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bearishgurl
Participant[quote=Ren][quote=JBurkett19]There are indeed special assessments for the roof replacemnt and any other major repair. That is why I dislike HOA’s. They have too much power and the regular monthly fees never seem to go to anything substantial.
Special assessments for major repairs are as real as a heart attack.[/quote]
For major unforeseen repairs, sure. HOA’s know what the major expenses will cost them, they plan for it, and it’s in every HOA’s budget. It’s one reason HOA fees continually go up. If they miscalculate by several thousand, okay. Nobody could be dead on. I could handle a $500-1000 per unit special assessment. But the entire cost of the roof? That would take some serious management ineptitude and corruption.
It’s the reason a housing development only need charge $46/month for a pool, security, and large private park (my ‘hood as an example), while a condo complex will charge $200-300. If an HOA squandered that much cash over decades, someone should be in jail.[/quote]
It isn’t quite like you’re describing here in actual reality, Ren. Often, HOA’s don’t realize until well after the fact that their developers used faulty plumbing parts between the walls, did not grade the site properly (causing water to drain towards the bldgs), installed the sprinkler system shoddily (causing leaks to spring up everywhere), used cheap fake wrought iron w/o powder-coating around the pool (which rusted out in 2-3 yrs), didn’t seal about the pool deeply enough, bought cheap pool heater/filter, didn’t support the balconies properly, didn’t install rain gutters/downspouts … and the list goes on … and on. The HOA land might even be draining onto other public or private property and the Assn may be facing govm’t-imposed fines for this. HOA’s are often mired in unexpected (often emergency) repairs and then legal fees (when they decide to sue their developer and all their subs) for construction defect issues.
When indiv townhome owners eventually rip up their carpets and find cracks in their slabs (due to improper grading and infill), many stop making mtg payments, taxes and/or HOA dues. Hence, an assn’s mgmt is constantly in small claims court obtaining judgments against delinquent homeowners who are in many cases overmortgaged. Due to this factor and the fact that an HOA doesn’t want to own any units, they don’t foreclose their lien(s) and typically don’t get pd until a delinquent unit reverts back to bene and the dues are caught up or they agree to take a short-pay on a short sale (rare??). Some owners are paying their mtgs but NOT their HOA dues.
This is not a “doomsday scenario.” Condo assns are faced with these intractable problems much more often than not.
Also, landscaping mat’ls and labor and well as other trades svcs have increased over the years due to increased worker’s comp premiums. HOA’s can’t hire an unlicensed svc co or individual (relative?) handyman/carpenter (like an SFR owner can), no matter how talented they are, due to liability issues. It’s not uncommon for a special assessment to be more than $2,500 per owner, esp in a small complex.
Participant[quote=Ren][quote=JBurkett19]There are indeed special assessments for the roof replacemnt and any other major repair. That is why I dislike HOA’s. They have too much power and the regular monthly fees never seem to go to anything substantial.
Special assessments for major repairs are as real as a heart attack.[/quote]
For major unforeseen repairs, sure. HOA’s know what the major expenses will cost them, they plan for it, and it’s in every HOA’s budget. It’s one reason HOA fees continually go up. If they miscalculate by several thousand, okay. Nobody could be dead on. I could handle a $500-1000 per unit special assessment. But the entire cost of the roof? That would take some serious management ineptitude and corruption.
It’s the reason a housing development only need charge $46/month for a pool, security, and large private park (my ‘hood as an example), while a condo complex will charge $200-300. If an HOA squandered that much cash over decades, someone should be in jail.[/quote]
It isn’t quite like you’re describing here in actual reality, Ren. Often, HOA’s don’t realize until well after the fact that their developers used faulty plumbing parts between the walls, did not grade the site properly (causing water to drain towards the bldgs), installed the sprinkler system shoddily (causing leaks to spring up everywhere), used cheap fake wrought iron w/o powder-coating around the pool (which rusted out in 2-3 yrs), didn’t seal about the pool deeply enough, bought cheap pool heater/filter, didn’t support the balconies properly, didn’t install rain gutters/downspouts … and the list goes on … and on. The HOA land might even be draining onto other public or private property and the Assn may be facing govm’t-imposed fines for this. HOA’s are often mired in unexpected (often emergency) repairs and then legal fees (when they decide to sue their developer and all their subs) for construction defect issues.
