Selecting the right HOA property management company for your community can be a frustrating and painstaking process. Following these steps can help you determine whether a property management company like theKuester Management Groupcan be a perfect fit for your community. How To Select The Best HOA ...
To start a successful home-based business, you must find the right idea, create a business plan, understand legal requirements, and set up an office space.
To start a successful home-based business, you must find the right idea, create a business plan, understand legal requirements, and set up an office space.
What is an HOA and what does it do? An HOA is a group that governs a neighborhood or multi-unit building, primarily by making and enforcing rules to follow if you live there. HOAs are run by boards of directors, made up of — and elected by — neighborhood residents. Sound like a ...
Compliance is governed by a volunteer board of directors, though larger associations often contract with management companies to handle day-to-day tasks. If you run into problems you can’t resolve with your association, your only recourse in most cases is to sue in civil court,...
which can be due to the inexperience of some of the directors,” explains Elizabeth A. Bowen, a shareholder with Florida-based law firm Siegfried, Rivera, Hyman, Lerner, De La Torre, Mars & Sobel, P.A. “To this end, a good management company with the ability to effectively communicate...
However, be careful not to assume that the property can legally be rented short-term. Check relevant municipality legislation and the rules of the HOA. Short-term rentals can be restricted or disallowed by the local government or building management. Calculate Ongoing Costs Put pen to pap...
Management Maintenance Utilities Vacancy rate Repairs DSCR Formula Calculation Thedebt service coverage ratio measuresa property’s annual gross rental income against its annual mortgage debt, including principal, interest, taxes, insurance, and HOA (if applicable). Lenders use DSCR to analyze how much...
The son ended up damaging an expensive walkway and Levy demanded it be replaced. After Levy was rebuffed on the replacement, the board membertold Levy, “If you force this issue, I’m going to vote to fire you as a management company.” ...
What Are the Pros and Cons of Belonging to an HOA? HOAs can benefit individual owners by providing necessary management services. Without an HOA, the owners of an apartment building would have to coordinate among themselves to decide on common problems such as building-wide garbage removal, build...