Re: Logistics of 2 Family Home in the Heights
Posted by dmark526 on 2018/4/12 13:46:22
I owned in a 5 unit building that was self managed and it was ok. In the case of ownership percentage, all owners have equal voting rights regardless of the percentage of ownership in the structure. I was lucky that the way my association was set up all units paid the same maintenance fee which worked out for me because I had the largest unit. That's why I would be curious to hear from someone that bought in a 2 unit to see if there's an arbitration clause built into the by-laws.
I'm part of a 4-unit condo association, and we have a bank account and pay our own bills -- no outside management company needed. Somebody has to volunteer to write the checks and do the bookkeeping (basically a thankless job).
In our association, all of the units have a slightly different square footage and pay a different percentage of common expenses. I think this would probably be true of a 2-unit building as well -- and give one owner more weight in the case of disagreement.
I remember the developer of our building had set up the association before the units were sold, which I assume is a requirement if you are selling condo units.
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