IT’S OVER: Condo Owners CRUSHED! What You MUST KNOW!

[@JerryPinkas]

Florida Home Buyers BLINDSIDED By TREMENDOUS Cost To Own - kzbin.info/www/bejne/mJaYo3Z_hb15bbc

[@ianleid9265]

+q

[@labmaamoura2435]

Hi @JerryPinkas , i watched all your videos, thank you soo much i learned many things, now got a question for you, ever heard of the South Gulf Cove in port charlotte ? im considering to buy a land there , a waterfront one, the problem is, it's on flood map but the houses there never got flooded even by the latest hurricanes aside from deep water on the streets ... any idea/comment/opinion ? would be very helpful, can't trust anyone these days, thanks in advance

[@Gomoboo]

Amen! I can't stand being in such a densely packed environment, and as a homeowner the only thing that goes up are taxes and insurance. No one can screw me.

[@JerryPinkas]

@@labmaamoura2435 I am not familiar with that area, but if you call the office I have someone I can hook you up with that knows the area like the back of their hand and can give you a ton of helpful info. 843-839-9870

[@Eamonn-cw9wm]

Jerry the be-atch is cookie cutter, with his copy/ paste "thx for watching" just to get KZbin BS revenue You and every BS tuber on the planet🔨🤐🤬

[@1realtruthrightnow742]

Step 1 Don't buy a condo. Step 2 never buy into an HOA. That's all ya need to know

[@johnnyonthespot2498]

you are 100 percent right

[@Atochabsh]

we could not find a home in the Houston area that did NOT have an HOA.

[@danman1287]

​​​@@Atochabsh the guy is stupid n so are u... In tx u need an HOA or u can have a cow or pig pen as a neighbor... Or diy auto shop w cars parked up.. Condo HOA is diff from community hoa

[@Itried20takennames]

Well, step 1 may be don’t buy a co do…now. My first home as a 20-something was a modest condo, and got lucky in that the area around it got built way up by a university expansion, and condos were out of favor. So we got it cheap, and it doubled in price the 4 years we lived there, and was a joy to live in (gorgeous view, beautiful older building, spacious units with huge walk in closets, etc). As with all real estate, it depends on location, and time, and if I took your advice….would have lost put on about 60k profit that we made for just living there and some minor improvements.

[@clubmogambo3214]

While I would never buy a condo/townhome due to extreme HOA costs and often severe restrictions, communities of detached homes, especially those without expensive amenities such as a community pool or clubhouse, are usually fairly priced. I pay $60/mo for a gated community with a nice park for picnics and for those who like to walk their dogs. Our neighborhood is always well kept and maintained, so I really don't have a problem living in a development with an HOA.

[@silverhorder1969]

I owned a condo with an HOA. The board members were retired doctors, lawyers, ex college professors, ect. It was nothing for them to spend $250,000 of fixing the shoreline of the pond, or replacing concrete that was fine! Then special assessing everyone $1,500. Or whatever. It’s like dealing with miniature politicians! I’m glad I’m out of there!

[@JerryPinkas]

Oh wow thanks for sharing your story. At least you were smart and got out when you did. Some condo associations are affordable while others are not. Thanks for watching and commenting.

[@EllieM_Travels]

Very well said! Association boards are filled with retired folks with nothing better to do than spend everyone’s money on unnecessary things. We once had all the grassy areas torn out and white rocks put in, only to have them realize the rocks ended up all over the roadways, so they planted grass again. 🤦🏻‍♀️ Yet when we had water running inside our walls due to faulty work in the new gutter spouting, they dragged their feet and refused to correct it. I had to leave too before they drove me completely insane. With a KZbin channel called “Serenity Peace” it isn’t very becoming to rant like a twitching lunatic. 😂

[@deanofrock6236]

A condo board is a criminal organization.

[@badtoro]

As much as I hate being on the boards but this is why I join whatever HOA board is over my dwelling. Just to keep these people's spending habbits in check.

[@jefferyschic]

​@@badtoroexactly, some shore lines need reinforcements

[@paulstein9258]

At age 60, we bought a condo in OHIO. Totally run by competent and dedicated condo owners. No outside management. Monthly fees $ 250. That includes water and trash. Three story brick building, 22 years old, 42 units, always looks great. Just put on a new roof for $ 160,000, out of reserves. Great location. Can walk to Cheesecake Factory, Apple store, etc. Costco 2 miles away. The key is, no outside management, a strong reserve, competent HOA. Do not buy without checking the reserve.

[@JerryPinkas]

Thank you for taking the time to share your story. It is true that there are solid condominium associations with a great track history but you do have to do your research before you get involved to know what to look for and what to stay away from. Thanks for watching. And commenting.

[@Cody62]

I agree vehemently that once outside management gets involved the costs rise dramatically! The problem is how do you keep dedicated and more importantly “competent” owners to run the HOA? We own a townhouse in a planned urban community of 234 units consisting of duplexes and SFRs. We brought in Associa and laid-off 12 full time workers to save costs in order to address deferred maintenance issues. Our monthly fees went from about $850 to $1250 and will likely go up another 20% next year as well. It’s a perfect storm of an incompetent Board and manager that loves to spend other people’s money!

[@b4804514]

OMG what planet are you on? My company managed condos and board members for years. There was such a variety of idiots on the Boards it was always amazing how bad things could get. People think a condo is all inclusive have no idea the cost of what is included and that owners have to pay for maintenance, insurance and catastrophic events just like the single family house.

[@flea4061]

Ohio. LOL!

[@DisciplesCrossMaker]

If I check and it is a condo it is a instant Hell NO.....

[@rhino127]

Sometimes it’s not only the HOA fees but the bullying by the HOA management in making your life difficult

[@JerryPinkas]

Thanks for watching and sharing your story. Being in the right homeowners association can be like having and being in the wrong one well…. I truly appreciate you watching this helpful video

[@sun0066]

I agree with you association could be bossy and bully Like abuse of power

[@jontris6118]

HOA'S ARE ABOVE THE LAW

[@jndking9419]

You are so correct. I have lived through this nightmare and I had to sue in small claims court. Was the principle of roofers damaged our flooring when they left roof uncovered and heavy rain came down like it always does in SW FL. Bunch of gossiping bullies unqualified for their board positions.

[@mikec886]

If you don't pay they will put a lein on your property

[@robdog7516]

I lived in a housing tract that had an hoa. I wanted to paint my house, so per the rules, i notified them. They denied our color choice. Nothing crazy about the colors, but it was declined. Neighbors moved in across the house and painted their house cheeto orange with a bright blue trim, and each window a different color of the rainbow 🤢 So i called the hoa and asked them why their crazy colors were approved and mine weren’t. They sent one of the people out to look at it and they said these people never asked. They said since it was aready painted there was nothing they could do. 🤦🏻‍♂️. I painted my house the colors we wanted.

[@JerryPinkas]

Oh wow! Thanks for sharing your story that is wild.

[@_br7x]

Also had a neighbor paint bright colors in my neighborhood... unfortunate color choice as well. But the CCAs had a clause about that. Homeowners repainted per guidelines.

[@robdog7516]

@@_br7x HOA’s suck. I will never buy in an area that has them again

[@felipenunez2058]

HOA is shit if you live in a single dwelling community. It's different when it's a building condominium. Never would I buy into an HOA when it's a detach single home. The city I live in the city drives around to make sure no one is parked in the grass. That you don't have an abandoned car out on the driveway. That you don't have trash everywhere. They give you notices.

[@celticsfaninthedesert4778]

That’s just simply not true of any HOA. They can fine you, make you repaint or take down any unapproved change, they can also place a lien on the home and stop sale until corrections are made.

[@maxbrazil3712]

We thought about buying a condo a few years ago. After carefully reading the contract it was immediately obvious that ownership required submitting to unlimited and unexpected fees, as well as unlimited repair assessments. I thought "who would be stupid enough to sign this?" The boilerplate and evasive lawyerly responses to my questions from the "sales representative" were similar to a car salesman requesting "help" on the final price or a thieving politician trying to rationalize blatant deception in furtherance of theft.

[@JerryPinkas]

Well, you did you do diligence and it sounds like that wasn’t the right condo complex for you. Not all of them are bad though. Thanks for sharing your story and thank you for watching.

[@Tugela60]

You do know that condos are run by the owners right? Maybe go to the AGMs then?

[@jskjsk3986]

I was in a co-op for 14 years. Everything was voted on and ran fairly well. The development would get new roofs and everyone paid more monthly for 6 months. Not so bad. But people in lake communities can really get hammered when issues arise with the water.

[@MyLifeThai371]

Time share owner's are.

[@mjrisinsd6836]

That’s because you are a smart person. Your view has been the prevailing view on condos for my entire life until the real estate bubble happened, and crooked real estate sales people started selling condos as the only thing people could afford. After all, it was either lie about what a crap deal condos are to the buyer or sell leas properties..and we all know like 70% of the population now makes their living through the scam that is real estate.

[@TomBTerrific]

I feel sorry for new owners that have been stuck with 30 years of deferred maintenance.

