130 | HOA Board Heroes: Managing a Huge Community Special Assessment

130 | HOA Board Heroes: Managing a Huge Community Special Assessment

SUMMARY KEYWORDS

Special assessment, HOA board, financial planning, property renovation, owner communication, board performance, reserve funds, construction project, structural damage, budget management, community engagement, property values, board leadership, association challenges, project timeline.

SPEAKERS

Announcer, Robert Nordlund, Terri Rene, Paige Daniels

Terri Rene 00:00

We needed to consider that there would be a certain percentage of owners who would be unable to make the payments. And we had talked a lot about, how are we going to handle that? Because you can’t go into a contract commitment without the money that you need to pay the contractor. We needed to discuss that. And I told them that, you know, while I hoped that everyone could afford it, we may have one or two, a 10% was sort of my rule of thumb to think about. We’re not going to collect so let’s do the planning and be prepared for that, even though they aren’t necessarily saying that right now,

Announcer 00:43

a regular highlight of the HOA insights podcast is our board heroes feature, where we dedicate one episode each month to celebrate the remarkable efforts of HOA board members to us a board hero is one of the 2 million elected volunteers who deserve recognition for excelling in a role that often goes unnoticed. Today, we’re excited to spotlight one of these exceptional board heroes and share their inspiring story. If you match our definition of a board hero, or know someone who does, please reach out to us. Our contact details and those of our sponsors are provided in the show notes. Welcome

Robert Nordlund 01:13

back to HOA iInsights: Common Sense for Common Areas. I’m Robert Nordlund, and I’m here today for episode number 130 with another one of the board heroes, we’re proud to celebrate. Terry Renee has been a board member off and on for 15 years, and is one of the original owners at her 38 year old, 18 unit condominium association in the beautiful Pacific Northwest. As a regular podcast listener, she reached out to me, taking me to task with how many aspects of being a board member we had not yet touched on the podcast, including and get your fingers ready, such things as people skills, networking, negotiating, arbitrating, facilitating, training, coaching, mentoring, cash flow analysis. I’ve got a list here the association’s role in mortgage qualification for prospective buyers. And just a side note here, stay tuned for Episode 133 coming up in just a few weeks, maintenance, planning and board performance evaluations. And that’s probably not a complete list. Clearly, not a person who is shy about sharing her opinion. But so of course, I thanked her for the list, and of course, then asked her to join me on the program so she could tell her story. And the story that she’s about to tell is going to be huge, and that’s because she’s going to talk about $100,000 special assessment for homes that were in the range of $300,000 in value, and they passed that just last year. So stay tuned. We’re going to hear from Terry Moore about that story in just a minute. But first, I hope you enjoyed last week’s episode number 129 with regular co host and insurance expert Kevin Davis, seeing the world through his eyes as a leader in the country’s largest DNO insurance provider. We talked about the additional risks and challenges faced by an aging population of associations, and every day, every association is getting a day older, like sand in an hourglass. Those challenges are going to be evident as we get to Terry’s 38 year old Association story. So this is real. Now, if you missed that episode with Kevin or any other prior episode, you can find them on your podcast website, on our podcast website, Hoa insights.org, on your favorite podcast platform, or on our YouTube channel, but better yet, subscribe to the podcast in order to get every episode delivered right to your phone or mobile device. Those of you watching on YouTube can see the mug that I got here from our merch store. I like the cartoon that spoke to my heart. And you can browse through that merch store from our Hoa insights.org website or the show notes, and you’ll find we have plenty of free items there, like board member zoom backgrounds and some specialty items for sale, like mugs, but I’d like to give you a mug for free. So go to the merch store, download a free zoom background. While you’re there, look around and find the mug you’d like. And if you’re the 10th person to email me at podcast, at reserves day calm mentioning episode 130 mug giveaway. We’ll ship that mug to you free of charge. Well, we enjoy hearing from you, and most episodes are in response to a topic you’ve recommended. So stay in contact, like Terry has done, letting us know what questions you have, criticisms, constructive criticism, or topics that you like to hear more about. So leave a voicemail at 805-203-3130, leave a comment on the YouTube video or send us an email at podcast at reserves. Day calm, but back to today’s episode. Yeah, the numbers I said were right. Uh, Terry, um. Let’s start out by telling our audience exactly how big of an assessment you passed in 20 $24 per unit, and how much the units were worth and how much your personal share was Well,

