like embezzlement.
Yet nothing is being done.
This is definitely embezzlement.
I live in an HOA community. We have a very well-maintained pool and clubhouse, trash pickup, cable, mosquito-repellant trucks that come by regularly to keep the population low...just off the top of my head. Trash is kept at a low, and we have man-made lakes in the area that wildlife are always enjoying.
The price we pay to the HOA? $150 a month. Also, when it rose by $25, people complained and called for the board to release the itemized list of where this money goes to...because that is a legal right of residents living in an HOA. HOA residents are entitled to an itemized list of these services and costs to understand where their money goes, as they aren't just paying for the privilege to live there.
They are totally pocketing every penny they can.
This has nothing to do with embezzlement, I’m willing to bet the reserve funds haven’t been raised in years.
They basically live in an apartment without the maintenance guarantee.
Exactly!!!
Section 8 housing
Projects
I'm in beautiful Sedona, Az been in my condo 45 years and they are top notch still. I pay $280 a month and well worth it. I hear so many horror stories about HOA, so far we're doing OK.
This is exactly my view on condos and HOAs. You are still sharing walls with neighbors, communal spaces and when something goes wrong its on you. At least in an apartment complex depending on the nature of the issue you can withhold rent. In a condo everything is on you as the owner and you still have to pay your mortgage or risk ruining your credit, and your HOA fees or risk foreclosure by the HOA. Owning a single family home just makes more sense even if you don't need much space.
I smell HOA corruption kickback! Unit owners should come together and elect new member to kick out the old.
It’s better to not have any association with HOA.
It really is not HOA fault, blame the insurance scammers and insurance companies
@@freetheworld12HOA is separate from insurance, its for tenants charges for the maintenance.
@@freetheworld12your dumb for believing that 💩. You must be one of them to be exact.
simplistic common answer and after the fact: barn door wide open. Oversight needs to happen ongoing with the Board, Audit committee, and volunteers with the eyes wide open and ears to the ground.
1 million dollars and you can't fix a fence or sidewalk?
Who is stealing money?
And the pool is closed due to it's condition.
@@molonlabe9602 With my building the pools are almost half the cost of the regular maintenance budget. If you have ANY AirBnB allowances and/or short term rentals you HAVE to maintain the pool for public safety.
Abolish the hoa
Genius idea now there's even less affordable and less options of housing. What other genius democrat idea do you have.
and the atf and legalize weed
@@gotacallfromvishalHow is someone saying to abolish an HOA a Democrat idea? When it's usually a bipartisan topic that most people can agree on that they don't like.
@@garcjr
That's Newage Magatards for you
How would you do that on a condo?
Do not ever buy in an HOA, ever. Why would you pay someone to regulate what you can do on your own property?
I infer you misunderstand the word "regulate." It is not only to prohibit and restrict but also to allow. It means to make regular, as in regular-looking houses, regular maintenance, regular sanitation, regular quality of life.
It's up to the members of the HOA, through the board they elect, to decide what "regular" means. For example, I live in a lake community, and it is "regular" for people to park their boats in their driveways. It would seem our members want this to be "regular." For this example, the members of River Oaks would probably disagree with our definition of regular. We do not think it is regular for people to park their car in the grass on their front lawn. The members of some HOAs might disagree and allow it. And that's OK; it's the whole point of having elected boards. Now, some things are strictly guided by written deed restrictions. And, for those things, the board has a duty to enforce.
@@donbeckhamweirdo
@@donbeckhamjust wasted a few mins of my life reading this bs
@@donbeckhamyou sound like you have zero clue what hoa is 🤦♂️
@@donbeckhamYou basically described how the HOA "regulates" things... You might be in agreement with them, or you may not be. Unless they actually take care of things for you, why bother with them?
I can almost guarantee you that the HOA board consists of whoever owns this property, their friends, and family members. This is pure and simple embezzlement.
That’s the HOA Board that’s stealing money from the HOA reserves. A contractor I know did work for them and the HOA President agreed to give the job to this contractor if the guy would give him a private kickback in the initial down payment.