[@xyz987123abc]

How does one look for this before leaping in? Jerry gave s Ed verbal ideas on what to ask for before going to closing. Any more? I, for one, will not pick up anyone's hot potatoes.

[@JerryPinkas]

It’s happening! Thanks for watching

[@JerryPinkas]

Thank you for watching and sharing

[@dgmangold]

One of the issues with Florida is that many buildings have fixed income transplany residents that have been there for 30 years and have enjoyed the lifestyle without being able to pay for the depreciation.

[@TomBTerrific]

@@dgmangold don’t think fixed income means broke! People never want to spend money on things like maintenance. That doesn’t mean they shouldn’t. Life is about choices. If you choose ownership certain responsibilities come with that. Everyone likes the appreciation associated with ownership! Well both these things come with it like it or not! If you don’t like that well that’s simple, RENT!

[@Galaxylord2]

Here's how to avoid it.Don't buy a condo.... And don't buy into any home with a HOA..

[@JerryPinkas]

Thanks for watching

[@Michelle-bw1xg]

I agree, don't buy a place with HOA...but if one cannot move for various reasons and the median SFR is well over $1M, sometimes an HOA property is the only entry to home ownership. Studying the reserves, assessments are important before buying.

[@san1eong]

Today I️ see a house painted on blue and the monthly hoa fee of $169. Are hoa managers color blind or too busy wasting the owners money?

[@keithcolegrove2924]

I like your answer. Funny that some people will still go out and purchase a Florida condo. It's a no brainer.

[@Galaxylord2]

@@keithcolegrove2924 I couldn't agree more.

[@deanayer3822]

I was a condo board president - a thankless job - anyway my 104 unit complex had hired an engineering firm to give us a long term maintenance plan that would keep everything up as the place aged. We stuck to the plan and it removed loads of surprises (not all of them). If you are looking at condos ask if they have a ten year or longer maintenance plan, if they dont then they are waiting to get surprised over and over. Better to pay slightly higher fees all the time then to hit people with special assessments. If your complex needs to do a special assessment see if you can finance it over time to soften the blow for the owners.

[@JerryPinkas]

That’s good solid advice! Thanks for serving on your board. You’re right it is a thankless job but someone have to do it. Thanks for watching.

[@rhenry7369]

Surprises are one thing, but when they increase the fees two or three fold, that's something different altogether. Better to not buy anything attached to the extortion of HOA fees.

[@1realtruthrightnow742]

"hired an engineering firm to give us a long term maintenance plan that would keep everything up as the place aged" This is interesting. How did you go about finding and vetting such a firm. Do you think that would be useful if one was thinking about purchasing an apartment complex or hotel?

[@cehughes69]

Completely agree - I also spent time on the board of my condo. The condo bylaws should mandate a reserve / maintenance study to ensure that condo fees being collected cover not just the operating costs but also capital expenditures - Elevators, roofing, alarm systems, exterior doors, common area refresh, etc. During monthly board meetings, we would review the financials which included the reserve fund with our management company. As a perspective buyer, be sure to check the reserve fund prior to purchasing a condo. Be wary of buildings with condo fees that are below what other building with similar amenities are charging. AND be nice to the condo board. It is thankless, volunteer work.

[@leannlarue2227]

3

[@MikeBDaniels-bv8io]

As my father used to tell me, “Never buy part of a building.” That eliminates condos, coops, timeshares, vacation clubs, etc. If you want to invest in real estate, get a house, an apartment building, a hotel, etc. You’ll have more control. Of course, do your due diligence!

[@my-rocket]

China is learning this the hard way. Most of the citizens wealth is tied up in poorly built high rise apartments on leased land. In short, all you own is the right to occupy a box of highly polluted, air high above a piece of ground you have no rights to. I don’t know how you could call that an asset.

[@rhenry7369]

You can add mobile home parks to the list. These charge from as low as $150.00 to over $800.00 per month for the privilege of parking your mobile home (the one you OWN) on their little lot. Some of them pay for trash and sewer. It's like extortion...you don't pay the lot fees, they take your MH away from you

[@MikeBDaniels-bv8io]

@@rhenry7369 I don’t think I’d want to live in a mobile home. But I have no experience whatsoever with ….., so guess I can’t comment on them.

[@Eamonn-cw9wm]

HOA is a tariff, it's a tax, try not paying it, the HOA has full access to lien your home, let it be a house, condo etc A house has property taxes plus HOA that owner has absolutely no control over, so owning something free and clear can never happen in USA or other countries with property taxes HOA etc There's countries that their residents can actually own free n clear, not in USA

[@ignorthepain]

Home owners are a lie. If you pay taxes you dont own it. Whips are owned homes are rented. Government can and will take you house and property at a hat drop.

[@zero1fifty8]

There are a lot of elderly people who live on fixed monthly incomes that will be foreclosed on by their HOA’s if they can’t keep up with their monthly dues. This could get very ugly especially in Florida

[@JerryPinkas]

100% true! You are right about some of the retired folks on fixed incomes in Florida...it could get ugly. Thanks for watching and commenting

[@gordonmccracken1209]

Is it better to let a building fall apart and then no one has a home? I lived an older high rise in Atlanta that the HOA had been letting the building fall apart for decades. We needed to a complete refurbishment over 10 years ago to get things under control. Yes it was a lot of cash up front but I believe its better to do such a comprehensive righting of a building than to be bled dry to by infinitely increasing HOA dues to do repeated band aid fixes. A lot people live beyond their means I bought the smallest unit I could live in to keep my HOA dues lower.

[@alphaomega1351]

It's called capitalism. One man's misfortune is another man's prize. And nope, not even seniors or veterans are protected. 😶

[@teddywong6246]

Another reason to stay away from HOA's and Florida.

[@adelefortin6913]

​@@teddywong6246 stay away from Florida.

[@als7594]

Good advice. I sold my Condo on the beach in Naples back in spring of 2021 due to what I call mismanagement of the HOA fees. Seems that a few owners on the board thought our 1.2-1.3 million reserve fund was for constant redecorating. They got caught when we had some damage from a Hurricane and as owners we find out that the reserve was down to only $400,000. They were run out of the building and the new board owners were floored when they found out how much maintenance was deferred since 2013 to cover up the true cost of all the redecorating they were doing. The building looked very nice but a few thought hey there is money in that account how can we spend it on frivolous things. We got hit with a $10,000 assessment each year to catch up with the reserve and deferred maintenance. When I left it was $34K in HOA fees. Last year I heard it was $45K a year in HOA fees and they were going up. And those numbers were before Sept 30th when hurricane Ian put 10-12 feet of water through the first floor of the building. BTW our Insurance deductible was one million. Someone upstairs must really like me because something told me to get out of that condo as fast as I could back in Dec 2020.

[@JerryPinkas]

Oh wow thanks for sharing your story about what it was like to own a condo in Naples, Florida. Not all condos are bad and not all condos are good but it sounds like you made a smart decision to get out of a bad one. Thanks for watching and commenting

[@freddygarcia5694]

WTH HOW DO YOU PAY 45K A YEAR IN CONDO FEES, YOU COULD PAY A MORTAGE ON TWO HOMES FOR THAT PRICE A YRAR

[@taylorbug9]

​@@freddygarcia5694 yeah kinda seems like condos are terrible decisions regardless of how they're run. I'd rather buy a house.

[@als7594]

@@freddygarcia5694 Yep that's why I'm out of there, I saw the writing on the wall. With the new state regulations that came out since I sold it's only going to get worse. Property Insurance in Florida along the coasts is becoming a nightmare for property owners. Stories of doubling and tripling of rates is the norm. Michael Bordenaro YT a RE agent out of Miami has been reporting on condo fees and insurance going through the roof over the last year. Back in 87 when I bought my HOA fees were $3,600 a year..Total cost with taxes and insurance was around $6500 a year. Florida USE to be cheap to live in not anymore.

[@SueBishop-r9h]

We sold our home in Naples in 2021- the HOA Board thought that money grew on trees- and hatched a multi million dollar renovation project which they claimed would " not cost present owners anything" as new buyers would be assessed a $6000 fee to move in thereby covering the expense so that it was all free to present owners except they forgot to say there was an immediate $750 a year increase in HOA fees which already were quite high. They also said if you did not vote for this proposal that they would raise your fees $750 a year anyway so that you better vote for it or else! What a load of crock! They said we HAD to do it while "interest rates were low." The project was for an expanded dining room and bars in the restaurant area as well as knocking down a 3 year old fitness center that we were assessed for in order 3 years ago to build a 5500 sq foot "wellness center"which had on site physical therapy and other services when there was a hospital with a full physical therapy dept. less than a mile away! The $15M price tag ballooned to $18 M from what I hear. HOA boards down there think everyone's money is theirs to spend as they see fit. If you questioned or opposed the project you were shunned. Condo owners at this community were already paying very high fees and many sold while they could as with the additional fees assessed to every home would make their condos not saleable. HOA board members in Florida seem to be full of themselves thinking they know what is best for anyone- with extra fees and special assessments being jammed down everyone's throat. Many of our friends moved at the same tme we did due to this project.

