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Re: Horror Stories in a 2 unit Condo building
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Just can't stay away
 
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Correct--So far it doesn't seem like there will be any harsh penalties. Turns out no one in my building has filed since 2003. There's one IRS form to be filed each year. Best part of that is now my lovely bank (Bank of America) can no longer deduct bank fees from us. Non-profits are exempt hahaha douches!!! I can't wait to remind them of this the first time they take $18 because I didn't use the debit card that month. Pricks!!
Posted on: 2013/4/5 22:20
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Re: Horror Stories in a 2 unit Condo building
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Home away from home
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That's a good point. My understanding is that condo assoc are suppose to file/renew non-profit status per year, and file taxes as a non-profit per year. But we haven't done that for years.
Does anyone know if that's "illegal"? What are the legal implication for not doing so? What would be the penalties if found out? In other words, is it worth it to spend the money to do it properly every year, or would it just be "cheaper" to deal with the consequences later if found out? Quote:
Posted on: 2013/4/5 21:49
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Re: Horror Stories in a 2 unit Condo building
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Just can't stay away
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I bought my place on 5th Street 20 months ago and became the "condo president" of the 3 unit building. 2 out of the 3 owners live in it (1 rents) and I am lucky to have very nice people (owners and renters). All is well. I recently found out that our assoc. was supposed to be filing taxes (to keep our non-profit status). Who knew. Anyone else with experience with this situation?
Posted on: 2013/4/5 21:44
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Re: Horror Stories in a 2 unit Condo building
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Home away from home
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By the way, I didn't mean to scare anyone off - merely wanted to post our experience. When we brought our place, we were first time home owners so we never had to dealt with condo assoc before. Also, only 5 units / owners - how hard can that be? How frustrating can be be??? The answer is: you may be surprised.
But hey, not every place may be as disfunctional as ours (and ours may not even be the worst). Best of Luck! Quote:
Posted on: 2013/4/5 21:35
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Re: Horror Stories in a 2 unit Condo building
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Quite a regular
 
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Quote:
True...I have been in 2. There is little inventory and a lot of demand since values are still 25-30% less than Brooklyn.
Posted on: 2013/4/5 21:02
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Re: Horror Stories in a 2 unit Condo building
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Quite a regular
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Our very worst condo experiences have been with absentee landlords bringing in impossible tenants, not having done due diligence on background checks (at least check for arrest records!) because all they care about is getting their check - we're stuck living with 'em. And of course when we call / email to report problems with the tenants, no answer.
If I were going into another condo setting, I'd want to make sure that the owners actually lived in the building, so they care about it as much as you do.
Posted on: 2013/4/5 16:29
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Re: Horror Stories in a 2 unit Condo building
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Home away from home
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EVERYTHING is true... depends on who you ask.
 
Posted on: 2013/4/5 13:23
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Re: Horror Stories in a 2 unit Condo building
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Home away from home
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I've heard that there are bidding wars now? Is that true?
Posted on: 2013/4/5 1:31
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Re: Horror Stories in a 2 unit Condo building
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Home away from home
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If it is a two story building buy the top floor unit so you don?t have to deal with footstep noise or plumbing leaks. (depending on how thick the floor is between units that is)
Posted on: 2013/4/4 20:18
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Re: Horror Stories in a 2 unit Condo building
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Home away from home
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wonder if this is the same 2 unit condo we put a bid on as well?
Posted on: 2013/4/4 20:13
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Re: Horror Stories in a 2 unit Condo building
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Home away from home
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Just a few:
- each owner has an idea of how things can be done, and therefore can never agree on anything; - everyone is so busy, no one wants (or can) spend / spare time on condo related business. Or only one person ended up doing everything because no one else would chip in and help; - dealing with absentee landlord owners who have an opinioin on how things should be done, even though they are never here, and never chip in to help. Worse yet, dealing with tenants of absentee landlord (eg tenants who leave trash out on the wrong nights, etc); - or just plain nasty people that are a pain to deal with - no matter what the problem is! And these are the people that usually screams and yell the loudest (and sometimes they get their way, just because other owners either get intimated, or didn't want to deal with the hassle and take the easiest way out by agreeing to those who make the loudest noise). Best of luck - it's a pain, but we love our place, and still prefer this mess (our condo assoc has 5 owners) than living in a big development (such as liberty harbor).
Posted on: 2013/4/4 20:08
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Horror Stories in a 2 unit Condo building
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Home away from home
Joined:
2010/5/26 20:32 Last Login : 2023/9/14 15:34 From Hamilton Park
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I am thinking of buying a 1 unit in a 2 unit condo building and I was wondering if anyone had any advice/horror stories or information on the best way to run the association. Any advice is appreciated.
Posted on: 2013/4/4 19:27
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