What are Special Assessments? - Magic Minute Season 3
What are special assessments? They may not be the sexiest part of real estate, but we have to know it all, friends!
Generally speaking, this situation comes up in a condo building, when the HOA doesn't have enough money in the reserves to complete repairs. You have to have enough money in the reserves to cover repairs, OR the special assessment gets passed to the condo owner.
Example: If your condo building needs a new roof, and there's not enough in the reserves, you have to pay for it!
My rule of thumb for HOA reserves can help out here. I recommend 25K per unit. Check out my HOA reserves video for more info!
Thanks for being part of the rebellion and for being here ❤️ Pete