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bbqturtle t1_jdzj66q wrote

Reply to comment by Caraless_While22 in Triple Decker Property Managers by Caraless_While22

Usually the hoa covers insurance policy for exterior. You should be able to see that master insurance policy and costs.

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Caraless_While22 OP t1_jdzl86w wrote

Yes, I have a copy of that and see it being deducted from the HOA account. It’s around $3,300 annually and he financed it at 12% because there wasn’t enough in reserves to pay for it up front and cover his property management fee.

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bbqturtle t1_je05clj wrote

So that is about the minimum that your expenses should be. When you meet as a hoa and remove him, you can reset dues to be 1100 each if you'd like. I'd recommend targeting a balance of about 1% of property value raised in excess to the hoa to help manage external repairs. From the history you could see your annual maintenance and calculate who owes what to hit that.

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Caraless_While22 OP t1_je07xcy wrote

Yes the property manager suggested getting to $10k in reserves which seemed reasonable. He wanted us all to pay additional 2 months of fees to pad the reserves (after we already did that at closing). I am soo glad we declined that suggestion because it would have been more money for him to take!!!

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