[@Linda-mj2wv]

You are so right. HOAs has gotten out of control as well as insurance

[@jdmather5755]

Actually, isn’t this video about HOAs and insurance companies getting under control? Look at what happened at Surfside. They knew there were issues, but the HOA (O stands for Owners) balked at special assessments. How did that work out for the Owners?

[@pudanielson1]

Its not because of HOAs, it's because people want cheap condos and cheap HOA fees so they didnt have the foresight to actually have reserves to cover everything, the government has to step in to force HOAs to actually be fiscally responsible.

[@JessSkubi]

Linda, you're absolutely correct!

[@JerryPinkas]

100% true thanks for watching and commenting

[@JerryPinkas]

Thanks for watching and sharing your story

[@ourblazingworld]

as single woman people often ask me why I always buy single detached houses and deal with the unexpected maintenance costs, etc. Well this is why.... and this was LONG before I knew these things would happen. I just never liked the idea of paying a mortgage off in full and still having a monthly payment for life due to the HOA. So I have only owned detached, single-family homes in non-HOA neighborhoods, or HOA voluntary neighborhoods.

[@JerryPinkas]

Thanks for watching and sharing your story. Sounds like you have made smart decisions.

[@broeheemed32]

What does "single woman" have to do with anything?

[@user-lf4td9xr4v]

@@broeheemed32 owning a house as a woman is hard, I have never lived in hoa property so I don't know what type of services are being managed by hoa. I only know that how hard it is to manage a house, there is always something. Something hard to manage as a woman.

[@latsnojokelee6434]

Being a woman is relevant because you would not believe the contractor’s bids you get once the handyman or the contractor finds out you’re a female. I looked at some of the bids My sister was getting and I almost fell over laughing and so did she. $1200 to reattach pipes to a new kitchen sink, $7000 in labor to put some vinyl flooring down in the kitchen. You can’t believe the ridiculous quotes that women get and the attitude they get when they don’t go along with the contractors plans. It’s a lot of work being a single female dealing with housing issues.

[@cluelessinky]

No HOA but I’ll bet your property taxes are higher than when you first moved in.

[@JR-kk6ce]

I'm a director on the board of an ocean front condo in Miami Beach. My advice is don't do it, don't buy a condo in Florida. Condo owners in Florida are essentially slaves to the whims of government, engineers, fire protection companies, attorneys, insurance companies, and a never-ending stream of "experts" and " proffesionals" which Florida government requires that the association hire. Example, the soup du jur are the companies and experts that we must hire to prepare a comprehensive reserve account study in order to meet the requirements of Florida government.

[@burby_geek]

we have the same in NYC and it works out just fine. you want a well-managed building that is maintained so you won't get hit with thousands of $$$ in assessments one year

[@thedancam5132]

Reserve studies are absolutely necessary regardless of whether the government requires it or not. Unless you have the expertise to estimate the amount of reserves your association requires, it's best to hire a professional.

[@JerryPinkas]

Thanks for watching and taking the time to share your story with others about what’s going on in Florida

[@JerryPinkas]

Thanks for watching and sharing your story

[@JerryPinkas]

100% true thanks for sharing your story about reserve studies

[@LuckyPierre789]

I left Orlando/Florida in 2016. For 13 years I owned a home and was on the HOA board. Never once in those 13 years did we have enough residents attend, either in person or by proxy, to have a quorum. So all decisions were left to the board with minimal owner input. Until, that is, we made a decision somebody didn't like. It was a thankless job. But we did our best, never had a special assessment, kept the reserves high enough to keep things well maintained. But I would never do that again.

[@JerryPinkas]

Well, you did your civic duty and you did your best. Not all associations are easily run. Thanks for sharing your story and thank you for watching.

[@xyz987123abc]

Yes, having served on several boards for various things, I have no problem believing your comments. Most people just don't care till the shtf. They have important things to do, like watch the Saturday game again for the 1,250th time.

[@legalbeagle295]

Thank you for taking that seriously, even though at the time, it was a thankless job, you know you were doing the right thing

[@ShakaCthulu]

The sense of community has been destroyed in this country.

[@gteixeira]

So why not just those things in ballot, unless they have a pressing reason to be decided by proxy?

[@robertjessie8545]

I'll never forget visiting an aunt (I was 8 or 9 years old) in Myrtle Beach and her condo (and the condo area) was beautiful and pristine. 20 years later it looked like a bomb had dropped. If I remember correctly most people had left and there was no one to pay dues. The condos themselves were still OK but never upgraded. I decided early no condos.

[@JerryPinkas]

Thanks for watching in sharing your story

[@TrilithiumBanditKelsey]

Yes, a lot of these old condos down here would be housing-projects if there weren't a beach nearby.

[@AdamFrugoli]

I’m an insurance broker and I’ve never seen a market like this in 25 years. It’s nearly impossible to get ONE company to insure more than 100 million of coverage. Often we are having to convince sometimes up to 5 companies to share in limits of over 100 million. Plus those costs are running 💯 more than last year. It’s important to start on insurance marketing ATLEAST 120 in advance! Many insurance company’s invested reserves just like silicon Valley Bank, ratings and capacities are being slashed. No one is taking about it except this guy! Great info.

[@deckerdax]

You're not kidding. I'm in an older Ft. Lauderdale 11 story building and we got hit with millions of dollars repairs. The assessments are thru the roof. I do understand that some repairs have to be done but others can wait. Anything structural is a must. Our HOA have almost doubled on top of the assessments. Very hard on senior citizens.

[@JerryPinkas]

Thanks for watching and sharing your story with others about what’s going on in your Fort Lauderdale condo complex.

[@Fido-vm9zi]

Wishing and hoping you don't have the $$$.

[@UnityFromDiversity]

Remember that apartment complex in Florida that collapsed in a matter of seconds our of nowhere. Tragic neglect of maintenance.

[@pudanielson1]

it was also built during a time of lax regulations and little state oversight in Miami

[@JerryPinkas]

So True. Thanks for watching and commenting

[@JerryPinkas]

Sad but true. Thanks for watching and sharing

[@0004612]

That was a hit! Notice how it fell like the three buildings during nine eleven?

[@alphaomega1351]

It's the same everywhere just about. The powers that be don't do what they should unless forced. In the meantime, you can be certain prices will be increased. 😶

[@MichelleAlexandria-EM]

I wish I bought a house in my youth. All these years later, I've wasted so much money on rent. But one thing I never regretted is not buying a Condo. I don't think I could deal wit HOAs. All the rules and fees and politics...

[@JerryPinkas]

Thanks for watching and sharing your story with others

[@inquirer1016]

Condos should be avoided. They're money traps.

[@JerryPinkas]

Thanks for watching.

[@dougsz28]

Hoa fees are nothing more of a way to rip you off. All members on a HOA board should be mandatory owners of a condo in their complex, that way they have to be held accountable if the fees go thru the roof!

[@nychris2258]

​@@dougsz28 They are

[@nychris2258]

No more of a money pit than any home. Its all about how things are run. If owners arent cheap and the building saves up funds its not a problem.

[@thedivinemissm7795]

HOA's are rarely run by competent people... Once they learn how much power they wield over the members, they become corruptly facist and very difficult to hold in check... They also sub out the management operations to an outside company... Then ALL accountability is lost that wasn't erroded by the board of placeholder and elected hierarchy, who rubberstamp that outside management for every fee they generate... We had a woman as the president of the HOA and a male corrupt vice-president who muscled his interests past her all the while the management site representative also did his bidding, (because he was at his very first job in life...) The water meters were underground and out of anyone's sight unless access covers were opened by chance for temporary shutoff needs... Turns out that the two opened for shutting off the valves one random afternoon, were leaking severely... (like an underground hydrant going full bore) At my request, a worker opened a third one and it too was leaking the same... I requested the board initiate an inspection tour of all the valves on the property... That president overruled by saying it would be too expensive...wtf? She couldn't see that our excessive water rate increases going up bi-annually, had a link to that failing equipment. The board's unanimous knee-jerk action to offset those rising costs, was to rule the swimming pool be permanently closed and not filled in each spring thereafter... They couldn't grasp that approving costs to repair all the remaining valves, that might be also failing, would lead to lower rates for the community...Nothing was done...no one knows how many thousands of gallons are being lost each day/week/ month... Shameful incompetence!! That is just one of a universe of poorly run, yet legally mandated HOA's in Colorado. Oversight is a dirty word there...

[@1110karin]

My sister lives in one of those condo's in the news, Palm Bay Yacht Club. Her HOA is $1500 per month but having high assessments coming soon. I tell her to SELL ASAP.

[@JerryPinkas]

Thanks for sharing your story about the Palmbay yacht club. I know a lot of homeowners are kicking in screaming with this huge assessment that’s coming soon but thanks for watching and commenting

[@naturelover2622]

Sadly, it will be hard to find a buyer with the publicity it's getting.

[@valerieponce3712]

That kind of living is absolutely ridiculous. You’re telling me, you retire, save all your money, go down there and either pay cash for a place, or put a major down payment on it. Then you still have to make $1000 or more HOA or COA payment per month? You’d have to be insane to want to do that.🤩😂 thanks for the information Jerry, 💕 your videos

[@JerryPinkas]

So glad you’re enjoying these helpful videos here on this channel. I truly appreciate you taking the time to watch them and to comment here. I’ll see you in the next video.