What did the contractor do? The place looks like a run down timeshare
@@suwinky The repair isn’t the point. It’s the hiring of a contractor who is willing to split the amount the contractor bills. For ex: maintenance or repair for ____ is billed to HOA at $4K. Check is sent to contractor. Contractor then “kicks back” whatever portion of the 4k (usually half) to HOA Pres. The repair not being done isn’t the point.
Looks like prison
With barb wire to boot
Its like pay a mortgage on top of the one youre paying to the bank. The HOAs are getting out of hand
Whats better... apartment or HOA homes
@@fernyv4368 Once the mortgage is paid off it's just the HOA so you do have equity in the home for a loan or to sell. Nothing is simple any more. I pay $280 a month on my HOA, the condo is long paid off. I can easily afford that, even if it triples, it's less than rent. 2 br 2 ba wood fireplace, Sedona Az.
@@fernyv4368
I'd say home because you don't share utilities, but I don't know anything about this.
@@fernyv4368 Apartments have big ticket common areas as anything exterior is under the HOA maintenance, as well as the parking area and grounds. Sometimes the HVAC too, it depends. The more amenities the complex offers, such as elevators, pools, gardens, etc, the more dramatically wild of expenses it is all going to be. Some might say, "That's one less headache for me then as I don't have to worry about maintenance" - well maybe, but remember the HOA decides who the contractor will be to do maintenance vs if you're a homeowner you pick who you want. The HOA has nothing binding in their charter that it has to be the lowest bidder either, nor do they need to pick a reputable firm even. So you may end up paying sky high HOA fees to do common maintenance that if you owned yourself would've cost 1/4 the cost and a better quality contractor.
it's really hardd to say accually because results do vary, but conventionally a home *should* be better even with a non-communist hoa
Vote them out HOA.
Until they have laws that fine them for being bad landlords, nothing will change. Even if they do get fine, it still will be the residents paying. Get board members who actually own property there and youll see a change.
Never invest in apartments
Well Mr Investor Man regrets his decision to buy up homes from buyers to turn them into rentals. Boo hoo.
@@UncleDavesKitchen Jealous?
Its obvious someone is pocketing the money, there needs to be a investigation ASAP!. There is no excuse for anything of these violations to be happening.
There should be an audit in the immediate future of the HOA. They need to find out where the money is going
My thoughts exactly.
That is a 💩 hole! $550 a month!?
Holy shit yall have adhd or something, the $550 is an assessment. 220 unit * 12 * $550 = 1.2 milly, and they have a $770,000 debt. If you want the pool and fences fixed you gotta pay up that's how it works in condos!!!!!
@@gotacallfromvishal Not really Einstein….it’s called sending an email to all the owners to assist in cleaning up the pool and help make the place they live around better. With a property like that ultimately the city can close the entire place down. Who’s fault would that be? If yore going to want to play a big role of a hoa member it comes with alot of responsbilities otherwise stepdown and let guys like this guy in this video lead.
@gotacallfromvishal Cut the attitude. They ARE and HAVE been "paying up". What part did YOU miss??!
That is a terrible area. Sell and cut your losses.
Where are they gonna go with Bidens economy and high interest rates? People are pretty much stuck at the moment. But I agree, they do need to get out of there.
Sell to who? Someone will have to buy it knowing about these fees.
@@sweetseve1150They will have to come down in price. It's sad that Americans can't never truly own a home in America.
Real estate issues are continuously rising, businesses are directly at fault for pricing them this way. These buildings were secured before Biden but sure...blame Biden for business owner's greed. @oSnapMillerTime
That's not true because I own my home but live within my means. It comes down to being logical@@oSnapMillerTime
$550 x 200 units = 110,000
Where does the money go ?
Audit
I KNOW THIS AREA! Each condo is between $60,000 - $75,000….it’s not in a good neighborhood!! To charge $6,000 EACH YEAR for HOA is beyond ROBBERY!! That’s 1/10 of the property value!! This is NOT including PROPERTY TAX!!
