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[{"id": "hi64kvb", "text": "No experience here but I would take a guess on how much time in hours that I are likely to spend on it over a year and multiply that by an hourly rate like $100 per hour.", "replies": [], "depth": 1}, {"id": "hi6dzrw", "text": "Sounds like it\u2019s basically a PM job? Do you pay an asset management fee? 3% from each owner or just total? HOA should hire a PM and charge a salary comparable to your market rate", "replies": [{"id": "hi6ivmu", "text": "This. Yes the HOA could compensate the officer for their time, but in a building of this size, contracting out building management is likely more appropriate.\n\nLooks like everyone has been riding on this lady's generous donation of her time; costs about to go up one way or the other.\n\nOP if you take this on, make sure you are adequately insured by the HOA for whatever actions you take on its behalf.", "replies": [{"id": "hi6ugp8", "text": "There is no property management currently and the current HoA (1 lady acting as president even though there are supposed to be other roles) is the property management role. There is no compensation in any way. \n\nNot only that but we currently have a rogue tenant who we have had to take to court to get to pay HoA dues. So I am trying to make sure they follow everything to the letter of the law so there is no liability. I was curious to what level I would be liable. Glad to know there is insurance for that and I will look into it. \n\nI'm currently refusing to take this over unless that HoA can be brought back up to speed and they can provide proper compensation.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hi6nmku", "text": "Been there, done that. My advice, hire it out to a professional management company and expense it amongst the owners in HOA dues. If you do take it on, be sure to check the condo insurance policy and ensure that it covers the board of directors from liability - because if you forget to pay the master insurance premium or if there is a slip and fall and you were supposed to clear the snow or arrange for a contractor to do it and it didn't happen, you will get hit with litigation.", "replies": [], "depth": 1}]