Home › Forums › Closed Forums › Properties or Areas › HOA, Property Manager or Tenant – Late Fees
- This topic has 13 replies, 9 voices, and was last updated 10 years, 6 months ago by
equalizer.
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March 5, 2014 at 6:14 PM #20996March 5, 2014 at 7:17 PM #771598
EconProf
ParticipantAsk your property manager why he did not notice no HOA monthly bills came to him for the past year. But also ask the HOA why they did not contact you, the owner of record. Pay all the accumulated monthly fees, but push back on the other costs.
However, you may also be somewhat at fault for not noticing.March 7, 2014 at 11:36 AM #771645earlyretirement
Participant[quote=EconProf]Ask your property manager why he did not notice no HOA monthly bills came to him for the past year. But also ask the HOA why they did not contact you, the owner of record. Pay all the accumulated monthly fees, but push back on the other costs.
However, you may also be somewhat at fault for not noticing.[/quote]I agree with EconProf. How in the world a reputable property manager didn’t notice no HOA fees for months on end I have no idea.
Also, how often do you review the financials from the property manager? I know many owners can get complacent but I always recommend property owners (even if they have a property manager) to review their financial statements from property managers at least every quarter.
What is your property manager’s excuse?
March 7, 2014 at 11:48 AM #771646spdrun
ParticipantProperty manager should collect rent, handle repairs, and find tenants (if you have the stomach for renting to randoms). Stuff that could result in foreclosure like taxes, mortgage bills, and HOA bills should go directly to the owner.
March 7, 2014 at 12:09 PM #771647FlyerInHi
GuestI’m a little pisses at myself because i underpaid my last 2 months HOA assessment. I had HOA on auto bill pay but they increased the assessment so I owed penalties. My fault for not even bothering to open the statements.
March 7, 2014 at 12:20 PM #771648ParticipantIt’s been my experience that if you’ve had a good track record of payment and ask nicely, penalties can sometimes be removed.
March 7, 2014 at 12:20 PM #771649ParticipantIt’s been my experience that if you’ve had a good track record of payment and ask nicely, penalties can sometimes be removed.
March 7, 2014 at 3:31 PM #771657Participant[quote=spdrun]Property manager should collect rent, handle repairs, and find tenants (if you have the stomach for renting to randoms). Stuff that could result in foreclosure like taxes, mortgage bills, and HOA bills should go directly to the owner.[/quote]
Well it just depends on the situation. But many people that own rental properties live out of state or even in a different country. Many property managers handle ALL payments for owners. However, I still recommend investment property owners to audit (or at least review) the financial statements each quarter.
March 7, 2014 at 5:22 PM #771663SD Realtor
ParticipantThat is brutal. However you need to review the contract with the property manager very carefully to see how the wording is with respect the property manager being diligent in keeping up with the HOA. If the pm has been sending the proceeds to the old HOA I don’t understand how the old HOA cleared those checks. It seems to me they would have returned the funds to the sender.
To be honest something does not seem right.
March 7, 2014 at 5:41 PM #771664ParticipantBut many people that own rental properties live out of state or even in a different country. Many property managers handle ALL payments for owners.
Not really all that hard to have tax/HOA bills sent directly to you out of state. Don’t know about abroad. Also, most tax/HOA bills are payable online these days. Don’t know why one would trust a management firm to handle something that’s so easy to deal with.
March 7, 2014 at 5:56 PM #771665edna_mode
ParticipantRecommend that one sets up the bank to autopay online (direct payment) vs. allow creditors to debit your bank account (direct withdrawal). Reason is that then creditors may erroneously pull more money than you explicitly authorize, and then it is up to you to try to get the money back. Your bank is less likely to have perverse incentives.
March 9, 2014 at 10:09 PM #771714Jazzman
ParticipantAs a landlord you would normally pay HOA fees, property tax, and insurance directly yourself. I’d think it highly unlikely you could hold your PM or tenant liable for late payments.
March 10, 2014 at 11:50 AM #771720Guest[quote=edna_mode]Recommend that one sets up the bank to autopay online (direct payment) vs. allow creditors to debit your bank account (direct withdrawal). Reason is that then creditors may erroneously pull more money than you explicitly authorize, and then it is up to you to try to get the money back. Your bank is less likely to have perverse incentives.[/quote]
I think it’s easier to let the HOA debit your account.
I do bill pay from my bank to HOA and incurred late charges for 2 months because I didn’t bother to open the statement and wasn’t aware of HOA increase at the beginning of the year. Laziness.
May 29, 2014 at 9:05 PM #774541equalizer
ParticipantThanks, I now remember some address change for HOA sent a few months ago!
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