It's an apartment complex.
COME TO SOUTH FLORIDA they are out of control ,,, and yet nobody helps the condo owners , disgusting
@@lakesnake2005 ...NOPE! Apartments do NOT charge HOA!
yea place looks like a dump smh
they dont care ,,, you will either pay it or they will send it to the attorney , south Florida is becoming a nightmare , thanks to the large condos that neglected the repairs needed and now its become hell for condo owners ,,, just hope this crap stops
Screw hoa . I'll never live like that.
I've been in my condo over 40 years, my HOA in Sedona, Az is $280 a month and it's excellent. We are self managing by the residents. Wonderful coverage.
Probably insurance, water and trash is included in the fee. Still, for 6k a year, everyone at this complex is getting ripped off.
But don’t taxes deal with water and trash. I live in NY. My trash is covered by taxes. My water is $76 per quarter and the town maintains parks out of my taxes. AND I get to fire my mayor. Do people HOA and taxes? Let me add, I live on the Atlantic Ocean. My taxes maintain a beach too.
@@Galworld761 In the city of Houston, Texas, residential trash service is typically included as part of the utility services provided to homeowners, which also cover water and sewer services.
For multi-family properties, such as condominiums, apartment complexes, and townhomes, the situation regarding trash and utility services can differ significantly from single-family residential services.
Multi-family properties do not receive trash collection services directly from the city's Solid Waste Management Department. Instead, these properties often contract private companies for trash and sometimes recycling services. The cost for these services is typically included in the homeowners' association (HOA) fees for condos or in the rent for apartment dwellers.
For $6K a year, they could pay off the loan in the first year and still have $400K left over for maintenance. Something is fishy.
No, someone is stealing the money. Investigate the board members.
@@Val2073 Even with having a math disability I can see something shady is going on there.
How can you claim to “own” a home when you have such expensive and mandatory HOA and property tax? As a resident outside of the US, it blows my mind.
It's because my fellow countrymen are morons.
Audit them !
Imagine paying good money for somewhere that needs razor wire around it's outskirts? You can get this free in jail
Well, don't American love to build tall-a** FENCE around the country to lock yourselves up? 🤣 Doubting your own preferences? 🤣
Right? That condo ain’t the Ritz. Are they expecting a horde of zombies or something?
Wow highway robbery somebody pocketing that money
Corruption
The Government needs to step in and start regulating HOA's because they have really gotten out of hand they take your money and don't fix anything or have rules that goes against basic rights of the people. I lived in an HOA community the fees went from 300.00 to 1500.00 and nothing changed so we left.
even if those homeowners are paying $200/month for HOA, they are getting ripped off.
I'm paying $275/mo for an HOA in Florida. We have two pools, gated community with guard and just went through a hurricane. Something isn't adding up in this story. Demand Financials
Hell yeah. I'm paying $150 and we have a very well-maintained pool, clubhouse, insect repellant services, trash pickup, and a cable package for every resident. They have been pocketing every penny they can.
When we were looking for homes in Jersey City, some charge $900 per month for water and maintenance. Parking is extra! Don’t know how I will ever be afford a home, even with a 6 figure income.
When buying into a condo association the first thing to do is to investigate the financials of the community. If the reserves aren't 100% funded then walk away.
Your NEIGHBORHOOD wanted an HOA and VOTED them in. Your NEIGHBORHOOD can VOTE them OUT. 😂😂 Know your rights!
Very true
because people can live like farm animals buddy, you cant live without one or with one unfortunately
Years ago my fiancé and I were looking at at house ( Stand alone ) in a beautiful neighborhood with access to everything we need . As soon as the realtor mentioned the HOA I said thank you but no thanks !
Sue them
Refuse to pay until they fix things.
I will never buy property where HOA exists.
What a rip off
Let me get this straight, you have to pay property taxes and pay an additional $550/month... Why on earth would you do that when you can just buy a house with no HOA and the city would be responsible for all of those repairs except for the pool, that's insane.
