Owning a property or a community association is a great investment. The best part is that it comes with a huge variety of tax deductions, so that much of what the landlord spends on the property can be recouped. Check out these five popular tax deductions for landlords.
Interest related to the property is one of the largest tax deductions for HOA landlords. Not only can they Continue reading
A good property manager makes a good community association. There is so much a property manager can do to improve the neighborhood, but these are some of the five best practices they should implement immediately. Continue reading
Whether it’s a community of detached houses or a high rise condo, many HOAs provide their residents with parking spots. In some cases, the residents own them, and in other cases, the association simply allows residents to use them. However, not everyone needs a parking spot, so is it possible to sell or rent an HOA parking spot?
Can HOA Residents Sell Their Parking Spot?
Whether or not residents have the right to sell their parking spot depends on many factors. First, who owns the parking spot? If the HOA is a community of detached single-family houses, the resident probably owns the parking spot. However, if it is a condominium, the resident might use the spot, but the condominium might own it.
In any situation, the resident may or may not be able to rent or sell the spot. If the HOA owns the parking spot, they may allow it to transfer, but they’ll want to protect future owners. If the resident owns the parking spot, the governing documents may still prohibit selling or renting.
Why Do Some Residents Sell Their Parking Spot? Continue reading
When most people hear the term HOA, they assume it’s mandatory. However, there are some neighborhoods with voluntary community associations, which offer a little more leeway. But, even these voluntary community associations come with their own pros and cons.
What Is a Mandatory HOA
A mandatory HOA is one that is just that: mandatory. If a resident purchases a house or condo within the neighborhood, they are required to join the HOA and follow all the guidelines set forth in the governing documents. Continue reading
The “Hero Handbook” starts with the simple reminder of the purpose and goal as a Board Member:
- Improve communications
- Facilitate your association’s business, effectively and efficiently
- Reduce stress in managing your association
Let’s face it. You became a Board Member to make things better. You want to improve communications, maximize amenities, improve and/or add new services, reduce expenses, fix the parking problems, help sell vacant properties…and on and on and on! Your heart is in the right place for sure. Then REALITY STRIKES. You need help. The job is bigger than you. You quickly realize what most successful businesses have known for quite some time; technology must be your friend! You need to spearhead the charge to connect your community, to find a way to promote real-time communications with residents, to efficiently solve everyday community problems that never go away, to become a Board Member “Hero”. Continue reading