All Forum Posts by: Jenny Stecklair

Thanks for the second, @Keleisha Carter! That makes me think I need to give him a call.  Thanks so much!

J

Thanks @John Mocker! This is really good to know, I like the idea of insuring for some special assessments.  Appreciate it!

Jenny

@Daniel J Cano Thank you!! This is just the thing I have been trying to figure out how to ask for.  I will follow up with the listing agent to request.  This is so helpful!! Really appreciate it.  

J

@Mary Aviles thanks for the tip!! I will search for that thread. Didn’t realize there was a recent one on the topic!!

This helps. Thanks Mary!

@Julie Hartman that’s good to know!! Thanks for the tip. $30k is CRAZY!!

@Steve Morris, thanks for the insight!

@Theresa Harris thank you for sharing your experience! I'm gathering it's different from one HOA to another. I've got some homework to do. This helps!

@Bryan Mitchell that sounds like a nightmare!  This is the stuff I need to hear about, so I know what to ask.  Thanks for sharing!

Thanks David A.! I am adding that to my next email. 6 of the 7 are already filled, hope that helps me! This helps. Thanks David

I am considering buying a portfolio of 7 condos in Memphis, TN. They are in a great area, big upside potential. Everything about this deal looks great. But I am nervous about working with an HOA. This is my only hang up.

My biggest concern is being hit by special assessments X7. Yikes! Anyone have experience investing in condos? I can see some of the perks as they deal with everything outside, common areas and amenities, but this feels like a big con to me!! 

I have already asked the listing agent: 

1. how frequently special assessments have been done in the past and the amount. 

2. to see the income/expense report to verify. 

Waiting on answers to both. I can imagine how this could NOT be good, but I have also heard stories of people having great experiences with condos.

NOTE: I would be setting aside $100/month per unit for cap x and maintenance. Don't want all of that to go to assessments, but it could when necessary. 

Any insight would be appreciated. Even recommendations for questions to ask in addition to those mentioned above (have not owned a condo) would be a big help. I want to get a better idea of how the HOA is managed but this is all new to me.

Thanks team!

Jenny