The same reason why people love to pay MUCH MORE for an Apple product instead of other same functions brands for half the price or less. There are stupid people who love to be controlled and decided by others what work for them, and think that them paying more means they're klassy.. not 😏
Because the city will not pay for the maintenance of any common assets, it's more than just about the pool. In a multi-family property like this, the HOA is responsible for things like the roof, all the exterior walls, stairwells, and paint. I suspect they needed a new roof and borrowed the money to do the work, instead of saving money over time.
On a property like that, there should be a trust account set up for major depreciating assets, such as roofs, siding, windows, doors, concrete driveways, and sidewalks, pool equipment, etc. Things that last many years before needing to be replaced. And that trust account can't be touched by the various boards that are elected over the years, except for those purposes. Then, a portion of the fees each year goes into the trust. That way, when a board sees $3 million sitting in a bank account, they can't just spend it on a whim.
If you have noticed, a lot of homes now have HOA fees too. Owning a home or a condo is becoming unaffordable between the mortgage, property taxes, HOA fees, insurance and maintenance.
@@donbeckhamI'm surprised there are no laws on the book there as many other places have mandatory minimums for HOA reserves, and reserve studies are required every so often (must be done by licensed engineering firms) to get an accurate figure of life expectancy and replacement/maintenance costs associated. The reserves must be maintained and adequately funded, including special assessments if required. If board members are intentionally reckless on this they can be held personally liable, including having a judgment for personal liability and subsequent seizure of their assets.
6k a year for HOA fee's in that complex lol no way whoever that is in charge of the HOA is robbing the tenants.
They are not tenants... they are owners.
Never get into a HOA condo association. Been there and done that! HORRIBLE!
I don't think you have a choice.
Do not buy a condo is the choice@@MandatoryMyocarditis8
$550 ?? CLEARLY someone is stealing the money.
I've bought three houses and first issue on my list each time was NO HOA
My uncle passed away last year and when I went to sell his condo, the HOA took the opportunity to demad I make a ton of modifications. They forced me to replace all of the windows and the exterior doors and replace the toilet with a low water usage toilet (not their business, the HOA doesnt pay the water bill or sewer) before they would allow me to sell the property. The windows had just been completely replaced four years prior when he bought the condo. There's $15,000 taken straight out of my inheritance. And then I had a tough time selling the place (in Scottsdale AZ with a hot market) because apparently that particular HOA has a "reputation."
Low water toilet doesn't work. You have to flush twice using more water than a single flush. lol
Plus it really struggles to evactuate the larger poops if you know what I mean, but you can't argue with an HOA.@@MandatoryMyocarditis8
They are getting screwed. I used to live in a pretty high-end townhome property. We had two pools, tennis courts, bocce ball court, substantial trees and groomed landscaping and lighted walkways. Our HOA was about $400/month, and that also paid for part of our cable bill. Did I mention this was also in California, the land of all things overpriced?
HOA is a few people forcing their opinion on everyone.
Not really... you have a right to vote for the board members.
Those people are elected
I’m paying $800 a month by the galleria to our hoa for maintenance fee. Agree it’s a complete rip off. One year one of the board member wanted to increase fees for no reason although there was sufficient funding. There are too many unneccesarry costs given such as paying management companies to run the place, buying bushes and unnessary landscaping that cost too too much when it could be kept neat looking for a fraction of that costs. In short vote in board members who want to reduce costs, but still have innovative ways to kee your area well. Don’t ever vote in power hungry board members who simply want to increase fees for no reason.
That's more than some people's rent.
Why would you sign up for that? This is just a poor decision.
@@jamie6387 It wasn’t that much at the beginning. Basically the hoa can increase as much as they want to and only way out is to pay it or sell.
Don't feel bad for you, what you described is how condos work. It's socialism. Just because you think landscaping can be done cheaper doesn't mean jack shit unless you're making that decision.
