Hi all, I own 2 unit on a small condo of 20 units. Currently the President want to quit. Should I step up to help being a secretary or vice-president?
Am I getting myself into any kind of trouble or should is let other handle that.
The current President mention she been doing for 10 years for free and no one appreciate at mean time everyone got any issue always call her and complaints, she is doing for free.
Real Estate Broker · Salt Lake City & Oklahoma City · Member since 2018 · 3k+ posts · 2k+ votes
3y
@Tina Lee, this could be a solid way to control your own destiny. You'd have a voice and an ear in the midst of the the body that determines a lot about your own assets, AND you may be privy to sales before they happen and can pick up more units before they hit the market.
Real Estate Broker · Salt Lake City & Oklahoma City · Member since 2018 · 3k+ posts · 2k+ votes
3y
@Tina Lee, this could be a solid way to control your own destiny. You'd have a voice and an ear in the midst of the the body that determines a lot about your own assets, AND you may be privy to sales before they happen and can pick up more units before they hit the market.
Honolulu, HI · Member since 2008 · 3k+ posts · 2k+ votes
3y
Aloha,
There is a separate forum category for HOA related posts, under the General Real Estate heading.
Getting involved with your Board can be very good, or very bad. First you should review and understand the Budget and Reserve funding for the upcoming new year. This will give you an indicator of the financial condition of the HOA. If it is in poor to fair condition, you will likely have lots of headaches, but also may have the ability to educate the other Board members as well as Owners, in order to make the necessary changes to improve and stabilize your finances. Hopefully you reviewed all of these prior to completing your purchases, or you may be in for a rude awakening. It is not uncommon for small Boards with long time officers to be motivated to keep monthly fees low, with few, or very small increases. This usually results in no funds available to make necessary repairs, which then get deferred...year after year.
If it is already in pretty good condition, you may be able refine and tighten up policies and procedures to further improve finances and truly fulfill your primary job as a Board member, which is to maintain, protect, and preserve all of the common and limited common elements.
As a Board member, you do have a fiduciary duty to ALL of the owners, and failing to follow your Governing documents, State and Federal laws that relate to housing, or acting in a self-serving manner absolutely can result in Personal liability. Oftentimes, Boards think they can just do whatever they want with their HOA, but that is not the case. You are limited in your authority by the various Governing documents and State law.
Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
3y
@Tina Lee
You will get zero appreciation but if you are good at managing then it’s not a bad idea as you need someone who understands housing and budgeting to make sure you have adequate reserves and the association is not run into the ground where you later cannot sell units
It's a personal choice. It can be a lot of work and stress, with little/no appreciation. The worst part? Once you are roped in, it's hard to find someone to step up and replace you. In my experience, most board members start with good intentions, then stay much longer than they anticipated because they can't find a replacement and feel obligated to keep the position filled.
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