[@scottprice4813]

Condo ownership is great until something goes wrong . If you own your house you can defer maintenance as you see fit to match your financial situation . You have one vote in a condo association and you’re dealing probably with a management company that has all sorts of conflicts of interests and has been playing the game a lot longer than you. I’d never own one- especially in Florida.

[@JerryPinkas]

Thanks for watching and sharing. Glad you’re enjoying this helpful video.

[@JohnS-er7jh]

I bought a Condo with a family member (run by an HOA Management company). I regret doing it. I still dont' get the 'benefit' of paying all that money. A pool and someone to mow your lawn. I have a house now (not in an HOA ommunity). I joined a nice health club that has a pool (indoor and outdoor), it costs me $50 a month and is near my house and they have a town pool that costs like $125 a year to join. And I mow my own lawn with an electric mower, its easy to do and doesn't take that long. I know some people paying over $400 a month in HOA fees (and sometimes they get balanced billed for over $500 at the end of the year 'extra' expenses). That is in addition to paying taxes to the town.

[@JerryPinkas]

Thanks for watching and sharing your story

[@EllieM_Travels]

I wasn’t priced out of Florida, but I left last year anyway after two small assessments within 6 months. Just because condo fees are manageable today does not mean you can’t get slapped with an $80,000+ assessment tomorrow. Even with small price increases and lower assessments, if you ever decide to sell, it’s so much harder to find anyone who wants to be the next sucker. My nerves just didn’t want to deal with that. I sold while it was still possible to get out and I’m so much more relaxed now!

[@bumblebay9559]

I sold my Fla condo last year due to high fees & I knew the condo laws were changing. We went from $488 to $547 & after I sold stands @ around $650.00 over 2year period. $ mismanagement. I’m seeing HOA’S with $800 fees due to neglect & insurance.

[@JerryPinkas]

Thanks for watching and sharing your story

[@JerryPinkas]

Thanks for watching in sharing your story about your condo in Florida

[@aegisofhonor]

$2200 condo fee for anything but the most expensive luxery penthouse condo is insane. This also CRASHES the value of your condo as value is based on all external costs.

[@JerryPinkas]

Thanks for watching and commenting

[@MetropoleV]

No, South Florida had the cheapest real estate in the USA in the 80s and 90s and so you had cheap HOAs cutting corners on maintenance for many years. Because South Florida attracted people with little money, condo owners also could not afford special assessments. Then you had foreclosure city in ‘09 which made things worse. So they are just catching up now for the lack of maintenance all those years. So whereas $1000 a month was a good amount to set aside in the past for maintenance you need to budget for about $5000/month for structural maintenance for most condos east of US-1 today.

[@latsnojokelee6434]

Yup, my aunt bought a condo with a view of the ocean 20 years ago for only $75,000. Now it’s worth about 250,000. But it’s got a $430 HOA fee. She and her elderly friends are all getting priced out because their Social Security isn’t keeping up with the HOA fees, and all the new owners who paid top dollar want everything fixed and they still have money from when they quit their jobs. It’s becoming a battle of the have and have nots in the building.

[@lorendjones]

Low HOA reserves are a HUGE red flag. My parents bought a condo in a building with extremely low fees. On a 40 year old building their reserves were 10% of the reserves in my HOA after 20 years! As soon as structural problems with the balcony system at my parents building surfaced, they didn't have the reserves available to remediate the problem and the special assessment drove many owners to sell at discounted prices. I'd rather pay a little more every month now and know the HOA has the reserves needed to meet the unexpected.

[@JerryPinkas]

100% truth condo reserves are the crystal ball and tell the future of the health of the association. Thanks for watching and commenting.

[@rick-be]

Buying a Condo is folly,you get nothing except the space between the walls and are at the complete mercy of every outside force.

[@lorendjones]

@@rick-be condos have worked out quite well for millions of people over many decades. They may not be the right answer for everyone.

[@rick-be]

@@lorendjones You are correct,but not really "many" decades,about 4 or 5.But they like so many things become perverted over time and in this day and age they have become as obsolete as "Time Shares".

[@xpusostomos]

You can't compare reserves in 2 completely different properties and you can't compare based on how many years old it is (for the most part). Unforeseeable things like suddenly realising the balconies have a problem, will always be a problem. The reserves are supposed to take into account what you can foresee... The elevators need replacing every X years, needs painting every X years, needs pool relined every X years, flooring replaced every X years and so forth. And if you just had the place repainted and elevators replaced, the reserves will rightfully be gone.

[@carlotafetzer815]

I just recently sold (3/1/23) my condo I purchased 5 years ago on Tampa Bay, FL. Turns out the first of each year as SSI payment increased, HOA went up exactly that amount! So, I never saw the SSI increase because HOA took it!

[@JerryPinkas]

Thanks for sharing your story about your condo in Tampa Bay, Florida. If you bought it five years ago and you just recently sold it sounds like you put money in your pocket. Thanks for watching and commenting.

[@latsnojokelee6434]

Yup, my aunts HOA fees over the last 20 years have gone from $70 a month up to $430.

[@carlotafetzer815]

My HOA fees when I sold this were over $500 a month!@@latsnojokelee6434

[@yvescrepeau5955]

Hi Jerry, I am a condo owner in Ottawa Canada. I did my research before buying and asked all of the questions that you mentioned. Our fees never go up more than inflation because all issues that need taken care of get done right away or shortly afterwatds so no suprise assesment fees. Ive hear horror stories of owners in badly managed buildings that had to seel exactly for that reason. One example is right now we are doing work on our watermain because an engineering assessment was done a couple of years back and stated that now would be the ideal time to get it done. Our reserve fund is always flush, right now its stands at 1.7 million dollars. Our garage was surveyed and as the building for stuctural issues and its all good , sure some residents complain, but some will always complain. Our board and management company is one of the best in the city. I also consulted a prominent lawyer in the city who helped me answer a whole bunch of questions that i had. Always a good idea to get a real estate lawyer on board. Have a great weekend Jerry Yves n Ottawa

[@EllieM_Travels]

We had a great board like that too until they all left and a new board was elected. Then they started painting things that didn’t need to be painted and replacing perfectly good roofs and gutters. It can happen to anyone at any time. Best to stay very close to the board members whoever they may be!

[@yvescrepeau5955]

@@EllieM_Travels Yes a good friend of mine is the president of the boeard and always read the minutes of the meetings they send out monthly its a great way to keep on top of things

[@TomBTerrific]

Wondering how that 1.7 million in reserve is being protected?

[@kathyfreeman9596]

I bought a new condo in Grimsby On a year and a half ago in less then 2 years condo fees went from 320 per month to 530 insane !!

[@JerryPinkas]

Thanks for watching and taking the time to comment. Sounds like you found a good condo homeowners association. And they are out there. Thanks for letting others know.

[@kibblenbits]

When I was looking for my retirement home, years before I retired, I wanted the most inexpensive retirement living possible, so it would be easy to keep up with future inflation. Have a sister who bought a condo years ago, and she had nothing but trouble with the board, until she sold the place. I found and bought a nice place on rural acreage, (paid cash) that has a 1k sf home, insulated 25x50 pole barn, well and septic, with propane heat. No HOA. About 1 acre needs to be mowed, so I bought a riding lawnmower, (the rest of the acreage is wooded), and it's easy to maintain, even now, in my 70's. I have a plow company for winter, and when I get to a point where I can't, or don't want to take care of my yard, they have a lawn service that will do it for me, for a fee. I also have a 52 year old son, who would do it for free. My property taxes are just over $600. per year, and there's no one to tell me what I can and can't do, on my property. I retired toward the end of 2019, moved here, and sold my other home in the city. Love my retirement home and love it even more, knowing no one else can make decision's that I have to pay for, or make rules that I have to follow.

[@JerryPinkas]

Thanks for watching in sharing your story with others

[@ImSimplyAHuman]

Another thing to consider is rising property taxes. In 2008 the association dues went up tremendously (due to vacancies), followed by property taxes. Some clients owned their condos outright and between dues and taxes, they couldn’t afford to retire there.

[@robertmalone4161]

Property taxes are horrible in America.

[@JerryPinkas]

This is true thanks for watching and commenting and sharing your story

[@JerryPinkas]

Property taxes due keep on increasing! Thanks for watching and commenting

[@StillJustD]

That’s the year I got out of mine…. 😂. A brand new building 1200 block Michigan Ave. seemed too good to be true at first. Parking only 250/m and a 300/m HOA. 2 months later after i closed we had a 30k “special assessment’ because the roof had to be replaced. Like how? Never mind that they also had a 20yr deferred maintenance…. But….. ok….. I tossed that dumpster fire back on the market so quick and was out by November. I feel bad for whoever bought it from me though…. (Not really) 😂

[@loginavoidence12]

@@robertmalone4161 not in California. prop 13. my grandma pays $1k a year on a $1.2MM dollar house. (bought in the 1960s) you are locked into your tax rate until you sell or change ownership. it's pretty unfair, they've tried to repeal it serval times already. I ain't complaining, that's for sure

[@benjammin1001]

The disaster at Champlain Tower South in Surfside probably contributed to a bunch of the current issues.

