Hi,
Simple question, do you join the Executive Committee of the properties you buy? (in units/apartments)
Why or why not?
It depends upon your goals & the property.
If the property is well run and has a good strata manager, then probably not. If on the other hand, it is poorly run (ie lots of maintenance issues outstanding, substantial funds to be expended from sinking fund, large number of investors with low motivation etc), then it is important to get onto the BC.
Often, if you can be close to those on the BC, you can have some influence without the commitment.
I joined the first one I bought. After a few years I dropped out as the people running it were great and I had joined anothers by this time and had metings for others to attend (only the yearly ones).
The one I joined had major issues. BC manager was hopeless so I arranged to have their contract terminated and appointed a new manager. I'm still on that one but it is easy now. Few Emails to approve work etc. That's it.
I think have a look, go to the first few meetings. If everything is flowing smoothly let it be. Can be a lot of work.
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