@@gotacallfromvishal Glad you’re not
a decision maker. I know how HOA’s work. and some become a member because they just have stupid fantasies of power and shouldn’t be making decisions. If the
decision makers aren’t good at making good decisions, it can impact your
pockets. Similar to how our government works by taxing us and sending billions of dollars for wars across seas. Bad decision makers = bad results.
I'll say what everyone else is thinking: it's a dump! For that much $ you should be living in an upscale subdivision.
I wonder if the guy could get on the hoa board. Members select or elect the board right. The current hoa is probably paying there mortgages with the increased fees
Not trying to hate on the guy but he should have done this years ago. It seems that he only learned about HOA when he got that $550/month assessment.
It’s a shame.550.00 is like paying rent. It would’ve been cheaper to buy a house and maintain it yourself. If I ever buy a condo, I’d be sure to evaluate the HOA policies and ask the neighbors if they are taking care of their responsibilities.
He didn't mention about the insurance HOA had to pay to insure the exterior of his condo. Insurance premiums have gone up by a lot.
Insurance is over $1 million at one condo??
@@anncokafor On 210 units with a replacement cost of over $20 million, it would surprise me if the insurance was at least $20,000 per month.
@@donbeckhamstill not a million dollars
We once had deed restrictions in my neighborhood, no trailers allowed and there was a square footage requirement on home construction. The deed restrictions expired because we couldn't get enough signatures to keep it active after the Mexicans came in. Now we have people living in travel trailers and storage barns from Home Depot. On weekends the Julio's play their music so loud all night it rattles my windows. I've been able to stop some of it by intimindation.
time to sell and move or call the cops and news on them every day.....
@@garyo8546lol Univision is going to show up and have a live cast of the party happening at the neighbors house lol
Love thy neighbor
Get rid of the HOA
@@Kenzie_HillYou can't. The houses are cheaper you can't just buy a cheap HOA house then make it disappear you need to understand buying an HOA is exactly like socialism. Buyer beware srry
Houston is a city without zoning and relies on HO A’s for Enforcement. Sitting on an HOA board , it is another win situation.
Move out of the DAMN CONDO! Go buy yourself a REAL HOUSE!
I have a "real house" and I have a "real HOA". And, to protect my investment, to make sure the HOA is run conservatively, and make sure the dues don't go through the roof, I am on the board.
We have been able to keep our dues below $250 per year! And, we have 3 large parks, a clubhouse, a boat ramp, security patrol, and community events.
HOA’s should be against the law!
Hoa has money for a 400 to 800 dollar per hour attorney's, but no money for repairs.
All this place looks like is a former rental apartment complex built about 3-40 years ago and someone made it into a condominium property. I'll bet the place is falling apart. I'm estimating these buildings were originally rental apartment complexes and were built back in the 80's and 90's fast and cheap. Barely meeting code if they even did that. .No surprise they look like this. In addition, some parts of Houston that were nice back in 1990 look like crap today. An old neighborhood I lived in the 1980's looks like a dump now. Bars over every window, furniture in the front yards. Junk cars on jacks in the driveways. No way I would look at condo's that looked like old apartment complexes.
The HOA community need to demand a detailed costs breakdown to see where their fees are going. They need to be told what exactly that loan was for. And they need to be told how if they are paying over $1.3 million in yearly fees, how does the HOA still owe almost $800, 000. The HOA should be able to make the loan payments while still paying the bills for proper maintenance of the community.
Before you join an HOA, go to your local courthouse. Look at the number of John Smith vs. HOA and you will be astounded. If, for some reason, you still want to join an HOA, take some time to look into cases where the prospective HOA is involved. The only thing is, a lawyer type can still control the HOA later and figure out how to game the by-laws to milk you for all you got.
In the great state of California, our HOA’s are under strict regulations concerning transparency, providing to owners all monthly expenses and cash amounts in reserve funds, expense funds and emergency funds. There is a minimum required amount in these funds. Owners must also be given a list of upcoming large expenses and we are also given a fiscal year end breakdown of all expenditures and income from HOA fees. Some regulations are there to protect people and this is one example. A lot of the repairs in that place seem like minor expenses. Sounds like gross mismanagement of a lot of money.
