One of our SHs bought his apt from the sponsor a year ago, so we never saw his sale pkg or financial info. He wants to re-fi his mortgage + get a LOC. All we got is a letter verifying his annual income. We got a credit report and he owes A LOT (I mean, A LOT) on another mortgage, loans etc. It looks like he keeps getting loans to pay down loans and is overextending himself. He's self-employed for 2 yrs. '06 Income was good, almost double of '05, but self-employed people know income can vary widely from yr to yr. The board decided to not approve his re-fi/LOC request.
Three BMs want to tell him why we didn't approve him bec he's "already a SH and entitled to know." The others don't want to give him reasons, as you don't for rejecting a sale or sublet. They say BM's statements will conflict, the SH will misinterpret things, we'll get pulled into disclosing details and too much discussion, etc.
Anyone denied a re-fi for a SH? Should we tell him the reasons for denial or not?
Do any of you stick to a percentage limit (e.g., 80%) of an apt's market value for which a SH mortgage refinancing amount cannot go above? Is it the same percentage for newer and longer-term SHs?
If so, it is just a standing decision your board made or do you have a formal policy with regard to this percentage?
Lastly, we want to establish a set of formal guidelines for SH refinancing. What are things we should include?
My friend Nancy is VP on a coop board on Long Island. She called tonight for advice. I didn't know what to tell her.
Her coop has 40 apts. The sponsor still owns 10. His father and 2 male cousins own apts and were elected to the board last yr. The coop has 5-yr board terms, God only knows why. These 3 sponsor relatives constitute a board majority. They hired a super soon after they were elected: no experience, lazy, bad attitude, won't help residents, does zip in the bldg. They don't do anything about the super and won't OK any upgrades or work beyond emergency repairs for the bldg. Nancy says she thinks they didn't just find him. She thinks they knew him and he's a "plant".
Nancy said the sponsor doesn't let the same people sublet for more than 1 year and they're all very undesirable and irresponsible - almost seems like he gets them on purpose. She also said the 5th BM (Frank) who really cares about the bldg as she does told her the sponsor's father (a BM, and 82!) let it slip to Frank last week that the sponsor wants to run his ownership share into the ground and default on everything bec he has BIG trouble with the IRS and wants to wangle into a position where he can declare bankruptcy.
Nancy said no one likes the sponsor and could care less about him, but he owns 25% of the apts and what he's doing and what his relatives are doing (or rather, not doing) as BMs is affecting the entire coop. It isn't high-end, but it is very nice (40 yrs old) with large apts, community room for meetings, garage, and big, landscaped backyard that's used for parties, BBQs, etc. in a good neighborhood.
OK - any ideas on what Nancy and the other BM Frank can do to prevent the sponsor from turning their coop into the black hole of Calcutta? Nancy and I know each other since grade school muh-muh-muh yrs ago and she's not the type to exaggerate or overreact, so I tend to think she's giving me a pretty fair picture of the situation.
I've dealt with a lot of coop issues in my time, but this is a new one on me.
3 of our BMs say reg trash bins can be any color but the recycling bins must be "recycle blue". 2 BMs say they only need labels showing what to recycle. We called the city 2x. Both times they just said recycling is the law and you must display recycling info. (I hate dealing with city offices.)
Our new svc area colors are tan/dark green/burgundy. Rows of bold blue bins will be an ugly contrast. The 3 BMs will concede if someone tells us we won't break the law by not having blue. Our prop mgr did but they think he's wrong.
This should be the biggest problem a coop has, right? Will someone pls confirm that we won't get 5 to 10 up the river if we don't have blue recycling bins so I can enlighten the 3 BMs? (all newbies, in their first year).
We have a live in super, are a union building and follow
union rules. however the super has another home which
he goes to and leaves the building without persnnel on
call, he says he is 20 minutes away on a good day.
Is he in violation of current union rule. Help
As per PL of our Co-op grown up children can live with the parents (3-bedroom apartment).
The Board informed Management Company to write a letter to the shareholder, who recently purchased an apartment, that they should be living in their new 3-bedroom apartment alone because at the time of interview it was not indicated that the grown up children will be living with them.
However the Management Company has been informed at the time of closing that the children will be living with their parents.
Thanks in advance.
Some of the units in our small co-op are severly underheated and a plumber came onsite to assess the situation. After completing a calculation based on volume of the unit and amount of BTU's we have vs what we need, he suggested upgrading our current residential baseboards with light commercial. This would alleviate adding additional feet of baseboard to walls where there is none, he contends. We are talking about 550 sq foot studios with normal height ceilings. Anyone know if this is a good remedy? He also said it would involve cutting some of the wood floors away from where the thicker new piping would go. Sounds like a nightmare. Would the co-op have to repair the floors since this is in the course of performing a co-op repair? Thanks all.
I am the board president of a mid size Manhattan building with approximately 90 units and I think I am burned out.
I have been frustrated at every turn with the inability to get anything done and I am putting in a significant amount of time and energy into this endeavor.
Our management company has been replaced but appears no better than the last one. Is this a major problem in the industry?
Our shareholders are apathetic and only want their specific issues resolved. They don't care to see the entire picture. Is this common as well?
Our board is serious about attempting to tackle issues but perhaps we are going about it the wrong way.
Any advice here. I really want to pack it in and give up, but I can't as their appears to be noone interested in picking up the baton if I wanted to pass it on. And I am not going to be selling anytime soon.
Any similar stories and/or advice how to cope.
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