Terri Rene 05:11

thank you, Robert, for having me on your show. Our owners approved a $2 million special assessment for a large exterior renovation project that worked out to be an average of 100,000 per unit, but it varied substantially from this based on different allocations of owner interest. The average market value was close to 300,000 per unit. Yeah, my share 150,000 I happen to own two of the units, so I’m getting the lion’s share of everything

Robert Nordlund 05:42

here. Let me slow you right down there, because, okay, here you are. Were you the board president at the time, or just a board member? I had

Terri Rene 05:50

been off and on the board for a number of years, and as my career budded, I needed to step back. The board was very consuming business. I wasn’t paying attention for a good period of time there about 10 years. So during that time, things evolved or devolved, evolved. Look at it

Robert Nordlund 06:12

well, but for the special assessment. During the time of the special assessment, were you the board? President,

Terri Rene 06:18

yes. President and Treasurer, yeah.

Robert Nordlund 06:21

Okay, so I find it interesting that, okay, you’re here and you’re pitching this big special assessment, and you are effectively bellying up with the largest bill your own. And so you are, you are sticking your nose right in it and saying that, Hey, folks, I believe in it enough to put 150 grand into this. A lot of you are going to pay less, but that really exposes you as a believer, and you are believing hard if it’s going to cost you 150 grand.

Terri Rene 06:54

Yeah. I mean, everybody has different abilities, financial capabilities, and so I feel blessed that I was able to do such a thing. Make no mistake, there were compromises I had to make, and that’s something that I had to really explain to owners when we were doing this, was that everyone, no matter what your financial status in this is, is affected you’re making compromises. You’re making choices. Things are changing in your life. It’s a life changing amount of money.

Robert Nordlund 07:28

Oh, yeah, that’s clearly, and we’re talking before the program. It sounds like it’s a beautiful place, water waterfront, or water view,

Terri Rene 07:38

yeah, waterfront, one of the buildings has all the water view. There’s a building in the back with more cityscape Park views, still nice, but

Robert Nordlund 07:49

people bought there because it’s a beautiful place to live, and it was probably priced appropriately for their budget, and they fell in love with the place they buy the place just like the average I think homeowner buys a home because they think this is where I want to live. And to find out that not just the Oh darn I need a new roof or Oh darn I need a water heater. We’re talking about, oh darn we need a whole lot of money here, right?

Terri Rene 08:21

You and I were talking before the show, people come to associations for a lot of different reasons, and we certainly had some owners who were trying to make profit flip a unit. There were some rentals here. There’s different motivations, purchasing, but definitely the location and the views peaks interest for all purchasers.

Robert Nordlund 08:47

Yeah, yeah. Okay, well, good. You know that it’s nice to be able to drive home from wherever you go and you say, I’m home. I like it here, and that’s just a wonderful thing. Hey, tell me when it came to the reality of we’re going to jump around a lot, because I have so many questions when it came to the reality of 100,000 ish special assessment, were there some owners that just bailed and dumped and sold and left?

Terri Rene 09:17

Yeah, that was something that I had to take into consideration in working with the board to develop a strategy for such a large special assessment, we needed to consider that there would be a certain percentage of owners who would be unable to make the payments. And we had talked a lot about, how are we going to handle that? Because you can’t go into a contract commitment without the money that you need to pay the contractor. We needed to discuss that, and I told them that, you know, while I hoped that everyone could afford it, we may have one or two, a 10% was sort of my rule of thumb to think about, we’re not. To collect. So let’s do the planning and be prepared for that, even though they aren’t necessarily saying that right now, let’s plan it that way.

Robert Nordlund 10:09

Okay, did you end up getting 18 people paying?

Terri Rene 10:14

No, we had a couple units. We have unpaid assessments, or we’re

Robert Nordlund 10:21

going down different Yeah, so it came true, all right, so we’re not good, good job of estimating. Will that be something that you have started the is it in the pacific northwest of the is it the foreclosure process? So they’ll hopefully get the associations money out of it,

Terri Rene 10:40

right? So it runs range from payment plans to foreclosure, and you go through that process with your attorneys, and it’s something that you have to wade through over a great period of time, so I’m not at liberty to discuss it that range of detail.

