Updated over 9 years ago on . Most recent reply
Additional fees imposed by association
Hello, i am new to biggerpockets but own 1 investment property in NJ to date for past 6 years. This year I am deciding to expand my investments and have found biggerpockets a great source of information.
My current investment is a 2 bedroom condo in central Jersey that breaks even. I bought it as a long term investment plan. I received an email today from board of directors imposing additional fees on investment properties.
Board of directors decided that as of this year all Investor Owners are required to provide a provisional copy of any lease to determine whether or not it complies with the Master Deed as it is written with regard to the leasing of units.
This change will bring about additional fee of $375 a year to investors to cover admin costs of association. Is this something we can change or take back to the board? If so how? Does anyone else pay such a fee?
Most Popular Reply
@Kristopher Hanks, this happens ALL the time, but it's definitely illegal in NJ and NY. Sounds like you occupy the unit, but any investors in your building may want to double check the laws in your state. And that sounds like a HUGE jump. Must be some kind of pretty bad mismanagement going on there. Mine went up a lot too, but not that much! and we keep getting special assessed because we are now litigating with the developer and let's just say...our attorney is getting very rich. If I could possibly afford anything detached right now in the area I want to live in, it would be a quick good riddens, but alas...inventory is very low and pricing is obscene in my neighborhood, so not an option.