Forum: Management
March 25, 2008
commercial laundry
we have a 30-unit building and our service ageement is up with our laundry provider. anyone have experience taking this in-house instead of re-uping with provider? about half of our units currently use the basement laundry
March 14, 2008
Co-op management question
We live in a small (5 unit) co-op, and we don't use any kind out outside management company. The only problem is this -- although we've lived here for 3 years we have never seen any kind of financial statement other than year-end tax documents. There is 1 tenant who is in charge of keeping track of maintenace payments, bills, banking etc., and there's no other review of any of the finances. Does this seem odd to anyone else? I get shot down whenever I suggest a more formal accounting system (i.e., monthly statements or even an outside accountant). Am I being crazy or is this a bad situation? Does anyone else have a similar arrangement?
March 7, 2008
Anyone Know what annual inspections are required for a condo building with 7 units?
Trying to find out what the annual building requirements are for our building. The developer is a lump of loose stool, and has been of no help to us in determining what needs to be inspected annually. We know we need the sprinkler system and the boiler checked. But is there anything else? Anyy help would be more of a help than our developer has been.
March 6, 2008
Our Building Is Broke!
... not quite, but our 40-unit elevator prewar building is on tough times.
We have a substantial reserve fund, but that is about to be slaughtered by two unexpected and potentially large (100K each) expenses. There was no real way to foresee these charges, and I can't blame previous boards. So here we are.
What should we do now?
We have a small flip tax which generates very little revenue since nobody seems to move. We have precious little other revenue (bike storage, resident lockers, etc).
Any idea how people raise money? Should we use the reserve -- leaving us with 75kish, a small amount for a large building? Should we impose an assessment? (We have lots of older residents for whom a 5k charge could be too much). Should we raise maitanence fees -- we've done this so many times in recent years to keep up with heating, etc., and I think we're already slightly above market. The building runs at just a barely break-even point now. We can't refinance for several years. A bake sale? Just kidding - but would love creative ideas about raising capital.
The building itself is in great shape with no other projects in the near future (he said hopefully).