Hello L. Hieu,
How disheartening to hear about your association and the financial dilemna. Distressed properties need to have a strong manager and strong owners who will face the problems of the entire association, not an owner who only cares about their one condominium they own. Take an hour and review the financials and see where the bulk of the money is being spent, and sometimes the bulk of the money has not been "received" from owners who will/can not pay. If money is not paid by "all" the owners, some vendors may not get paid. The 3K special assessment collected to pay for something indicates the association did not have any reserve for replacement funds (which are funds set aside in a savings every month ear-marked for future capital expenses.) Yes, managing could be hindered by the association's lack of funds....then find out what the present management company is getting paid....solicit the opinion of other management companies....all managers think differently. Be sure you have a management company who will give you the most "experienced" manager they have.....one who will tell you what is wrong and how to correct the problems. You may have one now, but no one on your board of directors is listening to them. You must research for the answers. Your present management company may need someone like you to be on the board.
Oct 4, 2009