[@JerryPinkas]

Thanks for watching and commenting

[@petebusch9069]

You either take care of your own life or someone will take care of it for you. This is what happens when you give up control over your own life because its too hard to mow the lawn.

[@JerryPinkas]

Thanks for watching and sharing your story

[@xyz987123abc]

As my mentor taught me, how you do 1 thing is how you do everything.

[@InsidiousDr9]

They pretty much underfund the long term maintenance - because if the fees were realistic they feel it would hurt their condo valuation.

[@JerryPinkas]

Long-term maintenance that is taken care of immediately equals lower cost of ownership in the long term. Thanks for watching and sharing.

[@rick-be]

Shoddy building will cost every sucker/owner a fortune.

[@echogl]

Single and retired. Wanted to move back to FL from GA but won't due to Home Owners insurance crisis.

[@Theinsomniac826]

Smart

[@jerryw5508]

It is going up all over. But if you want the waterfront views you are going to pay. I live 5 miles away from water yet my insurance doubled, and there is nothing special about my house or the houses around me. We are not in a so called flood zone.

[@JerryPinkas]

I can understand 100%. Thanks for watching and sharing your story.

[@JerryPinkas]

Thanks for commenting

[@JerryPinkas]

True it is going up everywhere. It’s the price to pay to live in luxury. Thanks for watching and commenting.

[@paularock9639]

I own a condo in Myrtle Beach and the HOA fees have skyrocketed in the last two years. The reason is because the insurance companies have significantly raised their rates due to all the storms over the years. In fact, it was very hard for our HOA to even find an insurance company after we were dropped from the previous one. And our HOA is very good about keeping the property up.

[@canyonoverlook9937]

i lived in my condo in Illinois for 20 years and had zero problems. I had no special asseseements for 20 years. They took out reserves every month and repaired what needed to be done. We had elevator issues the recurred but never a special assessment. They even rebuilt the whole parking lot one year. My HOA fee was about 335.00 in 2021 which included heat, water, garbage, gas,insurance, grass cutting, snow plowing and pool and and repairs like new carpet tuck pointing etc.

[@russell7489]

Yeah but you didn't have an ocean view over Miami beach. You did the right thing, found a place that could be maintained on what you could afford. Not buy a pipe dream from some fast talking developer. Congrats.

[@Americancadet]

Some states have a lot of regulations and it is a problem. But sometimes haven’t regulations are good in the long run. Lower regulation states like Florida become a problem, like when your condo collapses.

[@jerrylewis6383]

Your property price hasn't increased in 20 years. It is sad. I bought my property in 2010, Bay area California, value has increased over 300% . Sell it for retirement is simple and easy.

[@canyonoverlook9937]

@@jerrylewis6383 Yes It has increased. Not nearly that much. Illinois prices went up normally. I don't care if it didn't go up as much. It was inexpensive to live in so I could save a lot and put it in the stock market. I have plenty of money to retire. I will retire at 59. California prices are out of control now for people who want to buy now. I saw prices are 12 times the median income for a median-priced home in many areas of California. It might be good for people who bought a home years ago but not for people who want to buy it now. California is not the way to have a housing market.

[@canyonoverlook9937]

@@jerrylewis6383 You also bought in 2010 after the crash so it increased more from that time. if I bought mine then It would have gone up a lot more but I bought mine in 2000.

[@Ydnar6929]

Buyers beware. The makeup of the HOA administrators is key. You need several competent people on board to verify the need and cost of ALL repairs. Sadly, many HOA boards are more like garden club officials than qualified professionals.

[@JerryPinkas]

Thanks for watching and sharing your story! Due diligence is very important

[@marknewton6984]

A lot of HOA presidents are bitter little old ladies who never made cheerleader,

[@Lucienne-zz1sw]

Thanks for your comment. You are quite right, but there can be significant problems if there is then turnover of board members, some of whom may be well meaning, but not competent, and also when there are insufficient suitable people to be board members, too.

[@davidh9844]

I'm glad I own my home in Georgia! These are things I have NEVER thought about! Something breaks, I fix it. Something will need fixing, I budget for it. And I blow $550. per year for HOA fees to cut the grass in the subdivision and maintain the pool I don't use. Oh, and like everyone in America, I'm on "a fixed income" too.

[@JerryPinkas]

Thanks for watching in sharing your story

[@stang10189]

I own a structural concrete repair company in South florida. It's getting crazy down here. Seeing condo owners getting hit with 30 - 50k assessments is normal. None of these buildings have full reserves.

[@lakeseminole]

Moved into a waterfront condo of only 48 units. One month later got a welcome letter and a $10,000 assessment for new roofs. I should have read the boards notes for the past year before moving in, plus they had no reserves. Stay away from condos and townhomes. The insurance is too much and your monthly maintenance will always go up not as expected. You fail to realize the month maintenance and insurance cost are enormous, even on small communities. Lawns, shrubs, sprinkler systems, pavement, roofs, painting, pool refurbishment and so much more. It never ends. Secondly, if you buy a home, do not buy in an HOA. Get a private home, and NEVER a duplex unless you own the entire duplex. This way you can plan you expenses and make adjustments as needed. Stay away from salt water! If you need to live on the water, make certain it is a lake!!!!

[@JerryPinkas]

Oh wow! Thanks for sharing your story with others so they know what’s going on in some communities. Thanks for taking the time to comment.

[@Ilovelosangeles]

We have a townhome here in Los Angeles County. The complex has 386 townhomes. In the past 5 yrs, the monthly HOA fee only went up once, and it was for $50.- per month. That's it. No "special assessments" either, in 5 years. The grounds are immaculate, the three pools are immaculate, and the HOA is extremely fast and courteous in any and all requests. They're retired doctors, attorneys, professors. When a townhome goes up for sale in our complex, it's got offers on it the first day of the Open Houses. When we mentioned the complex name to people familiar with the area, they all said yes, that's a great complex, very desireable. So there ARE good HOA's out there. Not all of them are scumbags. The grounds here are beautiful, and there's no way we could get this with a single-family home. We feel like we're living at a beautiful resort. We were lucky. We personally know people who have evil, nightmarish HOA's.

[@SeattlePioneer]

[@victoriak8536]

I lived in a gated community in Austin, TX where HOA fees were going up every year, plus always some kind of special assessments collected, plus I was constantly harrased about the bushes, flowers, trees HOA did not like. I moved to a regular street street in Pittsburgh, PA. Sure it is a bit run-down and could use some cleaning, but I feel so liberated from HOA :)

[@JerryPinkas]

Thanks for sharing your story about your Austin Texas homeowners association. Thanks for taking the time to watch and to comment.

[@exelmans8855]

Damn. It’s like there is no way out in this life…

[@marcusparkus682]

Any real estate you own but don't control the associated services is to be avoided, in my book

[@JerryPinkas]

We never truly on anything… But it sure beats the alternative. Thanks for watching in commenting.

[@o2bnov0307]

Back in the late 90s, I was fortunate to have been able to vacation in N Myrtle Beach. On my fourth vacation, I decided to buy a condo. I was asked to sit through a 90-minute presentation, and I would receive a check at the end of the presentation. OK, I was mistaken. I did not realize it was a timeshare invite. I thought that I could buy the unit. I did not purchase it, but the process was frustrating. I'm four years away from retirement and am glad to hear these talks and their information.

[@JerryPinkas]

Thanks for sharing your story! You are so lucky that you did not buy that timeshare. Nothing but a pure money burn! Condo ownership on the other hand has paid dividends for many who have rented their condo is out for years and get a check every single month. That may be changing a little bit now. But there are some complexes that still or well-managed and give a return on investment while others are pure alligators. Thanks for watching and commenting.

[@malcolmabram2957]

Related story. My wife and I bought a static caravan on a caravan theme park in 2007. We had it for 10 years. However in the latter years, park fees went up and up, new charges were introduced, and facilities and amusements were reduced. Indeed the bowling alley, which I used to take my kids too, was cheap to use, but they replaced it with slot machines. They also removed the snooker tables, which were free to use, and introduced restrictive hours on the swimming pool. Thankfully we were able to sell our caravan, though at nothing like the price we bought it for. The point is such sites were once affordable, then in time one becomes a victim. Once we could well afford it, then it became ridiculously expensive.

[@JerryPinkas]

So true for many things in life thanks for sharing your story and for watching this video

[@alphaomega1351]

That's what they do, suck you in with low price and then constantly raise the price while cutting services each year forward. 😶

[@silverstar4289]

I presume a caravan is a motor home or large pull behind camper? As we say in the States?

[@malcolmabram2957]

@@silverstar4289 No, it is a type of mobile home which can be towed of necessary. They are called static as they are in a fixed position. They are much bigger than tow caravans.

[@viralsheddingzombie5324]

@@malcolmabram2957 sounds like a standard old style mobile home with wheels.

