THESE PLACES ARE IN FINANCIAL RUIN!

One issue I've recently noticed that I haven't seen anyone else talk about is that a lot of condos have major problems when it comes to their finances and none of this is being disclosed upfront in the listing description so buyers know what they're getting themselves into. You have to go through the motions and make an offer on a place and ask a ton of questions to get all these answers and by that time you can be knee-deep in a transaction and have wasted hundreds or thousands of dollars on a place you're not even gonna buy. This is a major problem in the current housing market and it needs to be fixed.

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DISCLAIMER: This video content is intended only for informational, educational, and entertainment purposes. Michael Bordenaro is not a registered financial advisor. Your use of Michael Bordenaro’s YouTube channel and your reliance on any information on the channel is solely at your own risk. Moreover, the use of the Internet (including, but not limited to, YouTube, E-Mail, and Instagram) for communications with Michael Bordenaro does not establish a formal business relationship.

[In-obscurity-nj]

Sometime in the early 80s as a Young Man. I approached my employer and asked for a $1500 advancement/ loan to help with a downpayment on a condo. He said no it was a bad investment. He told me to go find a small single family house. I did and it was good advice.

[MiscellaneousMidwest]

I worked for some crooked "real estate investors" as their in house property manager. These guys would buy up condo units from judicial sales auctions. They would purposely target lower income areas. In one particular building they bought up enough condos to essentially take over the HOA and list themselves as board president. They would follow none of the bylaws and pay none of the monthly assessments. The building was falling apart and they had zero reserves to take care of the issues. I would take calls from the upset tenants with mushrooms growing out of the walls. DO NOT BUY INTO A CONDO BUILDING THAT HAS UNITS OWNED BY LLC's. I felt so bad for the working class folks who bought into that association as their first property. Had they known what was going on they would have never made that purchase. I will never buy a condo.

[TamaraScott-ts]

Daughter’s friend bought a house and found it had termites after he moved in. Neighbor told him previous owner knew about it and didn’t disclose it. Friend sued previous owner and won a very large settlement. Disclose the problems. It’s the law!

[JenniferStClairRealtor]

Michael, I've tried to term my FL condo nightmare story to you a few times. This time I'll say, i did the right thing and didn't stick another buyer when i knew a special assessment was coming. It cost me 250k. For my two 500 ft beach condos. It cost me my retirement, but i did the right thing, and i sleep well at night. God will take care of me. I'm also a realtor and an honest one. I can't imagine not disclosing... Congratulations on your 5 years!! You're one of my go to channels. ❤

[cherylcalabrese]

Congratulations Michael. We all appreciate your 5 years on YouTube. Enjoy your celebration this evening.

[trb]

I bought a condo 3 miles from the beach in California. In 3 years, my HOA fees went up 35%.My property manager told me I am not privy to WHY our fees went up.I was told only HOA board members would be in that loop.
I got voted onto the board & found out slab leaks were breaking apart the plumbing in my 35 years old condo.
I sold my condo quickly & DISCLOSED THAT INFORMATION.

[Hannahbenowitz]

Trying to run a real estate business is tough enough without inflation throwing curveballs. Costs are up, prices are tricky, and who knows what tomorrow will bring? Planning for the future feels like gazing into a crystal ball.

[sKtTlesrYum]

Cant speak so much for condos as it is a minuscule part of my business, but i am a lead technician who works at residential mold remediation company in the New England area. I can definitively say that there is overt fraud being committed on a daily basis mostly on the sell-side realtor part of the RE industry. The amount of newly acquired homes of which the mold issues are completely being hidden or overlooked, or at the very least massively understated. We are scheduled out 3months in advance! People dont realize to properly remediate a household that is contaminated with mold can be just as expensive as replacing whole house HVAC or adding an edition onto your house, and the realtors just completely skim over this stuff like “oh ya its just a little mold in the house u can clean it yourself or hire a house cleaner. Thank you for bringing up stuff like this Michael these people need to held accountable for their actions they are ripping off honest hard working people during the highest recorded asset prices in history i mean can we talk about moral corruption/greed/ethical decline of a nation/society its so sad to witness day in and day out.

[kathym]

They will sell you, they won't tell you.

[danarcher]

Another huge problem is theft, corruption and kickbacks from "approved" vendors are rampant in hoas and condo associations.

[jamesgibson]

Don't want to sound like a broken record, but always appreciate how you keep reminding, especially the younger generation buying their first home, about all the expenses involved in home ownership!!

[deoxys]

5 years of someone we can trust to give us the real information.

[bryancarlson]

If the buyer knew what the seller knows, there would be NO SALE!!!

[rightsideupvt]

I'm a 25 year condo owner in New England, and have done 12 years on the association board. The big problem has been non involved owners and people being clueless about how an association works. Condo owners are not the smartest. We are in deep crap at my association. 50+ year old buildings under maintained.

[motivationalservices]

Just had a 25% Condo HOA increase here in Atlanta/Bkhd. Will never buy another HOA property anywhere!

[LarchmontLady]

As a New Yorker, I’ve always dreamed about retiring to Florida. Now, not so much. Thank you Michael for 5 years of warnings 🎉

[jeffee]

In 2010 my mom’s apartment in Vancouver Canada was sued by the city because they were not keeping it up to code. $40, 000 charge PER UNIT because the city chose their own contractors to fix. It’s so much cheaper to just keep it up to date but the problem is it was mostly rentals and the landlords kept voting down the maintenance. Big surprise.

[yybemin]

Congratulations on 5 years, Michael!! GOOD JOB!🎉🎉

[michaelfouche]

My mother had a condo in Nashville (she's been deceased for about a year) up until about 6 years ago. She was in financial trouble and when I went through her finances, I saw that she suddenly had to pay a $35, 000 fee (that everyone had to pay in the building) for making repairs that should have been done years ago. So she was in her 70s and had to take out an equity loan to pay the fee. She was fortunate in that she'd gotten into the condo years before at a good time so the equity was there. But still she was having to make extra monthly payments without warning. So what we're seeing now is just what my mother went through but on Steroids.

[Jackg]

Congratulations on 5 years. You have been spot on since I have seen following you for a couple of years. I watch everyday. You always make them interesting, thanks, Jack