Condo Property Management ?

Sunday, April 18th, 2010 at 1:15 pm  
Comments (1)

I live in a self managed condo complex in Phoenix AZ. It is a small 16 unit place with a pool. The water is a shared expense as with the upkeep of the property. I like being self managed however I do think it is time to turn it over to a management company. We have some owners who are late or don’t pay thier assessments and I think a management company is better eqipted to handle that. Our water was turned off due to non payment and the common place electric. I want any ideas and knowledge on if a management company is good and what can they do to fix this problem. We have very little money to begin this process but it has to be done NOW! Help PLEASE


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Condo association financial problems?

Saturday, April 17th, 2010 at 9:07 am  
Comments (10)

I live in a condo in Phoenix AZ. The association is in pretty deep finacial problems. This is due because a number of owners are in foreclosure or have abandoned their unit. In either case the HOA dues are NOT being paid. The most serious problem is that the water is paid with the community HOA fund and the insurance. We prioritize the money we do collect to pay water and insurance however, we have had to let the landscaping and pool matanance go. If worse came to worse we could do the grounds ourselves but not as well as a professional. My question is primarally about the water and insurance. II imagine that we are not the only ones in this financial crunch. What happens if we can’t afford to pay the water and the insurance? I would think that the water was the main priority but I know our mortgage holders require insurance on the building. What happens if there is no money to pay? I also believe things will get better once the foreclosures go though and the properties are either sold or the bank starts paying the assessments. But nobody wants to buy a condo with the place looking shabby and the water and or insurance in danger. Is anyone ever been in my shoes? What did you do (selling is not the answer, I am upsidedown in my mortgage, I am stuck here and I dont want to ruin my credit) When and how will things get better? I would like to hear personal stories or someone who understands our situation and has some expertise. Thank you for reading…if you have questions or need more detail please email me rick85032@yahoo.com


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