[@misterr50]

I was in an (investment) condo building in ocean city MD, 25 years ago and saw how not only the town/city nickle and dimeing you to death year after year and the personal property insurance was required as is the group condo assoc insurance then the death blow was the HOA bylaws change and rampant fee hikes...best thing i ever did is sell and run away from HOA's FOREVER....dont ever get into it! NEVER!!!!

[@JerryPinkas]

Thanks for watching and sharing your story with others about owning a condo in Ocean City Maryland. Sounds like you got out at a good time.

[@Itried20takennames]

The Champlain Towers collapse was not quite exactly a case of “avoidable, they knew about the issues.” There is a huge difference between knowing of issues, and raising the huge amount of money to fix it…and therein was the problem. The residents were often mid-income retirees, and so when the inspection and board said “we need 25k (or whatever) to fix this,” the residents said “yeah, I don’t have an extra 25 k.” Then what? They had trouble getting loans, etc.

[@JerryPinkas]

Thanks for watching and commenting

[@Sl1pstreams]

I live in a small condo community. Six three bedroom units in a 1904 building in a popular area of Chicagoland. Close to train and transit, garage in the back. Reserves hit by some maintenance but getting restored with a 20% savings offset. The key is self management, people working together to maintain the building, and financial prudence. Also, being a small building. Massive developments seem to have a lot of problems.

[@JerryPinkas]

You are correct the key is self management! Thanks for sharing your story here on this channel. Truly appreciate you doing so and I’ll see you in the next video.

[@5000MikeMaster]

I agree very large developments are a no-go. The smaller buildings like two story are far better investments

[@PianoMatronNeeNee]

Great video! Florida has become a playpen for the “have’s”. I live in Miami and it’s gotten unaffordable for so many.

[@trapmuzik6708]

time to cross Miami off the list

[@JerryPinkas]

Florida in general has gotten on affordable for mini. Thanks for watching and commenting sharing your story. I appreciate your support.

[@JerryPinkas]

Miami is a great place to visit for vacation… Not so much if you’re a homeowner. Thanks for watching and commenting.

[@martinestrada8438]

I got my condo in Oregon in 2017. Hoa was 274.50. Today it’s $370 a month 6 years later. Great video thanks

[@shirleysmith2044]

Your good! Bought condo in Maui and then found out the rebar inside the concrete walls was rusted away and weakened, also the cement/stucco was showing its age of 30+ years. All because of the salt water from the ocean. All the air conditioners were full of black mold. The AOA or board told me they only whisper "the black stuff" well I went nuts and became their worst nightmare. We had to fly a company over from the big island and clean up the black mold that will kill you! We ending up selling soon after and found out the board stopped all maintenance. Really nice people that did not care about all the other people that would rent. This is so serious - I know as I was poisoned by mold and got really really sick for many yrs.

[@JerryPinkas]

Oh wow! Thanks for taking the time to share your story with others so they know what to look for and some pitfalls to avoid. Thanks for watching.

[@eric-seastrand]

Never owned or plan to own a condo. But still found this super interesting

[@DannyB-cs9vx]

Condo living has always been a risk. You make a long term commitment to them, but they can change the terms on you on a moments notice. You give others permission to spend your money any way they wish.The monthly fees mean nothing when they can assess whatever they want whenever they want. Your monthly fees are $200 a month, but by the way, you need to give us $20,000 for repairs and improvements.

[@JerryPinkas]

Thanks for watching and sharing your story

[@scottprice4813]

What happened is simply put - extend and pretend . Under reserving so everyone in the condo complexes can live beyond their means . Borrowing from the future needs of the building . Borrowing is easy - it’s paying back that hurts.

[@JerryPinkas]

Thanks for watching and commenting

[@sierrawander7108]

Not my fault people bought something they gave ownership of to another entity. I've purchased three houses, told the realtor don't even consider HOA. Did so with attitude. Ownership. Worth it.

[@JerryPinkas]

Thanks for watching

[@toploadtele]

In addition to the HOA nightmares, homeownwers insurance in FL has recently doubled or more in many areas. Between the two, its gonna kill the condo market ~

[@JerryPinkas]

Thanks for watching and sharing. What’s going on in Florida

[@patricec.2957]

I'd say that Americans should stop building swimming pools, Jacuzzis, gyms, etc., and I'm not even talking about receptionists and 24/7 security guards. In a sentence, I'd say that Americans should start building normal residences like the rest of the world, without all this stuff that costs fortunes and that nobody uses. The problem is that Americans have been living beyond their means for decades.

[@JerryPinkas]

Thanks for watching and commenting

[@patricec.2957]

@@Chris-os5zd that is what happens when people is living beyond their means in general

[@MaryOKC]

For sure…my condo fees went from $205 to $650 a month in 2 years mostly due to insurance increases.

[@JerryPinkas]

Thanks for watching and sharing your story with others about what your condo maintenance fees have gone up to.

[@terilow7095]

I bought a condo for my daughter in So. Lake Tahoe. Condo fees have risen exponentially due to California fires. So far, we haven't come up with a solution on how to insure the complex because the premium is out of range for most of the condo owners, including myself.

[@ovid4]

This is the world we live in now, you have the money or you don’t. The true cost of earning profits has undermined the value of labour so much that a 40 hour work week cannot sustain a traditional family

[@JerryPinkas]

Thanks for watching and sharing your story

[@JerryPinkas]

Thanks for watching

[@tamalebutt]

Can you buy me a condo too?

[@MyLifeThai371]

Years ago my retired neighbor's daughter's monthly condo association fees were $400/month in Seattle. She couldn't find anyone to buy the condo, because of those high monthly fees. In neighboring states, we were not paying much more than $400/month for rent at the time for a apartment.

[@JerryPinkas]

Thanks for sharing your story about the Condo Market in Seattle. Thanks for watching.

[@largol33t1]

I've seen HOA fees in Texas going for a ridiculous $700 a month. I can't believe people live in those places.

[@cooliipie]

@@largol33t1 That's more than my rent lol

[@latsnojokelee6434]

I saw some condos in Maryland with an $800 HOA fee and that of course affected the sales price which was only about $200,000 because nobody can afford that kind of HOA fee and a mortgage.

[@marcosozzi749]

Condo ownership has always been a bad risk. Monthly hoa dues are usually low in the first few years. However, after 10-15 years, every condo owner has to pay into big repairs like street & structural repairs. Never buy any condo. In fact, i know this isnt easy in my state of AZ, however, try to avoid buying into any community that has an hoa that charges fees for any type of maintenance or services provided to the community. Eventually those fees increase dramatically. The older the residential community, the higher the hoa fees (and many hoa board members know nothing about managing property, etc). 😂😂😂

[@kimjones7391]

My niece owned a condo paid $245,000 for it. A few years later she received a letter telling her she owed 350,000 for repairs. Her Dad told her to sell it for what she owed to the contractor doing the repairs. She bought a beautiful home with lots of green space that has now tripled in price. The home has a mortgage helper in the basement. I would never buy a condo

[@JerryPinkas]

Thanks for sharing your story and thanks for watching

[@georgemaurice9179]

Jerry Thank You, but having looked over the last year, I will pass on buying ANY condo in Florida. It just isn't worth it.

[@JerryPinkas]

I hear ya! Thanks for watching and sharing your story

[@ladylayce]

Wow, this video really hit home for me. My 75-year old aunt recently went through a similar situation with her condo's HOA fees skyrocketing. She was absolutely devastated when she received the news. Before she even considered spending money on a lawyer, she decided to take matters into her own hands. she translated her legal documents on E-Legal AI a website, she simplified the complex HOA bylaws so she could read and understand them herself. It's disheartening to see how some condo owners are being crushed by these sudden fee increases, while others seem to be relatively unaffected. The explanation provided in the video about multiple factors contributing to this perfect storm really resonates with my aunt's experience. I'm glad that the video highlights the importance of being proactive and knowledgeable about your condo association. My aunt learned this the hard way. She attended every condo association meeting, requested all the relevant documents, and even consulted an accountant when the numbers didn't add up. It was a lot of work, but she was determined to protect her investment. I think the video's tips, such as researching the condo's history, understanding insurance policies, and examining the budget, are invaluable for anyone considering condo ownership. It's crucial to dig deeper and not solely rely on the appearance or initial low maintenance fees when making a decision. Ultimately, my aunt managed to find her way out of the alarming money traps by being proactive and educating herself about her rights and responsibilities as a condo owner. It's essential for everyone to be aware of these issues, especially older adults who may be more vulnerable to unexpected financial burdens. Thank you for sharing this eye-opening video. It serves as a reminder that being informed and taking action can make a significant difference when facing these challenging situations

[@JerryPinkas]

Thank you for watching, and sharing your story with others! Knowledge is power. So glad you enjoyed this helpful video.

[@OtisFlint]

AI comment

[@jcdenton6864]

100% AI product promotion comment

[@Gardis72]

Being proactive and education oneself, helps the situation exactly how again??? She BOUGHT the condo, she's stuck isn't she??

[@EllieM_Travels]

Here’s the scary part. All it takes is one bad decision to hire workers to completely redo the entire clubhouse or pool area, or the changing of the guard for a low fee association to become one of the highest ones. It’s a life of uncertainty, with no regulations in place to protect even cash buyers who self insure their own interior. Anyone can be wiped out with just one trip to the mailbox.

