Inspection limits in Co-op?

i had a neighbor bring an inspector prior to purchase of a coop. he checked the unit, the roof, the boiler and the heater. he needed to schedule time to have the super provide him with the access that he needed.

FYI: Flat roofs have a tendency to leak, so that is always a risk of living in a top unit, or one directly below a set back.

thanks so it's normal that i make it mandatory that roof is signed off on..

yes it is flat roof, and if it were to leak i'd assume that wouldn't be a problem for my personal unit but rather the entire co-op's responsibility (ie they can't assess just the top-floor units with leaks which i doubt they would as it seems all units or none, but just checking)

"interested in a co-op unit, top floor...i've heard talk (and read minutes) of this co-op replacing/fixing up their "old" roofing in need of repair...the only thing really keeping me back is i'd hate to have an assessment or rise in maint a month from now bc of this issue..."

All roofs eventually need to be repaired and/or replaced.

Eventually you WILL be assessed for this, or see your monthly maintenance increase.

It's inevitable.

good reserves?

"Good reserves" or not, if the roof needs replaced, the money has to come from somewhere.

And if you pay for it out of the reserves, a responsible board will figure out a way to replenish those reserves as quickly as possible, so they'll be on top of the next crisis or major expense to arise (window replacement, elevator replacement, boiler replacement, the list is endless).

So you can still expect an assessment or maintenance hike.

agreed, just winging out ideas..

i like the unit/location as it's hard enough to find a top floor unit with my layout in mind...

since board/mgmt is tight lipped about future roofing plans (obviously), would it be awkward if i show them im a serious cash buyer with proof of funds??

i know they have monthly board meetings to ALL shareholders, and i wanna sit on one to see what the real deal is pre-purchase since the board minutes are quiet vague..

i assume they wont allow me in, as they lose the upper hand if they let prospective purchasers in..

im willing to pose as a shareholder's fiance/son/cousin at this point to sit at meeting. will hang around the building as i don't know anyone in it.

"since board/mgmt is tight lipped about future roofing plans (obviously), would it be awkward if i show them im a serious cash buyer with proof of funds??"

As a "prospective" buyer, you will not be dealing with the board directly. Nor would it be appropriate for me as a board member to have any dealings with you.

***

"i know they have monthly board meetings to ALL shareholders, and i wanna sit on one to see what the real deal is pre-purchase since the board minutes are quiet vague..i assume they wont allow me in, as they lose the upper hand if they let prospective purchasers in..
im willing to pose as a shareholder's fiance/son/cousin at this point to sit at meeting. will hang around the building as i don't know anyone in it."

We do not let anyone other than SHAREHOLDERS sit in during the "open" parts of the meeting. Not their wives, husbands, sons, daughters, cousins, grandmas, or Great Aunt Fannies. And much of the nitty gritty is discussed behind closed doors and is not even open to the other shareholders anyway.

Ladies and gentlemen, pay no attention to the man behind the curtain.

haha, will wear my dusty velvet sports coat to match the fabric..

FLMAOZzzzzzz ..... a possible assessment is whatz holding you back? FLMAOzzzz...

BC of my re assets, I am "forced" to be on boards... let me just say... they are the most boring waste of time things to do... and they do it on their own free will.....which is even funnier...

But back to the point of assessment. Since 1995, there have been assessments for everything and anything... see the running joke is that CC = operating budget.... but assessments are for capital improvements..... but like clockwork all structural/mechanical/new halls/new lobby have a cycle that repeats- so you have new halls q=10 yrs, elevators q=7 years, brick pointing = q=5 yrs, roofs = q 10 yrs.... and on and on... guess what... over a ten year span, you will have 1 yr wo an "assessment" and sometimes the board will use that 1yr to=====> increase the reserve.... so FLMAOZzzzzzz... in effect the "assessments" are perpetual in nature...

maybe you should be renting if an "assessment" is gonna break the bank.. .flMao....

and to b helpful, ya know when you watch "househunters" (int'l my fav), and they walk in and say, you know "I don't like the color" or "it's not stainless steel"... I just wanna punch the flat -screen....

A RATIONAL person just bids LOWER... so may I suggest hol, just to fking bid a price at which you incorporate the future assessments as part and parcel to you home renting... .oooooppppppsssss... I mean home "owning" experience.. .FLMAOzzzzzzzz

it's a matter between this apt (higher price/lower maint) vs a similar unit with (lower price/higher maint)..

and i have comps in hand so i know what to bid in cash (as in my cash, not daddy's)..

does your father still fail to acknowledge you in front of company after he forced you out of the family real estate firm? FLMAOZZZzzzzz :)

hol4... were you breast fed or bottle fed? or in a pit of 50 babies your were the sole survivor and then crawled out from the heap and subsisted on the other dead babies until you were old enough to bid on a top floor co-op .... but now find that even with all your own accomplishments you are still hemming and hawing over possible "future" assessments... FLMAOzzzzzzzzz...

hit a nerve i see, i'm guessing the answer to my question was 'no.'

papa don't preach ;)

"it's a matter between this apt (higher price/lower maint) vs a similar unit with (lower price/higher maint).."

