K.C. from New Haven County, Connecticut writes: Dear Mister Condo, Our community is in the process of obtaining bids for roof replacement. We will need to take out a loan to cover the costs, and will need to raise condo fees over the next few years to repay the loan while also building reserves for…
Tag: Financial
Hurricane Irma Causing More Damage to this Condo Owner
J.R. from Monroe County, Florida writes: Dear Mister Condo, SBA loan for Hurricane Irma. We have received $50,000 from a 600,000 entitlement after Hurricane Irma but we are now paying $2,000 a month interest. Can you help me? Mister Condo replies: J.R., I am not sure what type of loan you agreed to but surely…
Condo Doing Business with Bank Run by Unit Owner
A.G. from New Hampshire writes: Dear Mister Condo, In a recent vote by our Board of Directors, our Association renewed a CD as it would receive about .05% higher interest for a 1-year CD than from competitor banks. The problem (if there is one) is that a resident of our Association is the President of…
Right to Inspect Condo Monthly Balance Sheets
I.C. from Florida writes: Dear Mister Condo, Do I have a right as a condo owner to have a copy of monthly balance sheets? Mister Condo replies: I.C., yes and no. As an owning member of the condominium association, you have a right to inspect any and all association records. Balance sheets that have already…