[@thebastardgift]

This video speaks of just how important it is to have the right real estate agent as a soldier on your side. This was sobering and much needed information.

[@JerryPinkas]

100% Truth! Thank you! I appreciate your comment. Thanks for watching.

[@frankmorris4790]

HOA's don't care if you got "Rambo". Best bet? Don't play their game.

[@alphaomega1351]

​@@frankmorris4790 Bingo! Avoid anything requiring HOA fees like the plague. 😶

[@frankmorris4790]

@@alphaomega1351 ...And "Land Pimps" too if at all possible,. Stay well Alpha.

[@thebastardgift]

@@frankmorris4790, whereas I have never lived in a HOA community, and most new housing exceed communities where one does not exist, many people (maybe even most) have no idea how far their HOA's legal power extends itself. Sure, it's easy to claim the homeowners is at fault which is why these kinds of videos are so important. I am not debating, simply stating, most people are not offended by gaining knowledge.

[@thomasmoroney1079]

I’m in NJ 30 minutes from the George Washington bridge in a wealthy suburb( I’m not rich but I own my townhouse)and I’ve nothing but praise for my HOA. My fee was $415 a month in 2014. It has risen 445 in 10 years.The 66 unit complex is IMMACULATE in every way. Am I lucky? Dreaming? Living in an alternate universe? Hearing this stuff is terrifying and my heart goes out to these people. ✌️❤️☘️

[@sarnxero2628]

My mom's condo in ft Lauderdale just had everyone unit's balcony condemned. They are telling all the owners they will have to pay 20k each to replace the balconies. It's a bunch of BS when the condo association is supposed to be in charge of maintenance.

[@JerryPinkas]

Thanks for sharing your story! So that others know what’s really going on in some of the older condo complexes in Florida. Thank you for watching this helpful video and thanks for sharing.

[@FTConsulting]

It will be another year before I'm ready to buy a condo and retire but I am extremely grateful for your straight forward information. Navigating the mess that are HOA's and all the new laws these days is a nightmare, even for an ex agent like myself! When I am ready you will be my first call!!!

[@JerryPinkas]

So glad you find these videos helpful to you. My real estate team is here to help you avoid the pitfalls that are costly. Just give us a call whenever you’re ready. Hope you’re having a good evening.

[@RobotsCanDoAnything]

Myrtle Beach or Florida I would never buy a condo whose foundation is on sand and the ocean floods it during storms. Too much risk!

[@JerryPinkas]

Thanks for watching and commenting

[@jesusislord7733]

Build your foundation upon the Rock of the Lord Jesus Christ

[@ottawapop]

Another weird situation I saw was a building that was converted to condos from previously being a high end rental. Problem is the original developer “bought” a controlling share of the units and basically out voted any money being spent on the building. One day when they offload those units there will be a massive cost to upgrading the building..

[@JerryPinkas]

Oh wow, thanks for sharing your story and thanks for watching

[@uninsurable9028]

I don’t live in a condo but I have a HOA. I’m thankful for the HOA. If it wasn’t for them, my neighbor would never mow her lawn. They save me the grief of addressing these issues with my neighbors.

[@GrannySmith123]

Save you the grief of addressing the issue. Like, talking F2F and seeing if she had a problem that keeps her from being able to keep up like a good neighbor does? Or filing a complaint like a karen would? Sad, neighbors don't even know each other anymore. Thankful for my tiny little no stop light town without an HOA within 40 miles.

[@JerryPinkas]

Thanks for watching and sharing your story. Homeowners associations are not all bad. Actually they can be a very good thing to be a part of.

[@JerryPinkas]

Thanks for watching

[@aglasserm1679]

I know someone in NYC. The building had the same board members for over 30 years. They differed maintenance as to keep the costs down until the building needed 100 million in repairs.

[@JerryPinkas]

Oh wow, the same board members for 30 years! Most of those members probably wanted to keep their overhead super low with low fees, but ultimately will pay the price with that deferred maintenance. Thanks for watching in sharing your story with us.

[@WW3_Soon]

deferred not differed

[@annasmith2783]

As a single family home owner, I would NEVER buy/live in a Condo ANYWHERE. I appreciate having COMPLETE control over the maintenance, privacy etc of my home. I have NO HOA fees. Again, would NEVER buy/live in a Condo. Period.

[@JerryPinkas]

Thanks for watching and commenting

[@ladweeb1798]

I have owned an ocean view condo in Redondo Beach, CA, since 1992. I also served in the Board for about 6 years. Residents are simply apathetic, no one attends HOA meetings, etc. We have had several special assessments to replace the roof, paint the entire condo, etc. I always tell people in condos to make it a point to serve on the Board at least ONCE so you can see how your money is being spent. Also, READ the statements that show you how the management company is spending your money! Most importantly, I would never buy an older condo. You are simply buying into an aged building that is ripe for special assessments for needed repairs.

[@JerryPinkas]

Thanks for watching and thanks for sharing your story and your involvement in the homeowners association. It’s not an easy job but someone Hass to do it and thanks for taking the time to comment because I would guess that your association is well run.

[@Lucienne-zz1sw]

Thanks for your comment. I live in England, UK, where we have a leasehold system, whereby the freeholder instructs a management company to manage the buildings. There is a big problem with apathy and lack of interest by leaseholders, whether they are resident or live elsewhere, often abroad. Most just pay all the fees and don't question anything. We get accounts, signed off by accountants, but there are serious errors, as discovered by those who are taking the trouble to investigate the underlying invoices, so the accountants are not doing their job.

[@s.morris4099]

Don't buy any condo over 3 floors tall, remember what happened to the Florida condo collapse in Surf Side a couple of years ago. 99 people died in that collapse, horrible event. Stay away for your own safety. Remember fires happen too and fire ladder trucks can't go past the 6th floor. ❤

[@JerryPinkas]

Thanks for watching and sharing

[@AHalz]

President of the HOA here, located in Chicago. I bought my unit and my parents unit back in 2014 and 2016. The HOA is comprised of 3 buildings with 16 units in each. We don’t have a pool or elevator or a separate unit for storage (no basement). Parking is situated in open lots behind the building (each owner has one dedicated spot). Since I’ve been president, I enacted a special assessment to cover large projects such as boiler repairs (all building heat and water comes from these boilers), balcony repairs, and roofing repairs. Assessments went from 250 to 310, and a special assessment of 4,500 was done per unit owner. I plan on increasing the assessment once more by an additional 50 dollars for a total of 360 per unit owner What does this cover? All expenses for building maintenance, fees for the management company our HOA works with (we have a pretty good firm thankfully), etc. HOA fees include natural gas, water, and heat (yes, heat is water based and having unlimited heat in Chicago winters is very nice). We also are at a point where several thousand a month go into reserves, so in a few years, we won’t have to do another special assessment, and the major infrastructure projects will have all been completed. Overall it takes a dedicated president and board along with a good management company to ensure the finances for the building are in good order, and repairs are done on time and not kicked down the road. I Many other HOAs in my area are in complete disaster, because people have no idea how to run them and you have residents who do nothing but screams and shout during meetings, hence nothing gets done. So condos are really a coin toss on if it will be a good investment or not

[@JerryPinkas]

Thanks for taking the time to watch and to comment about your homeowners association and the job you are doing to work for the others in the community

[@AHalz]

@@JerryPinkasmost people don’t want to do a thing unfortunately. If it wasn’t for me, this association would be on the list of places to avoid!

[@AbrewOfMusic]

Kudos to you for being aware and not in denial or blatantly ignorant like most of the realtors.

[@Notyou5556]

When my moms condo went to a private company manager, the monthly fee doubled every year for 3 years,, so we sold. So $60 a month became $120, then $180

[@user-rk3ho3lc5q]

You forgot one more. Avoid complexes that are full of landlords. Landlords only care about the income and don't care about beautification of spending money to make the place look nice and do repairs.

[@JerryPinkas]

Good point thanks for watching and sharing your story. Thanks for taking the time to comment.

[@jeremyt7752]

Sold my condo 7 years ago and never looked back. Final straw was a proposed 10k special assessment for roofing and carport maintenance . Fortunately, it didn’t get enough votes to pass, but it caught up with the complex as insurance companies dropped their policy. I was paying $450 per month for the 15 years I lived there and this was a complex with 282 units. Where was this money going?

[@JerryPinkas]

Thanks for sharing your story with others and thanks for taking the time to watch and comment

[@jafo4u508]

Condo HOA was dissolved in Miami, sold to a developer, units that were 1.2 million months before, the owners were offered $400k buyouts, 6 refused to sell, and are evicted as of first of October. Story came out on the local news.

[@shelliecornatzer]

This isn’t just condo’s, property values have gone up a lot in Texas, so homeowners insurance rates went way up, almost doubled. Then there’s the property taxes on the new property values, that has also gone up. So, this is really impacting many homeowners, Texas, CA & Florida seem to be some of the worst right now.

[@JerryPinkas]

Thanks for sharing your story on what’s going on in Texas. You are right. It is a nationwide issue and the costs of everything. Continue to go up with this out of control inflation. Thanks for taking the time to watch and comment. See you in the next video.