Robert Nordlund 10:57

Good, okay, good for you, because it I’ve tried to not say what state we haven’t said what body of water we’re trying to be careful as we dance through this topic here. But okay, so we’ve got $100,000 ish special assessment. How does that come about? What led to that? This

Terri Rene 11:18

is my story. So I’m an original owner. So watched this thing develop since my late 20s, when I was rather naive. I think we all are home ownership goes and I didn’t sign blindly. I read all the contracts, but for decades, a majority of our owners didn’t want to raise assessments and supported inadequate board budget proposals. I would include myself in that at a young age. I I didn’t have a concern about it, so I wasn’t, like, rejecting, yeah, that’s a future problem notion, right? For quite a while, then we were a brand new building, I mean, started out so you kind of like, you’re, not concerned about a lot of things, correct? There was a trend of repeated water leaks over time, though, through windows, doors and decks. And when the signing was 30 years old, and the board advocated adding 20 more years to its useful life, a few discerning owners, including myself, time I wasn’t on the board, insisted on hiring a building consultant for invasive inspection.

Robert Nordlund 12:26

So at this point in time you’re not on the board, you’re just an owner who appreciates 30 years is 30 years if it’s 38 years old. Now that’s eight years ago. So this is before Champlain tower south and so you and some other owners, we

Terri Rene 12:42

use that as an example of what you know, worst case scenario. Yeah, we talked about it when it happened. We were going through pros of this whole thing,

Robert Nordlund 12:53

yeah, but so eight years ago, you and some other owners convinced the board to spend some money and get a thorough or a substantial evaluation.

Terri Rene 13:05

Yeah, they did samples of the building, seven, seven areas, and random and targeted to try to get an understanding of the condition of the building. They found hidden damage to the wall shooting and recommended siding window and sliding door replacement, or did not accept this recommendation and saw additional opinions to justify a continued patch and repair strategy. Okay?

Robert Nordlund 13:32

Now again, this is not a surprise. This is a story as old as community associations, new owners, new building. Future deterioration is not our problem. Let’s just go, go, go, go, go. And then the board gets some bad news, and the board, again, I want to say classically, says, Oh, it can’t be that bad. They must be crazy. There’s got to be a different way. And you know, your story is your story.

Terri Rene 14:00

Things began to deteriorate rapidly, and our for becoming unsafe. Tower board sold their units during a peak real estate market in 2020, ah, good owner finally elected to the board, and that changed

Robert Nordlund 14:16

everything. Okay? So I’m gonna slow you down, so the board that had been resisting says, Oh, gee, we do smell trouble here. They started to get the flavor of it. There they go. Finally, so you and the other owners convinced the board to get a structural or moisture evaluation, and the truth of that started to come out. And the board said, we’re not up for this challenge. We’re not for this financial problem, and literally sold and left. Hoa, okay, but what is it? Change presents opportunity. I see that in business, and you saw that at your association, where you have five leaders go and all of a sudden, that creates an opportunity for you for leadership. Whoa. Orange. Okay,

Terri Rene 15:01

good, good, good. They did a good job of keeping me out of there, even though I was trying to help them, I get on. I, you know, made myself available, and they were resisting. They were very, very big opponent here. But it took several more years before we had a board majority ready to commit to a special assessment of this size for owner pool, there was quite a bit of board turnover, and at one point we were down to one board member, me and I rebuilt.

Robert Nordlund 15:31

I need to absorb that. Okay, so how many five board members at the association out of an association of 18? Okay, strong sized board. I’ve heard of smaller associations have boards of four or three, but you had a board of five and the board’s gone. You get new board members. You have some board member transition, some short term, I don’t want to say short term failures, but yeah, short term transitions. And so for a period of time, it’s only you and you’re holding on tight, trying to keep the ship from sinking.

Terri Rene 16:07

I stand on task. I rebuilt the board from scratch, being careful to recruit a diverse group of owners ready to tackle the issues. First thing we did was hire a new management company, since our prior dysfunction had burned through two companies. Okay? No surprise, our new board faced up to the realities of a crumbling infrastructure, and they were determined to deal with owner fear and shock with empathy and understanding. Nonetheless, an owner petition was circulated to garner support for rejection of the special assessment.