When indiv townhome owners eventually rip up their carpets and find cracks in their slabs (due to improper grading and infill), many stop making mtg payments, taxes and/or HOA dues. Hence, an assn’s mgmt is constantly in small claims court obtaining judgments against delinquent homeowners who are in many cases overmortgaged. Due to this factor and the fact that an HOA doesn’t want to own any units, they don’t foreclose their lien(s) and typically don’t get pd until a delinquent unit reverts back to bene and the dues are caught up or they agree to take a short-pay on a short sale (rare??). Some owners are paying their mtgs but NOT their HOA dues.
This is not a “doomsday scenario.” Condo assns are faced with these intractable problems much more often than not.
Also, landscaping mat’ls and labor and well as other trades svcs have increased over the years due to increased worker’s comp premiums. HOA’s can’t hire an unlicensed svc co or individual (relative?) handyman/carpenter (like an SFR owner can), no matter how talented they are, due to liability issues. It’s not uncommon for a special assessment to be more than $2,500 per owner, esp in a small complex.
Participant[quote=afx114]WikiLeaks cables show speculators behind 2008 oil bubble
Well, thanks to Wikileaks, we now know that when the Bush administration reached out to the Saudis in the summer of ’08 to ask them to increase oil production to lower prices, the Saudis responded by saying they were having a hard time finding buyers for their oil as it was, and instead asked the Bush administration to rein in Wall Street speculators.
…
All of this is significant because both the Bush administration and the Obama administration have denied this narrative to various degrees. The CFTC only recently admitted that speculation played a role in the 2008 mess, having originally (and stubbornly) blamed supply and demand issues. Subsequent analyses have shown that the Saudi position, that worldwide demand for oil never increased nearly enough to account for the gigantic 2008 price spike, was almost certainly correct.
More on this to come later. Given the surge in commodities prices in the last year (which may in part have caused the rise in food prices that led to disturbances in the Middle East) and the Obama administration’s seeming reluctance still to rein in speculators, it’s remarkable that this issue doesn’t get more press. It’ll be interesting to see how much ink these Wiki cables get.
[/quote]
Duh!! Gas is currently 4.11 to 4.37 up and down the state. Some SF outlets may be slightly higher. Of course the runaway prices are caused by the exuberance of mostly “day-traders.”
[quote=Bubblesitter]…My prediction of San Diego average gas price at peak summer driving season, say July 4th is $4.67. With 39% chance of over $5.29. Ok ok I pulled those numbers out of an orifice.
What is your prediction?[/quote]
Bubblesitter, I think you’re right on target for July 4th (4.67) and, of course, I’ll be on the road during that time, albeit in states where gas typically costs a bit less than here :=}
Participant[quote=afx114]WikiLeaks cables show speculators behind 2008 oil bubble
Well, thanks to Wikileaks, we now know that when the Bush administration reached out to the Saudis in the summer of ’08 to ask them to increase oil production to lower prices, the Saudis responded by saying they were having a hard time finding buyers for their oil as it was, and instead asked the Bush administration to rein in Wall Street speculators.
…
All of this is significant because both the Bush administration and the Obama administration have denied this narrative to various degrees. The CFTC only recently admitted that speculation played a role in the 2008 mess, having originally (and stubbornly) blamed supply and demand issues. Subsequent analyses have shown that the Saudi position, that worldwide demand for oil never increased nearly enough to account for the gigantic 2008 price spike, was almost certainly correct.
More on this to come later. Given the surge in commodities prices in the last year (which may in part have caused the rise in food prices that led to disturbances in the Middle East) and the Obama administration’s seeming reluctance still to rein in speculators, it’s remarkable that this issue doesn’t get more press. It’ll be interesting to see how much ink these Wiki cables get.