Dude, all apartment buildings have ROOFS. Roofs that will eventually need to be replaced. At YOUR cost, vis-a-vis either a hike in maintenance or an assessment.

Deal.

ohhhhhh.... madonna... yep, I made deliveries to her when I was younger...

hol, maybe you should accomplish more => more $ => less whining about assessments... fLMAOzzzzz

The only ppl that should be buying in a deflating leveraged asset r ppl who have accomplished so much and earned so much that "assessments" and the RE hikes that ARE to COME, don't worry them... me thinkz hole, you need to get your hol licked more often.... FLMAOzzzzzzz

thanks your wife's a bit sloppy though.. tell her chin up and shave prior as her stubble tickles.. your dad introduced us.. great guy, too bad you don't speak anymore... FLMAOzzzzzzz :)

My wife and dad called. They wanted to know if you needed a few $$ to tide you over while you save for the assessment. Seriously, you can't afford a coop (not even a condo), after 30% drop bc your little whiny bitchy vagina can't 'swallow' an assessment?

'dad called.' right, how inept could one be where a father is forced to fire his own son from the family RE practice?

does that explain the napoleon complex on an RE board? look papa i'm real estating!

im fine for now thanks, but i know where to go to in case things change. that's generous of your family :) .. dont forget to relay the message to wifey, stubble on the upper lip ROFLcopterzzzzzzz

Your hole doth protest too much......

whatzz nozzz morez FLMAOzzzz?? did i hit a chord with papa? ;)

Ok. I'll play board prez, you play hole.

Ok mr & mrs hole, I see you will have 0 savings after closing but since you came in here all like 'all 'cash'' swinging penis we will take a chance with you. You are approved.

3 months later, assessment for the roof is passed increasing cc by 50% for 36 months or $36k. A week later I get a cash out financing request from mr and mrs hole for $36k. I'd call you in and say, did your daddy teach to not to covet things you can't afford? Let's not make this a yearly thing and take out $200k and stfu.

And seriously. Hole. I've never seen you go nipple to nipple with anyone on this board bf, but yeah, I can see by your postings that indeed it is my nerves that are frayed. F k l m a o zzzzzzzzzzzzzzzzzzzzzzz

except cash is a portionzzz of savingzzzz, and retirementzz stays untouched while being maxedzzzz.

per the archived minutes the last assessment was in 95 for lobby reno that lasted 14 months while YOY maint stayed consistent. how a board spends $20m dictates how it spends $20mm. but you wouldn't know since pops had to exit you from the family practice huh?

i probably haven't gone nip to nip because i have a life outside this board which usually include dinner followed by masturbation should your wife be waxing that nightzzz.

the nerve i must have hit to bring up daddy's disappointment ROFLcopterzzzzzzzzzzzzz :)

Ok, I gets the portion where you state your definition of life is having a dinner and then masturbating. Okay, I get your life.

But the portion where you state, savings= cash, retirement not touched and to be maximized! So am I to understand savings/cash are not to be maximized? And so you go backwards to maximizing? Like you pick a date you will die, then determine when you no longer work (I'm assuming in a position that don't allow you to take a 10yr sabbatical to have children and relax)....

But how does this coop purchase fit into your logic ESP when a bump in cc will kill you ? Or r u saying you'll just take it out if retirement? I'm very confused. Oh, Susie orman says never ever touch your retirement. See even if yougo bk, retirement funds are usually shielded.

Hole slow it down there. In your excitement to show me how my daddy's love or lack thereof has so affected me, your financial logic is starting to get all like 'illogical', your starting to tell me how you eat dinner and masturbate everynite and finally your posts are getting lengthier and lengthier.

You should definite definite show this side of yourself at the coop interview.

just back from dinner, miss me? upper lip still needs more shaving, let her know.. who said inspector's opinion won't affect bid price?

does it hurt that much to be the family black sheep, oh fired one :)

so how was the masturbation session?

My daughter may have strep throat so wife took off early and we took her to a friend who is a pediatrician... so I've kept an eye on my wife all nite. It doesn't bother me that she might hooch around, it would bother me that she would hooch with someone who can't afford an assessment such as yourself, hole.

Here let me help you with your snaps!.... first you could use my 4yo son's favorite.. "you wear a diaper!"

Then you can graduate to my level of backhanded compliments.
Hole, you are better than 99% of HumVee owners, they didn't ask can I afford the gas price spike... at least you are asking the right questions!

FLMAOz...... and with that Good nite SE!

pulling the daughter pity card, how novel.. and i went easy on her throat. your wife really is a generous woman, give her more respect.

you know respect right? that thing you crave from pops ever since he booted his own spawn from the real estate practice. was it due to the excessive posting on daddy's time or the general incompetence? night dear :) ROFLcopterzzz