Robert Nordlund 16:39

This is no surprise. When associations are going through turbulent times, often the management company gets tossed out in the wash, either because they’re not on board or they’re not helping, or from the management company side, they say this account is not worth the trouble. So that’s no surprise. And then, just as that board started to smell the reality of the upcoming costs, sounds like the homeowners now are starting to smell the reality of this situation, and they are now calling for a RE is it a recall petition, or what

Terri Rene 17:16

they were just being, you know, activists and attempting to swell, you know, swell ground. I don’t know how what the rec term is, it

Robert Nordlund 17:26

groundswell, groundswell of opinion in on their side to try to change your minds.

Terri Rene 17:31

It became clear that we would have to double down our efforts to convince our owners we needed their support. Communication increased and the board spread out to speak one on one on one with the owners, multiple to owner town halls, and we paraded in experts like our master building inspector, your company’s Pacific Northwest president, and our new management company CEO.

Robert Nordlund 17:53

Okay, again, I’m going to slow you down there. I think this almost becomes a case study in how to do it well, because we talk so much about how important communication is. And I attended a, yeah, attended a presentation from a board member at a Cai national trade show. We ended up having him as a podcast guest who his whole message was a building problem requiring a special assessment is not a financial problem, it’s a community communication problem. And he talked about building political capital, and I think you sensed that. And I hear words like, we increased communication. You know, Terry, it’s got to be tough when there’s only 18. And so you know who everyone is. It’s almost like you have a Do you have a personal relationship with them? I

Terri Rene 18:47

made it my business to know who they were and and to get on a personal basis with as many as would open and invite that some were not willing to do so, and I respect that. Yeah, I spent time before all this happened, trying to communicate, but the board shut it down. They wouldn’t allow me to present facts. I got five minutes at an annual Association meeting because they had to give you time to talk to the owners. And I brought in big posters with pictures to show you know where all the leaking was occurring, and talked about the inspectors report with them, and just presented the facts because I felt that they deserved to know the truth, And that porn was deliberately squelching communication to keep that truth from them.

Robert Nordlund 19:44

Yeah, well, and then also it’s maybe even beyond a truth versus fiction thing. It’s a human factors thing. We had a client that had balcony problems, and literally, balconies were unsafe. And the couple have had to be demolished, and their special assessment vote failed because people couldn’t believe that this was real. And then the board chose to move the debris from the balcony removal up to where the guard house was. So every day, when every owner drove in and out, they would see the rotted wood that was in the two balconies that had been removed, and they were confronted finally with the reality that and that unsettling feeling that, oh, that could be my balcony next, and I don’t want to be standing on it when it goes and they, you know, that was that not written communication, not spoken communication, but that was what you say, eyeball communication. Yeah.

Terri Rene 20:44

We did that as well. We did a lot of tours with those who would entertain the idea that maybe I should take a closer look. I brought in pictures from the inspector report, because a lot of people wouldn’t read a 3030, page report. Anyhow, so I brought some of the worst pictures in and talked about them in that five minute little spiel. But yeah, I think it was important too to get the hands on. I welcomed people to cut. Hey, I tried to encourage them. You should go out and take a closer look. It’s hard to find the damage, even though we had vinyl siding, which hides a lot. So yeah, in the end, the special assessment barely passed,

Robert Nordlund 21:24

yeah, but you again, you did all the right things. You got your committee of experts. So it wasn’t just you. I got to ask, and we need to take a break, but let me ask, how was your health, and did anyone key your car or slash your tires? Or did it ever get personal? Or were people at least civil about it?

Terri Rene 21:45

The nastiest things that happened were just words. What do they say? Stones, sticks and stones break my bones. Words can never hurt me. Okay, so I just have tough up, the tough of my skin up to that. I was called some nasty things in the board meetings, those association meetings, there was some cruelty with regard to what you might call bullying.

Robert Nordlund 22:11

Might call Yeah,

Terri Rene 22:13

I’m thankful that everyone was civil enough. Now, things has changed in this pre, this post covid world, where I think a lot of us are a lot more paranoid about that kind of thing happening. People’s emotions run so high, more terrible things are happening in this world. And I’m so thankful that that’s not my neighborhood, that’s not my people. We’re not putting up with that.