[/quote]
Duh!! Gas is currently 4.11 to 4.37 up and down the state. Some SF outlets may be slightly higher. Of course the runaway prices are caused by the exuberance of mostly “day-traders.”
[quote=Bubblesitter]…My prediction of San Diego average gas price at peak summer driving season, say July 4th is $4.67. With 39% chance of over $5.29. Ok ok I pulled those numbers out of an orifice.
What is your prediction?[/quote]
Bubblesitter, I think you’re right on target for July 4th (4.67) and, of course, I’ll be on the road during that time, albeit in states where gas typically costs a bit less than here :=}
Participant[quote=afx114]WikiLeaks cables show speculators behind 2008 oil bubble
Well, thanks to Wikileaks, we now know that when the Bush administration reached out to the Saudis in the summer of ’08 to ask them to increase oil production to lower prices, the Saudis responded by saying they were having a hard time finding buyers for their oil as it was, and instead asked the Bush administration to rein in Wall Street speculators.
…
All of this is significant because both the Bush administration and the Obama administration have denied this narrative to various degrees. The CFTC only recently admitted that speculation played a role in the 2008 mess, having originally (and stubbornly) blamed supply and demand issues. Subsequent analyses have shown that the Saudi position, that worldwide demand for oil never increased nearly enough to account for the gigantic 2008 price spike, was almost certainly correct.
More on this to come later. Given the surge in commodities prices in the last year (which may in part have caused the rise in food prices that led to disturbances in the Middle East) and the Obama administration’s seeming reluctance still to rein in speculators, it’s remarkable that this issue doesn’t get more press. It’ll be interesting to see how much ink these Wiki cables get.
[/quote]
Duh!! Gas is currently 4.11 to 4.37 up and down the state. Some SF outlets may be slightly higher. Of course the runaway prices are caused by the exuberance of mostly “day-traders.”
[quote=Bubblesitter]…My prediction of San Diego average gas price at peak summer driving season, say July 4th is $4.67. With 39% chance of over $5.29. Ok ok I pulled those numbers out of an orifice.
What is your prediction?[/quote]
Bubblesitter, I think you’re right on target for July 4th (4.67) and, of course, I’ll be on the road during that time, albeit in states where gas typically costs a bit less than here :=}
Participant[quote=afx114]WikiLeaks cables show speculators behind 2008 oil bubble
Well, thanks to Wikileaks, we now know that when the Bush administration reached out to the Saudis in the summer of ’08 to ask them to increase oil production to lower prices, the Saudis responded by saying they were having a hard time finding buyers for their oil as it was, and instead asked the Bush administration to rein in Wall Street speculators.
…
All of this is significant because both the Bush administration and the Obama administration have denied this narrative to various degrees. The CFTC only recently admitted that speculation played a role in the 2008 mess, having originally (and stubbornly) blamed supply and demand issues. Subsequent analyses have shown that the Saudi position, that worldwide demand for oil never increased nearly enough to account for the gigantic 2008 price spike, was almost certainly correct.
More on this to come later. Given the surge in commodities prices in the last year (which may in part have caused the rise in food prices that led to disturbances in the Middle East) and the Obama administration’s seeming reluctance still to rein in speculators, it’s remarkable that this issue doesn’t get more press. It’ll be interesting to see how much ink these Wiki cables get.
[/quote]
Duh!! Gas is currently 4.11 to 4.37 up and down the state. Some SF outlets may be slightly higher. Of course the runaway prices are caused by the exuberance of mostly “day-traders.”
[quote=Bubblesitter]…My prediction of San Diego average gas price at peak summer driving season, say July 4th is $4.67. With 39% chance of over $5.29. Ok ok I pulled those numbers out of an orifice.