What they didn't show us is the yearly budget. What is the money being spent on? I don't know what laws Texas has governing HOS's, but in my state, the board members are elected by the homeowners. If they aren't doing the job right you elect someone else. Also, by law, the annual HOA fees have to be passed by the homeowners at a yearly meeting that has a 66% quorum. If the quorum isn't met or the new budget isn't passed by the homeowners it stays at the previous years rate.
HOA fees also cover things like taxes and insurance on the common areas (parts of the building that are outside your unit, like elevators, stairwells, roof, pool, HVAC, et...) When cost of property tax and insurance go up, so do your HOA fees. Don't forget that cost of material and labor goes up too, so routine maintenance costs continue to rise... every year you pay more and you get less.
I lived in an HOA building for 10 years - I would not want to do it again. You have all the costs of home ownership, but none of the autonomy.
In Australia we have strata titles which are similar. At our annual meeting we had 6 out of 52 owners there. Later I was talking to an owner, who wasn’t at the meeting, that she had talked with two of the other owners and the fees were too high. If they want to find out why then turn up to the meetings.
HOA's only have as much power as homeowners allow them. All the homeowners need to call an HOA meeting and toss the current board out and elect a new board to lower the fees and make the repairs the old board failed to make. HOA's are NOT landlords. They're elected and can be unelected.
HOA's are usually volunteer (except very large ones) and as a homeowner/voter you are LEGALLY entitiled to look at the books, where the funds are (short term or long term accounts, planning, insurance, repairs not annual, expected piping/electrical/roofing/building envelope. Someone who is "upset" is just too lazy to find out where they stand.
like someone else mentioned earlier, it's not hard to "hide" where the funds are going. Say you have a contracted landscaper that the HOA pays $10,000 a month to do landscape work. That may seem ok on the books, but you never know the true deal behind that contract. It could include a $2,000 a month kickback to the HOA president that gets hidden in the landscape work. These people are not stupid, they are not just going to write a check to themselves for $2,000 every month and be caught.
@@saidtheblueknight That's where Board and volunteer and audit committee oversight begins, and ends. What the "average" for a similar contract of X number of houses on X amount of acreage?? Why are we paying DOUBLE compared to next door??!!
Many HOA boards get friends/family to do repairs without getting other bids on the work. They get crappy repairs (or no repairs) at hugely inflated prices in exchange for kickbacks.
For 6k per year, I better be getting insurance, all utilities, secure parking, pool, gym, hot tub, and armed security.
John was great on this segment, I hope the complex gets some resolution. They can credit John if they do.
Those are nothing but apartments and the owners got greedy and sold them as Condos. Nothing but a tax write off. People that don't know any better are the ones that suffer.
My condo maintenance fee is $900+ a month not including electricity. I live in Honolulu HI in a 910 sqft condo.
My electric bill is $105 a month.
never buy a condo again. Dont get involved with other people these days. All people want is to steal your money.
Exactly...
idk why one would buy a condo in texas lmaoo when house where so affordable specially a decade ago or whatever.
@@Aesthetics622that's because you dont know the market. HOAs are everywhere. He'd have to move 30-40 miles outside of the city to try and find one. And with the hate for HOAs this now means houses NOT in a HOA can be sold for more
"All people want is to steal your money" You are exactly right!! Here in Colorado we call them evangelical christians!!
The city , county and state will have a great time with this mess !
Only $550 a month for an aging condo. Yea, right....way too low. Everyone expects first class service with fourth class fees. I guess there are still tradesmen who work for peanuts in Houston? Too many refuse to consider raising condo fees to do the necessary investments. Then everyone is surprised that the state has reached a critical stage.
You could make a weekly report on HOA/COA's across Houston and the metroplex. Our place in Pasadena has been falling apart for years, money has been in limbo for years, and we now have more renters than owners living here. I've been trying to get security lights repaired for over a year to no effect. Our fees are about to go up, too.