Robert Nordlund 22:38

Okay, okay, good. Okay. Well, again, it’s time, so let’s take a quick break now, time to hear from one of our generous sponsors, after which we’ll hear more from Terry on this special assessment challenge.

Paige Daniels 22:49

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Robert Nordlund 23:21

we’re back. Well, just before the break, we talked about how the special assessment barely passed. And Terry, you were telling me about how the law is a little bit upside down, or let’s not go into that, but the situation that you had was the board was able to pass it, yet you had to call for a vote of the owners to see if they objected. Was that a correct characterization?

Terri Rene 23:49

Yeah, to me, it was very important. The first step was for the board to again communicate with the owners, bring it to a vote of the owners. Don’t sit on it and do nothing in our state, you have to have the owners reject your budget, and so you bring this vote to them, and hopefully they don’t reject

Robert Nordlund 24:09

1. You move on. If you were a betting person, would you have bet that you had successfully convinced enough people and that was going to fly? I felt like I was flipping coin. Interesting. And again, we’re talking about 18 unit associations. So we’re talking the difference between eight and nine and 10 or 11 of the 18 unit owners here. So wow, that’s, that’s thin margin. Okay, all right, let’s talk more about where you’re at now. So that was 2024 and you warned me that we may hear construction noise in the background. So it’s moving forward now,

Terri Rene 24:48

right? So we hired our building, we hired a building inspector, and had them update the. Association on the condition of the building, they provided us with a rough order of magnitude budget so we could establish the amount for the special assessment and then go forward if we could get it funded. I mean, we can move forward without the thing passing, right? So once it passed, then we were able to move forward with hiring an architect and engineering services contract and getting the building inspection company that we had did project management as well. So hiring them to do that get us multiple bids, competitive bids, go through the bidding process and award a construction contract, which we’ve now been through, that that took a good year to do all of that, right? Your stoke of work, all that stuff, very, very involved and detailed, right?

Robert Nordlund 25:50

So is that 2024 and now 2025 they’re actually starting to make noise.

Terri Rene 25:56

We weren’t on a fiscal year. This thing was established, you know, separate from our fiscal budget. I did not want to mix it with regular budget issues, so, so I made it its own issue. We had a separate special budget Association meeting to pass that thing. And then our our assessments were due, like in August. 1, we gave them any months advance. We were trying to make it as easy as possible, but still. So it’s a little bit off of that. But we did get the contract awarded. We probably spent a portion of 2023, even, kind of preparing for some of this stuff. With all the inspections that were going on, you’re right in your scope of work, you’re starting to define things, right? And then in 2024 Yeah, I’m working with architects and engineers and getting drawings and hardcore specifications. We used Association, American Institute of Architects, AIA, okay, yeah, contract form. So we went through all that, and we’re now, yeah, we’re, we’re four months in for four months into construction and an eight month suction project.

Robert Nordlund 27:10

Got it okay. So you’re, you, you’re halfway in, and got to ask, are you on budget, on schedule? Has all that preparation set you up for success in the project. The

Terri Rene 27:24

preparation definitely helped us. We are on budget, and I would credit that to our preparation. You have to have contingency funds as a part of your budget plan. So we are on budget. We are not on schedule. There was more structural damage and gypsum sheathing that happily replaced than anyone would have guessed. We replaced 60% of our wall sheathing. It was water damaged to that extent, and we we had something like 40 studs and a whole bunch of rim joists to replace. So there was considerable structural work, and that increases your engineering costs as well, because you can’t plan for that sort of thing. So it puts us off, but off schedule. I’m still hopeful we’re on a tight rope, but I believe that we’re on track, on budget.

Robert Nordlund 28:15

Okay, we’re recording this. The episode will play later, but we’re recording this early September, so four more months, September, October, November, December. So it’s going to be some winter months, but hopefully by then you’ll have it wrapped and

Terri Rene 28:31

right. The painting may have to get pushed out to spring if that schedule delay, it was like a five week justified schedule delay for the structural work, 100,000 bucks, you know, it was a big chunk. So that could ultimately be what happens is the painting gets shoved into the spring because of this, but we’ll see they’re trying to stay on track.

