Posted by Jim Rayner on May 02, 2000 at 14:16:23:
- Who manages the association?
- Get the master deed and trust documents and read throughly
- Get past 3 years annual reports
- get past 3 years finacial statements
- get current annual budget
- get association amendments to trust documents
- get current list of rules and regulations
review documents throughly especially regarding common property and limited common property. review budget…should be line item type with sufficient annual reserve allocations for long term maintenance items separate from normal operational items. Reserve should be sufficiently large enough to handle necessary planned long term maintenance without assessments.
try to talk with some one on the board or at the mangement company to get a feel for the level of proactivness of the association.
the reserve funds should be invested in rolling 6 month cd’s at a minimum and larger reserves could be in longer term investments.
this is for starters roy give me a call its been along time since we last spoke