Have you joined the board to help you and others yet?
@@colinmellin1325Of course they didn't, they're American. They sign a contract that forces them into socialism, they don't ask questions, then when the assessment comes out they're fucking outraged over it.
What the news isn’t showing is a likely 500k-750k insurance bill, plus a property tax bill on common elements(Texas has high property taxes). Utility bills and paying to have the area mowed
Our complex of 22 units spends 70k per year just paying bills with no upkeep.
Also I am guessing all the long term damage was there when the people bought those units
yall pay more in HOA fees than I do for the mortgage on my house.
I was paying this garbo 15 years ago on Westheimer in a 70 year old unit with a swamp AC that would switch to heater once a week in the middle of the night and boil me alive before work. When I moved the others around me stared with fierce rage as I happily left the loop.
There's no accountability anywhere today from the "top" down...
what we really need is an outside source (a stae force) to make sure HOAs are not getting out of hand. 1.32 million a year that complex collects plus they have almost a million in savings. There's no excuse why the repairs cannot be done. In CA an ADA lawyer would have a field day with that place and win. Complex advertises a Pool, is there a usable pool? is that pool ADA accessable? Is the sidewalk ADA accessable? Is there ADA/Handicapped parking and access to it?
This is why there are tons of homeless people around. The cost of living in a place has gone up in every sense but our pay remains the same. Even getting a raise was bad for me because of the higher tax bracket. This is supposed to be affordable to all. There are many other circumstances that attribute to this delima, the cost still remains one of the main causes for homelessness.
Im not buying any house with HOA period!
Shameful!!!!!
My condo association had a board of directors found negligent in a court of law of maintaining proper finances for the community. It was such an ugly situation. For a community with well over $250,000 in monies saved for repairs, we were down to $21,000 by the time they left 3 years later. Only one still dares to live here, and she wrote a check out for CASH on Dec. 31st and no one knows where it was deposited to still.
The HOA I live in is easily 3 times the size of that one and nothing but houses, our fee is 1,600 a year. We’ve got our own maintenance crew with dump trucks a couple backhoes and full time crew. It makes no sense a small place like that let it get neglected to the point it is now. I agree that someone must have done something they shouldn’t have with the money.
Barbed wire fence? WTH kind of neighborhood is that?
There can be so many reason for that kind of a monthly charge. Garbage, water, cable, internet and security plus an internet secuirty gate (not including regular structural maintenance that appear to be ignored). Lets be honest, if that HOA is in the red for over 770K last year money has vanished for some reason. The place looks like it is falling apart. Just like with Fl condos, if the residents refuse to authorize proper maintenance of grounds and buildings in the budget, believe me that down the road when upkeep is finally done you have a whopper of monthly fees. The residents should get copies of accounts receivable/payable to make sure the board is honest and not subcontracting out to family memebers to inflate the bills. FL passed a law that HOA residents cannot vote on deferring maintenance of condo property. If you ever buy a property with an HOA, in the offer always demand the seller has to supply a copy of the HOA's reserve fund and budget. Of course you are going to have to learn basic accounting to be able to understand those 2 reports.
That money is gone, the HOA pocketed that money obviously. That condo property looks ratchet as hell time to get a lawyer.
The HOA shown is far from new, and has CLEARLY been allowed to run downhill without proper repairs and maintenance. That means that the only remedy is large assessments / HOA fee increases. There is a group in any community of owners who resist spending money for any reason. They like the idea of owning their own condo and not paying rent, but they want to treat the common areas (the rest of the property outside the actual condo units) as if they lived in an apartment, so all that is “somebody else’s” problem. People living under an HOA need to look for their problems by looking in a mirror. People looking to buy into an HOA need to read the declaration / bylaws and HOA rules and understand these before signing. Res ipse loquitur.
😂😂😂😂😂 they're dumb for paying it
Obviously, you don't understand the foreclosure process.
