Questions about condo boards

[Freeman Schultz]

Out of curiosity, I have been taking a look at the condo market in NYC for investment opportunities.
Condos are attractive because of their simplicity. They are not as profitable as multifamily, but there is a level of stability.
However, I hear a lot of stories about out of control condo boards where they increase the common charges and they approve expensive
building projects. The boards are able to do as they please without the approval of the residents.

Is there any truth to that or is every condo board different?

How does an investor avoid a board that is out of control?

[Theresa Harris]

Condo boards can't increase fees or do special assessments without approval of the condo association.  Bylaws will differ as to what percent of the vote has to approve the changes.  There are condos where they are poorly run and others that are well run.  You can also run to be on the condo board