Robert Nordlund 28:55

Good. Okay, and I’m not sure if you said it clearly, but you hired a you had the professionals in advance, but you now also have a construction consultant overseeing the project, so it’s not on your shoulders. Yeah, it still falls on by show. Yeah, you’re still the owner’s rep, I guess. And

Terri Rene 29:15

that’s right, I’m out there every week. We do progress reviews and I look for contract compliance. No one else is going to do that for you. If you don’t do that, they will do what they want to do what they think is best, and that doesn’t always represent the customer’s needs.

Robert Nordlund 29:33

Yeah, my daughter has an upcoming medical procedure, and my wife will be at her side, because you need to have an advocate, and you’re the advocate for your association, because no one cares, like an owner or a parent just can’t get around that human factor. Let’s talk about some other human factors. Okay, you’re carrying a heavy burden. What does the end look? Like, let’s talk about financially. What’s Do you have any sense of if this is going to do a boost in home values, or is this going to just stabilize home values, keep them from tanking?

Terri Rene 30:11

Well, I believe that it will increase the value of our property. When you reside or Re Roof, you get that investment back pretty much 90% something like that, or what we put in, the value will reflect that. And there’s already interest in the community. You know, in purchasing some of these units that as they go up for sale, you may have one or two that’s garnering interest because of the fact that this is going to look like a brand new and it is going to be essentially a brand new building all over again. But after that big special assessment, our association reserve balance is still underfunded. We’re about 50% fully funded, and we want to be 70% of the minimum thing required to maintain, repair, replace building components to before shares down as can be done. Our roof is scheduled for a placement in four years. So we’re pressure,

Robert Nordlund 31:08

yeah, so you just emerge from the big siding and window and sliding door and deck project, and then you’re going to have a roof project in just a few years. Yeah, it never stops. Deterioration is ongoing. You have to get used to that. But okay, I’m glad that you have an expectation or a gut feel that the property values are going to be strong. I hate to feel what would have happened had the board continued to let it slide. Would have been mold. It would have been moisture, interior damage, all those kinds of things, right?

Terri Rene 31:42

Well, we would have gone into insolvency potentially as well. You can’t run a business that way, and you start getting business partners that see that, and they’re leaving, and you’re not going to have a board to support you anymore. No one who’s good enough to run your business is going to stay in a failing business, they’re going to go look for a business that they can be successful in, right? Owner? Don’t support that. It’s to me, it spells the end of the association,

Robert Nordlund 32:11

right? It is a, you want to say a housing development, but yes, it is a nonprofit business. Terry, this, I found this captivating. I thought it was just a special assessment story, but it’s a numbers story, it’s a political capital story, it’s a courage story, it’s a commitment. Yeah, it’s a commitment story, you stood up for what needed to happen, and you’re going to emerge with a healthier Association. And it’s board members like you that we just absolutely love celebrating on this show, so I’m looking at the time, and we’re we’re past time, but I want to say thank you, Terry, for taking the time to join us on today’s program. Any final thoughts, words of wisdom to share on your board member experience, or what’s what’s next for you? What can you share with our audience today?

Terri Rene 32:59

Thank you again for having me on your show, Robert, I think that board should lead by example. We hold at least one special meeting every year to evaluate our performance and set goals, and we continue to learn how to improve our business. I also want to shout out to my sister, Corey. She’s an association board member in Florida. So I’m Corey,

Robert Nordlund 33:25

great, you know, I just want to say one more thing is that you keep saying, improve our business. And I think there’s too many boards that fail to see their association as a business. It’s a neat place, it’s a nice place to live. There’s a social aspect, but indeed, it is a business, and you’ve demonstrated that very clearly by example. Well, we want to publicly acknowledge Terry for performing a thankless job. Well, digging deep through the years sounds like a beautiful place to live, and now she’s created a better place for all 18 owners to live there at her Association. We’re glad she’s been there on the board the right person at the right time with a guiding hand to keep it physically and operationally sound. And we hope you gain some HOA insights and some encouragement, maybe some inspiration from Terry’s observations and experience today that helps you bring common sense to your common area. And remember, if you match our definition of a board hero, or know someone who does, please reach out to us. We love having board heroes on our program. Our contact details are provided in the show notes. Thank you for joining us, and we look forward to another great episode next week.

Announcer 34:37

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