Its not the HOA fee that is getting out of control. Its the aggravation. I'm in the real estate investing. Not any longer, but Lesson learned over 30 years of experience. Try avoiding property with HOA's
As bad as me and my wife wanted to purchase a new build from this developer in DE we gracefully declined because the one thing the representative couldn't guarantee is that our HOA fees wouldn't go up and I'm so glad we purchased a house outside of a HOA community because we got much, much more bank for our buck... with NO HOA FEES or restrictions , "won't he do it !"
THIS HAS BEEN GOING ON FOR YEARS!...THE REASON MY FAMILY MEMBER SOLD HER HOME YEARS AGO, AND BROUGHT ANOTHER HOME WITHOUT A HOA!.......THE SAME THING WAS OCCURING/ HOA MONEY PAID...NO RERPAIRS OR UPKEEP DONE....SO SAD!
It’s about time people start waking up. HOA has always been a scam. Also, That place looks like the projects.
People need to get involved in their HOA, stay informed,, volunteer, and be willing to stomach increased fees to make repairs, pay bills, build reserves, and plan for future capital expenditures.
Never buy in HOA 🤷 simple
Okay, but unfortunately the likelihood of the residents coming together and addressing the issues is low and will likely have to create another HOA.
@@xtrey19x 😔
if people where not such farm animals and the world was perfect you are absolutely right, but thats far from the case.
@@Aesthetics622 true
@@xtrey19x You can't just "create another HOA". When you buy a property with an existing HOA, you are contractually bound to that HOA.
Those HOA boards often comprise of seniors on fixed income, who are more focused on keeping monthly payments down as long as they can and kick repairs down the road. They also have the spare time. If you are working you have to find time to dig into the running of the HOA. This HOA was in debt with only 5k in reserves for repairs. That means the previous boards looted the budget for themselves. Waiting for a sudden shock, is too late after the damage is done. You let it happen because you didn't protect your 'investment'. Sometimes those low HOA fees can be very expensive. A game of musical chairs of who get hit with the increase.
Egregious! I pay $1,200 per year in a gated community so $550 per month is b.s. for this place.
You could at least fix that mailroom door with ONE persons payment! There is no reason why NO work is happening at all! I think someone is taking those funds…
i swear HoAs are insane, 6k a year in addition to normal monthly bills is just exploitative.
$550/month X 200 units = $110,000 PER MONTH in fees collected. Limited funds???
Living in a place with hoa fees, is something would pay for the rest of your life, even after you finished to pay your mortgage. At least property taxes is paying once a year, but hoa you have to pay every month like a rent.
Someone is pocketing money. Crooks called an HOA. I hope those thieves get found out and put behind bars.
This sounds like a lot of owners just let the Board do whatever it wants. Especially the guy at 1:44 who apparently owns several homes at the community. I bet he doesn't even live in the area or even the state. His lack of paying attention, and him not using several of his votes tied to all of his lots, is a direct result of letting would be know-it-all Board members roam free for years.
$832,000 loan? Was that approvable through their Articles of Incorporation? Or the state statue? Who are the Board members? How long have they been on the Board? Where are the previous Board members? Are they self managed? Who's names are blurred out on the balance sheet for the FOUR petty cash accounts they have? Did they ask for records of all the minutes for when all this was approved? Where's the copy of the annual budget that outlines every expense and where every dollar is assigned to? How about a copy of the reserve study? How many homeowners or "investors" submitted a ballot the last 5-10 years during their annual elections? Did they even meet quorum or did the homeowners just not care and let the same people run the Board for a decade? This is all public record to the homeowners that live there. All he has to do is ask them via a records request.
This reporter didn't investigation shit. It's just a bunch of shots of things that are in disrepair. Why didn't they figure out WHY it was in disrepair?
I say, don't buy a condo or coop bcuz it's just really paying rent. The only difference is having to make a huge down payment to move in, masquerading as a purchase.
1:21 😭😂💀💀😭😭 God bless this man’s good attitude please give him peace and security