I maybe looking at buying existing condo/condos

There is 57 units total
I am trying to buy maybe 20 if possible
Here are some questions

1. How are the members chosen to sit on the board

2. Does the mgmt company have a vote

3. Does the mgmt company make recommendations and then the board votes

4. How long a contract with a management company last

5. Can you vote to break a mgmt company contract

They suck

6. What extra cost are associated after HOA dues
Example.
Inside dwelling insurance.
Appraisal taxes

How many units do I need to buy to control the board
Yes I want to always be in control

There will be more and any guidance good or bad fire away

I have to make a decision by probably Tuesday/ Wednesday

Before you even bother with all those questions you need to check to see if financing will even allow that. Too many of the units cannot be rentals.

From what i can tell 80 percent are already rentals

Its actually 54 units
And japan owns 20 of them and I talked with a bunch of renters today when I was walking around

I am just trying to do my part in MAGA

A lot of these questions are going to depend on the bylaws for that specific condo community.

Generally owners volunteer to be nominated for the board. There is an election among other owners. Owners must make quorum depending on how the bylaws allow for quorum (is it one vote per unit owned, is it one vote per owner?). What happens if you can't make quorum because all of the owners are out of state investors?

Management companies are hired by the board. Development companies sometimes have a board seat. Rarely do management companies have a seat/vote but they usually have a way to massage final decisions anyways.

You can vote to break a management contract but in a condo it might be harder if they manage a bunch of amenities.

You may not need to buy more than 1 unit to sit on the board, it just depends how involved the board is. Usually once they catch wind that a new owner wants to step up someone's willing to step down.

Extra costs will be:

property insurance which can sometimes be hard to obtain if the building has been poorly upkept. Insurance companies don't love condos because so many things can go wrong. You need to make sure it's insurable - not every one is.

Property tax, which can be difficult because you'll get no homestead exemptions and it's very hard to fight condo appraisals - you may have to calculate each one separately to make sure you are getting the same value for each like unit. A lot of times they will value every condo similarly to the fanciest unit on the block.

Special assessments - if the property has special assessments coming up, you may not be able to stop them and keep insurability of the condos. You could be wiped out in special assessments. This will vary per condo association so there is no way to know where your property stands on special assessments. Many times it's per unit owned which means you could be funding the renovations for the entire property.

Thanks. I will respond in the morning I hope you will see it

The Japanese were buying up US stick built condo investment properties like crazy because they could get very favorable depreciation back home. I think their tax law has since changed. I feel like I know what property this is.

Are you bidding on it

No

I work in the insurance industry and have a little insight on some of your questions. Feel free to DM me and we can chat.

Thanks. I passed on the deal. For 54 units their homeowners dues for a 2 bedroom 345/385
1 bedroom 240/280. Nuts

They were renting for 985. 385 for hoa

They are getting screwed by equity