What is your prediction?[/quote]
Bubblesitter, I think you’re right on target for July 4th (4.67) and, of course, I’ll be on the road during that time, albeit in states where gas typically costs a bit less than here :=}
Participant[quote=afx114]WikiLeaks cables show speculators behind 2008 oil bubble
Well, thanks to Wikileaks, we now know that when the Bush administration reached out to the Saudis in the summer of ’08 to ask them to increase oil production to lower prices, the Saudis responded by saying they were having a hard time finding buyers for their oil as it was, and instead asked the Bush administration to rein in Wall Street speculators.
…
All of this is significant because both the Bush administration and the Obama administration have denied this narrative to various degrees. The CFTC only recently admitted that speculation played a role in the 2008 mess, having originally (and stubbornly) blamed supply and demand issues. Subsequent analyses have shown that the Saudi position, that worldwide demand for oil never increased nearly enough to account for the gigantic 2008 price spike, was almost certainly correct.
More on this to come later. Given the surge in commodities prices in the last year (which may in part have caused the rise in food prices that led to disturbances in the Middle East) and the Obama administration’s seeming reluctance still to rein in speculators, it’s remarkable that this issue doesn’t get more press. It’ll be interesting to see how much ink these Wiki cables get.
[/quote]
Duh!! Gas is currently 4.11 to 4.37 up and down the state. Some SF outlets may be slightly higher. Of course the runaway prices are caused by the exuberance of mostly “day-traders.”
[quote=Bubblesitter]…My prediction of San Diego average gas price at peak summer driving season, say July 4th is $4.67. With 39% chance of over $5.29. Ok ok I pulled those numbers out of an orifice.
What is your prediction?[/quote]
Bubblesitter, I think you’re right on target for July 4th (4.67) and, of course, I’ll be on the road during that time, albeit in states where gas typically costs a bit less than here :=}
Participant[quote=walterwhite]What’s the minimum you can put down on an investment property?
I’m thinking maybe I need another house.[/quote]
I think it’s about 30%, scaredy, but the property doesn’t have to be too expensive to be a good (rental) investment.
Participant[quote=walterwhite]What’s the minimum you can put down on an investment property?
I’m thinking maybe I need another house.[/quote]
I think it’s about 30%, scaredy, but the property doesn’t have to be too expensive to be a good (rental) investment.
Participant[quote=walterwhite]What’s the minimum you can put down on an investment property?
I’m thinking maybe I need another house.[/quote]
I think it’s about 30%, scaredy, but the property doesn’t have to be too expensive to be a good (rental) investment.
Participant[quote=walterwhite]What’s the minimum you can put down on an investment property?
I’m thinking maybe I need another house.[/quote]
I think it’s about 30%, scaredy, but the property doesn’t have to be too expensive to be a good (rental) investment.
Participant[quote=walterwhite]What’s the minimum you can put down on an investment property?
I’m thinking maybe I need another house.[/quote]
I think it’s about 30%, scaredy, but the property doesn’t have to be too expensive to be a good (rental) investment.
Participant[quote=Ren]Condos usually give a better return than SFRs, even with $200+ HOA fees. And don’t forget what you get for those fees (new roof when needed, no need to pay a gardener $40/month, etc.). HOA and all other maintenance is deductable, as is depreciation of the structure itself. Condos are obviously more risky than SFRs, but not nearly as bad as most people think…[/quote]
Ren, more often than not, a new roof in a condo complex is usually partially or entirely funded by a special assessment of the owners (esp in a small complex). As a condo-landlord, you would need to also factor in occasional special assessments, depending on the age and condition of the premises and financial health of the HOA.
Participant[quote=Ren]Condos usually give a better return than SFRs, even with $200+ HOA fees. And don’t forget what you get for those fees (new roof when needed, no need to pay a gardener $40/month, etc.). HOA and all other maintenance is deductable, as is depreciation of the structure itself. Condos are obviously more risky than SFRs, but not nearly as bad as most people think…[/quote]
Ren, more often than not, a new roof in a condo complex is usually partially or entirely funded by a special assessment of the owners (esp in a small complex). As a condo-landlord, you would need to also factor in occasional special assessments, depending on the age and condition of the premises and financial health of the HOA.
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