Outsource Your Accounts Receivable and Collections

Written by Mitchell Drimmer on . Posted in Accounts Receivable, COMMUNITY ASOCIATION COLLECTIONS WHITE PAPER, COMMUNITY ASSOCIATION COLLECTIONS, community association loans, condo accounts receivable, Condo accounts receivables, condo collection agency, CONDO COLLECTIONS, CONDOS, hoa accounts receivable, hoa accounts receivables, hoa and condo financials, hoa collection agency, HOA COLLECTIONS, HOAS, MARYLAND COMMUNITY ASSOCIATION COLLECTIONS, maryland condo collections, maryland hoa collections, Uncategorized, WASHINGTON D.C. COMMUNITY ASSOCIATION COLLECTIONS

Yes, times have changed and people are no longer walking away from their houses and condos because they are underwater but some things stay the same. Is your condominium or HOA still using coupon books to direct owners to pay? Does your management company have a dedicated call center to discuss payment matters with owners? Are people still paying your condo or HOA late every month. Most important, is your management company prepared to handle collections legally, properly and at no cost and no risk? Is your association handling it’s Accounts Receivable correctly?

Condo and HOA Financial Issues…Renter Escrow Deposits

Written by Mitchell Drimmer on . Posted in COMMUNITY ASSOCIATION COLLECTIONS, community association loans, condo collection agency, CONDOS, Escrow Accounts Condos, FLORIDA COMMUNITY ASSOCIATION COLLECTIONS., hoa and condo financials, hoa collection agency, MARYLAND COMMUNITY ASSOCIATION COLLECTIONS, maryland hoa collections, SNAP COLLECTIONS, Uncategorized, VIRGINIA COMMUNITY ASSOCIATION COLLECTIONS, WASHINGTON D.C. COMMUNITY ASSOCIATION COLLECTIONS

A condo that will remain anonymous has a unique problem that may not at first glance seem like a dilemma but let me assure it is. They have over three hundred and fifty thousand dollars in the bank. The bad news is that money is in an escrow account from renters in case their tenancy results in damages or fines. That’s a one thousand dollar deposit for each and every renter. It is interesting to note that the building only has three hundred units and let’s say it has 70% renters (210 apartments) as occupants. That means there is at least one hundred and forty thousand dollars that should have been refunded to the renters (minus damages) but never were, and are sitting in the association’s bank account.

Short Term Community Association Loans

Written by Mitchell Drimmer on . Posted in Capital Improvement Projects HO, community association loans, Condo capital improvement loans, HOA Capital Improvement loans, Hoa loans, loans for condos, loans for HOAs, pool repair, roofing repair, Uncategorized

So your condo and HOA has a capital improvement project that cannot wait any longer. The board has put off the maintenance or repairs long enough and its time the roof, pool, drive way, plumbing, electrical, security or painting job finally got done. No matter what, it is it’s going to cost a nice chunk of change and the reserves have been depleted due to the financial crisis that we are just coming out of. Its time to think about Community Association Loans.