We're actually in pretty good shape on those things. Of the 57 roads, about 75% have been paved within the last 7 years, and we have the money to fix the infrastructure. Driveways and walkways are a bit of an issue, but we're working on them.
Some of our roofs are nearly 50 years old, and the insurance companies haven't made an issue of it - yet. We have commercial insurance, not personal policies.
We had a special assessment to replace roofs around 2000. They asked the unit owners if they wanted to build up reserves for future roof replacements, of course they said no - we just paid.
We are trying to build up reserves for road paving, so we can pay as we go, but it is an uphill battle.
There is also the FHA thing, where they are increasing the reserve requirements by 50% to qualify for a conforming mortgage. They didn't give condos any time to prepare, just announced it as a new rule.
Ha, that's nothing. Here at the retirement village, we have to maintain 200 acres of lawns, and we own 57 roads we have to pave and plow. We also own the sewers and water mains.
The big thing now is the roofs, and how to replace them. Some roofs date from the 70s! There are 929 units in about 400 buildings, and it would cost about $15 million to replace the roofs. The monthly meetings are a riot, and I am not speaking metaphorically.
The people who moved in 30 years ago were middle class, and now wealthy people are moving in; this creates enormous conflicts between people who are running out of money and people who want luxury amenities. However, a roof without leaks is not an amenity, so something has to be done.
As Treasurer of the village tax district, I spent the winter approving invoices for snow removal. Our budget was $40K, but we spend $140K - ouch! Fortunately, we still have the capital to pave 2 roads this year, and two roads next year, as the residents on the worst road continue to complain, while those whose roads were paved last year complain about something else.
Many residents just don't get communal living. You don't own your roof - you own 1/929th of all the roofs, they're a limited common element. We did bring in a outside speaker to give a presentation on how communal living works, but none of the complainers attended.
When Chemical Bank bought Chase Manhattan, about 300 people in the combined department marched into an auditorium to meet our new boss. A year later my department consisted of 60 employees. The old Chase was a paradise for useless employees - that's why we were losing money and were a good acquisition target. For example, the head of my department had a VP whose job it was to carry the flip charts and get coffee - yes, as a department head, he was entitled to an expensive lackey. No wonder the bank was awash in losses.
Mortgage REITs, over the long run, have not done well. You will lose more in capital than you make in dividends. Sophisticated investors shun these stocks, which is why the price is low and the payout is high.
Comments
What is really interesting is that MAGI is calculated in different ways for different benefits. The MAGI for IRMAA is not the MAGI for the ACA.
Post: Tax Free Income Trap, Dealing With MAGI
Link to comment from April 21, 2026
We're actually in pretty good shape on those things. Of the 57 roads, about 75% have been paved within the last 7 years, and we have the money to fix the infrastructure. Driveways and walkways are a bit of an issue, but we're working on them.
Post: The condo, HOA, senior citizen conundrum
Link to comment from April 20, 2026
Some of our roofs are nearly 50 years old, and the insurance companies haven't made an issue of it - yet. We have commercial insurance, not personal policies.
Post: The condo, HOA, senior citizen conundrum
Link to comment from April 20, 2026
Unfortunately, you can't buy insurance for normal usage, and that's where the problem really is.
Post: The condo, HOA, senior citizen conundrum
Link to comment from April 20, 2026
We had a special assessment to replace roofs around 2000. They asked the unit owners if they wanted to build up reserves for future roof replacements, of course they said no - we just paid. We are trying to build up reserves for road paving, so we can pay as we go, but it is an uphill battle. There is also the FHA thing, where they are increasing the reserve requirements by 50% to qualify for a conforming mortgage. They didn't give condos any time to prepare, just announced it as a new rule.
Post: The condo, HOA, senior citizen conundrum
Link to comment from April 20, 2026
Ha, that's nothing. Here at the retirement village, we have to maintain 200 acres of lawns, and we own 57 roads we have to pave and plow. We also own the sewers and water mains. The big thing now is the roofs, and how to replace them. Some roofs date from the 70s! There are 929 units in about 400 buildings, and it would cost about $15 million to replace the roofs. The monthly meetings are a riot, and I am not speaking metaphorically. The people who moved in 30 years ago were middle class, and now wealthy people are moving in; this creates enormous conflicts between people who are running out of money and people who want luxury amenities. However, a roof without leaks is not an amenity, so something has to be done. As Treasurer of the village tax district, I spent the winter approving invoices for snow removal. Our budget was $40K, but we spend $140K - ouch! Fortunately, we still have the capital to pave 2 roads this year, and two roads next year, as the residents on the worst road continue to complain, while those whose roads were paved last year complain about something else. Many residents just don't get communal living. You don't own your roof - you own 1/929th of all the roofs, they're a limited common element. We did bring in a outside speaker to give a presentation on how communal living works, but none of the complainers attended.
Post: The condo, HOA, senior citizen conundrum
Link to comment from April 20, 2026
When Chemical Bank bought Chase Manhattan, about 300 people in the combined department marched into an auditorium to meet our new boss. A year later my department consisted of 60 employees. The old Chase was a paradise for useless employees - that's why we were losing money and were a good acquisition target. For example, the head of my department had a VP whose job it was to carry the flip charts and get coffee - yes, as a department head, he was entitled to an expensive lackey. No wonder the bank was awash in losses.
Post: Navigating a Turbulent Career
Link to comment from April 18, 2026
Not only that, if workers have to pay huge SS taxes, they're even less likely to be able to have children.
Post: Fixing Social Security once and for all
Link to comment from April 17, 2026
Mortgage REITs, over the long run, have not done well. You will lose more in capital than you make in dividends. Sophisticated investors shun these stocks, which is why the price is low and the payout is high.
Post: What am I missing?
Link to comment from April 14, 2026
IMO, the best will is the one in your attorney's fireproof safe....just as long as your next of kin knows who your attorney is.
Post: My sister’s will and what it taught me.
Link to comment from April 13, 2026