This isn't necessarily a problem or an issue with the HOA, but something I'm sure some members have experience with. It also deals with the HOA over my first property (if I had a chance to do it over again I'd make sure there wasn't an HOA).
I have recently moved back to Orlando, where my SFH is located and watched closely by my HOA. I received a Board of Directions Election request stating what they'd need to run and where to meet. At first, I thought what a great experience, but then I began to put a little more thought into. Plus side is I feel (depending on the position elected) I'd have a little more say in what happens within the neighborhood. Down side is it would take a ton of time outside of my 9-5 job, the REI, and my current time suck of learning how to fly.
Anybody have any pros and cons to running and being elected to your HOAs Board of Directors? How much time outside of your normal day to day would it require ( I understand that would be specific to each HOA )? What kind of experience would I actually gain from it outside of budgeting?
@Josh Calcanis Is the Association Self-Managed? If it isn't then that means that a property manager is running the day to day operations and the Board will meet at most once a month to simply review financials, make decisions on vendors, handle any owner issues, etc. Meetings usually last a few hours at most.
Your PM would be talking to vendors, getting quotes, create the budget, etc. So as a board member, you basically just need to show up and voice your opinion.
Personally, Unless it is badly managed or you are looking to change things, it won't amount to much time.
You may also want to talk to current board members to see what they do, etc. What times they meet.
Thanks @Steve Racicot . The board is managed by a property manager. Found that out via the conversation I had today when I called.
I'll definitely reach out and see what else some of the current board members do.
I have served on two boards. The quality of management (if not self-managed) and the other board members makes all the difference in the world. They can make your time on the board satisfying or miserable.
Most HOAs are bad, I think, and fall into two categories: those dominated by zealots who want to impose their agenda on everyone else and those in which apathy reigns. The latter are especially prone to letting management companies exploit residents -- for example, by charging huge fees when homes are sold.
If you decide to serve, good luck.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.