Question for NYCMatt

I'm not sure what you're asking.

If you don't like decisions being made by the board, you are welcome to attend the monthly board meetings and voice your discontent (I believe boards are legally required to have at least part of the meeting open to shareholders each month).

Outside of the meetings, you are entitled to approach the board members individually if you choose -- most board members are more than happy to answer questions and take concerns into consideration.

Don't expect, however, for one board member by himself or herself (even the president of the board) to act on their own to change a policy, share confidential information, or push something through that would require the vote of the rest of the board members.

Good luck. New buildings often have some growing pains, but eventually things work out.

Thanks, did not know we could attend.
I don't know if i like the decisions because they are not being communicated. I was told by another resident the board was purchasing and outside button for the door and hiring an additional doorman. When i email the reps they said. we are looking into it and don't spread rumors.
Let's say they are hiring an additional doorman- would they survey the residents or would this decision be made behind closed doors.
Are there any types of minutes taken that can be distributed??? I know these people have other lives but as info is not flowing- it's being made up!

I bought a condo in Manhattan from a developer/sponsor. After all the units were sold by the sponsor, the building formed a condo board and hired a managing agency. There is now accusations that the managing agent of the building is possibly "stealing" or "falsifying" bills.

Eg: spending $15,000 on buying old fixtures/equipment to replace "non-broken" fixtures to generate bills that the building's reserve pays.

Obviously, the reserves will be quickly and unnecessarily depleted....and then, in my mind....then maintenance will have to increase and maybe special assessments will be needed from each unit in the building. Being the owner, I will be the one paying for increases in maintenance.

I am not a board member, so wanted to see the individual bills as well as an expense report from the managing agency.

Do I have a right to ask the managing agency to personally see this data or must I "beg" a board member to obtain this information for me. Other building unit owners have expressed that there are concerns that board members may be getting "kickbacks" from the managing agency.

Another question for NYCMatt: on post-closing liquidity

Hi NYCMatt,

Thank you for all your comments and insights on how boards think and operate. As a first time buyer I really appreciate your honesty (even if it's not always what people want to hear).

I understand ( or at least think I do) the boards concerns around post-closing liquidity. And it make sense to me - they want to make sure they can count on us.

So at closing we want that in "cash" - should that just be a savings account? And post-closing, can we move it into a mutual fund or something like that? Want to be honest with the board, and we actually like to keep a bit in cash on hand, but rather not keep it in a plain savings account.

Sorry if this is a stupid question - we've been so focused on saving that we're catching up on some of the other details.

One other question about boards. We're talking with a mortgage broker, and while we're lucky enough to have a solid credit rating, we may be taking a "ding" because we only have 2 open lines of credit. One's a small student loan, the other is a credit card I've had for years, but rarely use. We've started rotating more through the credit card, which should help. But do boards take this type of thing into account? Am a little cranked out about this, because I thought we were being so smart and prudent, and really we should have 4 cards in heavy rotation between us. But I have to think that that's a defect they might appreciate a little? Or am I telling myself what I want to hear?

Thanks-