[@williamwade7059]

My dad had to deal with changing HOA rules. The condo HOA was responsible for driveway repairs. After a harsh winter that caused lots of damage that responsibility was shifted to the condo owners.

[@MrOshguy]

Bill, that is an indication that the HOA are dummies, and are NOT doing regular Reserve Fund studies.

[@JerryPinkas]

Thanks for watching in sharing your story

[@JerryPinkas]

This is true! The devil is in the details. You always want to look at where the money is coming from and going. Thanks for watching and commenting.

[@berniebernhardt1898]

I currently live in an HOA high rise condo. Our board is actually full of decent people. However, due to the Miami condo collapse, our building had to undergo severe structural changes and make things code compliant. This required each resident to pay $19,000.00 towards the repairs. Painful. I’m going to sit on the property for a year or two, then sell it.

[@JerryPinkas]

Thanks for taking the time to watch and to share your story with others. I think your plan is the same as many others right now. See you in the next video.

[@Zinctwentyone]

wow!

[@adamyouness6701]

I appreciate the effort you make to give us the knowledge you spent a lot of time to accumulate , thanks

[@JerryPinkas]

You are welcome! And I truly appreciate you understanding how much time it takes to accumulate the information correctly, time to script it out, time to film it, time to edit it, and time to post it. But… I’m doing these videos for you and I truly appreciate that you are enjoying them. Appreciate your support.

[@olegmatveev6223]

At this time , in my opinion, the most important questions for condo owners are: 1. How to distinguish the participation of HOA board members in criminal or fraud conspiracy to rip of condo owners from their negligence or/and incompetence. 2. How to get rid, fire ASAP negligent or/and incompetent HOA board members.

[@JerryPinkas]

Two very good points! Since some of that is legal issues This would be more of an attorney to give you a response. But I can say knowing what you get into before you get into it is one of the most important steps. Thanks for taking the time to watch and comment.

[@randycallow3736]

My first.. looked at the minutes of the meetings for 6 months.. everything looks good.. talked with people in the building..all said everything was good. No major issues on the horizon.. moved in each unit given a $14,000 dollar special assessment for roof repair..in less than a year..old people in the building decided that a new fire alarm was better than paying for an upgrade or repair.. previous 36 months repair and maintenance was $2900+ bucks.. they instead voted to replace the fire alarm.. not sprinklers..at a cost of $3800 per unit.. and this happened multiple times.. exterior painting.. the reserves were never enough and always needed huge cash influx for repairs instead of using regular reserves were the money was intentionally put away for repairs..had a movie use our building for filming.. could have charged $5-10,000 easy for use of our location but instead the old people in the building were so star struck that we gave it away.. and cleaned up after they trashed the place and caused damage.. but for the blue hairs being in the company of Hollywood greatness was all worth it..HOA is a roadmap for disaster,pain and suffering

[@JerryPinkas]

Thanks for watching in sharing. Glad you enjoyed this video.

[@inmyopinion6662]

When you buy from a condo or a HOA you don't own the property you think you bought. THEY do. It's like having to buy from a monopoly with no regulation to watch them. So naturally you get ripped off. Under no circumstances will I deal with them.

[@JerryPinkas]

Thanks for watching and commenting

[@inmyopinion6662]

Don't know if this is true or not but heard that there was a elderly woman who bought a condo in a building in Orlando who had the building sold out from under her and was evicted without compensation. She lost everything. IMO only an idiot would buy a condo.

[@Jersey1971]

Why isn't the IRS auditing these HOA's where the Hell did all the dues money go?

[@JerryPinkas]

Good question! Thanks for watching and commenting

[@san1eong]

HOAs are like churches; Tax exempted.

[@conniesaratoga3194]

Well, in many condos, the homeowners themselves get to vote periodically how much money they all want to pay yearly or monthly into their association repairs reserve account. Many owners will be inclined to vote to put very little aside to keep their costs as low as possible, and just hope that no big maintenance issues arise, at least until they either no longer live there, or they somehow come in to more money if their budget was an issue, or they feel that is it smarter for them to keep their money in interest earning investments until a need arises and they will pay the amount needed at the time. So often this is an issue of the owners not wanting to budget monthly payments into a maintenance savings account that doesn't earn you interest, and that isn't refunded to you if it hasn't been spent before you decide to sell and move elsewhere.

[@JerryPinkas]

@@conniesaratoga3194 Thanks for taking the time to comment and thanks for watching

[@greg2502]

Because the fed fov keeps cutting IRS funding. Looking at you Republicans

[@jenna6256]

Once Black Rock owns them all.....the HOA will be dissolved and you will own nothing, rent and be happy ! There should be cap put on HOAs imo

[@JerryPinkas]

That could happen! Thanks for watching and sharing your story

[@3-2-1-.]

My father in law had me attend a condo owner's association meeting while we were there ten years ago. In the panhandle of Florida. At that time our broker told us a few things. There were only three insurance companies selling policies for beach front property in Florida. Two of them were getting out, and the third wanted out. He told us that if we had a storm, and made a claim, they wouldn't pay out. The federal government has a rule, or law, that if only one tenant in a building doesn't own that unit, the entire building has to have insurance, as if they were financed. They cannot be self insured. We had to pay for insurance, but the company was telling us that they wouldn't pay out on any claim we might have. Legal theft. So many of the owners were older retired people with a lot of jewelry. They couldn't agree on anything. If we all had hurricane shutters, we could get a discount on insurance. The two richest owners refused to do it. So, we all had to pay full price. We sold our position a couple years ago, and I am so happy that I don't have to think about any of that, anymore. Crooks everywhere. Ocean front property requires a ton of maintenance, year round.

[@JerryPinkas]

Thanks for watching and sharing your story

[@alanpecherer5705]

Around 2007 I was working as a realtor, and open-housed a condo in a complex near me. This is suburban Northern California, not a beach nor any other sort of dramatic, scenic location. I think it was a 13-15-18 unit complex, I can't recall. Nothing at all fancy, just ordinary suburban housing. But in California, in the 60's and 70's building standards were utterly minimal. In fact, they sucked. The tickiest tackiest houses and buildings were thrown up as quickly as they could be built. Well, the owners of this complex had each just been hit with a $43,000 special assessment, for deferred mtce. This was at a time when real estate was rapidly rising. Imagine getting piece of mail that says in effect, Good morning, your real estate is now worth $43K less than it was yesterday.

[@JerryPinkas]

Thanks for watching and sharing your story

[@alanpecherer5705]

​@@JerryPinkas I should add, that these units were not $600K luxury condos, not by any means. The complex had no pool, No "park-like" grounds, no amenities, nothing other than off-street parking. They were just ordinary apartment-grade glunk. I believe the selling prices pre-assessment were in the $160K-$175K range so a $43K assessment was huge.

[@info781]

Usually 70's stuff is well built, 80's was bad.

[@JerryPinkas]

@@info781 Thanks for sharing and thanks for watching

[@eddenoy321]

First they came for the homeless and I said nothing... Later they came for the apartment dwellers and I said nothing... Next they came for the condo owners and I said nothing... Then they came for the homeowners and I said nothing... Lastly they came for me and there was no one left to speak...

[@JerryPinkas]

Thanks for watching and sharing

[@MidRiseLiving]

At 4:40, I’ve experienced actually the opposite. The self run HOAs near me often have too much penny pinching and should’ve done increases long ago. Not doing gradual increases is probably the #1 reason for big hikes with my experience For many of the other items mentioned, the red flag for buyers is that conventional financing isn’t available and no sales in the last year have had a loan but were all cash

[@JerryPinkas]

Thanks for taking the time to share your story with others. Some condo complexes are actually run very well. It’s just a matter of finding the right one. Thanks for watching.

[@MidRiseLiving]

@@JerryPinkas thank you for the perspective in your video! I’m in CA and a condo specialist. That Florida collapse a few years ago has become a thorn in my side as Fannie Mae and others decided that they’d go to a more lengthier condo questionnaire. Not only do these “condo cert” companies add lots of costs to the sale of a condo, but they add a layer of bureaucracy and answer the questions in a manner where the lenders raise a flag. This has been troublesome for condos that had litigation settled.

[@KevinLyda]

Way too many condo associations haven't managed their maintenance like they should have. And anyone buying property in south Florida is just setting money on fire.

[@JerryPinkas]

South Florida is currently experiencing a cluster! Thanks for sharing your story it is so true

[@san1eong]

Keep in mind that hoa members are not necessarily trained on finance, much less on building management.

[@xyz987123abc]

@Gilberto Leon All the more reason for concerned residents to get accounting 1 or similar for dummies. They may not know for a fact they are being taken, but they know enough to recognize the scent of cow dung when it enters the room.

[@robertkirchiro5183]

I have been in the real estate business for 40yrs, A condo is ALWAYS a bad investment. Anyone (including me) who has owned a condo doesn't understand that when you buy a condo you are equal partner with a fractional interest with other people who are also stupid enough to purchase a condo.....and that makes it EXTREMELY difficult to talk business sense to them

[@JerryPinkas]

Thanks for watching in commenting