Hello landlords and investors!
I wonder how do you all manage your HOA's monthly fees, fines and overall communication?
Any advice is welcomed!
@Rodrigo Dalla Verde First off you need to make sure that the mailing address the HOA has on file is where you actually receive your mail. There could be violation and fine notices going to the property or another address that you don't receive mail at regularly and if you aren't aware of them the fines could be adding up. Second, make sure to get the HOA property manager's contact information as they typically handle all HOA fee payments, fines, violations, etc. Another, strategy a lot of the larger investment firms use is a built in provision in their leases where if you are fined by the HOA by the fault of your tenant, the tenant is then responsible for the fine. Be sure that you pay the fine first and then are reimbursed by the tenant though because you are ultimately responsible and don't want fees accruing on your account while you wait for the tenant to pay the fine. *This blog post is not intended to be legal advice. Please confer with your own counsel before taking any legal action.*
Thank you @Stanford Rowe! Wouldn't be nice to have a free app that would bring all HOA's info into one screen for investors? I work with apartments.com and Stessa to manage my portfolio but still have to accesss a few dozen HOA websites monthly to make sure everything is under control.
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