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  1. #21
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    you cant invest the reserve fund in the market. Your definitely strictly restricted in what you can invest in. Gics are all the options I've ever been given.

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    Ya for sure GICs. I was looking for an advisor as so I can stay 1 level removed.

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    WealthSimple full managed balanced funds?

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    Quote Originally Posted by TomcoPDR View Post
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    WealthSimple full managed balanced funds?
    You bastard
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    Ou hail deductible is going to 500k, I am not sure how to budget for that.. just assume special assessment?

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    Quote Originally Posted by dirtsniffer View Post
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    Ou hail deductible is going to 500k, I am not sure how to budget for that.. just assume special assessment?
    You really only have three choices. Raise fees and hope to have a little nugget of funds in case it happens, special assessment at the time or, do a combo. Raise fee and diligently put aside funds and also expect to special assess.

    How large is your complex? 500k is pretty steep unless it's a massive building. Who's your insurer?

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    Its about 100 townhouses in 30 buildings. Got destroyed in the storm a month ago. Insurance is through gallagher. Our annual budget is about 300k, so setting aside 50k a year for the deductible is a 20% increase, we also had the premium go up 40k. People are going to lose their shit. Spending more on insurance than reserve contributions

  8. #28
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    Can you shop different insurance companies? Gotta be someone out there who could beat that

  9. #29
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    I have a condo in Winnipeg and after reading the meeting minutes form the last BOG meeting, it sounds like someone raised the issue of looking for a new property management company, but the property management company shot it down. Apparently it was also brought up a year ago, but nothing came of it. If the PM company can just shoot it down (like it seems by readying the minutes), how would a group of owners go about replacing the property management company? Wouldn't it just be a vote by the owners and it happens? Why is the PM company able to shoot it down?

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    We generally do 2 year terms as a board for our property manager. The board can easily transition to a new management company

  11. #31
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    Insurance will be a major issue. One of my rentals was technically outright denied insurance due to a few repairs that happened. Our property manager mentioned having to get some emergency extensions enacted under the fact covid was an emergency of sorts and that they couldn't outright cancel us outright during an emergency.

    5 extensions later we finally had proper insurance.

    Most condos can have 5 to 8 insurers under one policy. One may insure hail, one does fire. One may take sewage. In the last 12 to 18 months many insurers don't want to insure condos anymore and the ones who do are definitely more picky.

  12. #32
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    Quote Originally Posted by Jlude View Post
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    I have a condo in Winnipeg and after reading the meeting minutes form the last BOG meeting, it sounds like someone raised the issue of looking for a new property management company, but the property management company shot it down. Apparently it was also brought up a year ago, but nothing came of it. If the PM company can just shoot it down (like it seems by readying the minutes), how would a group of owners go about replacing the property management company? Wouldn't it just be a vote by the owners and it happens? Why is the PM company able to shoot it down?
    the board can fire the property manager at anytime. If the board doesn't want to then the property manager will stick around. I'm going to assume the minutes are poorly drafted as any decision that happens for the condo community is up to the board not the property manager. Just because a resident or two are upset at the way things are run doesn't mean the condo board is.

    Best way to fire the property manager is to get on the board.

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    If you own a condo you really should get on the condo board. Don't trust other idiots with that investment.

    If you aren't willing to be on the board, you should rent.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

  14. #34
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    Condos. For people who wake up one day and wish they had another level of government in their lives.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
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    guessing who I might be, psychologizing me with your non existent degree.

  15. #35
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    Condos. When you hate and want to punish yourself.

  16. #36
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    Talk about a fucking thankless responsibility that's for sure. Looking forward to unloading it next year.
    Last edited by dirtsniffer; 08-15-2021 at 03:34 PM.

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    We used BFL and they've been good to our condo building for claims. As with everyone out there, our annual has increased a lot over the last two years.
    Ultracrepidarian

  18. #38
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    I agree with everything mentioned above. Bought it 5 years ago, we lived there for about a year or so, but then moved to the US and haven't really been back. I'll never buy another condo.

  19. #39
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    My accountant lives in an apartment condo, some of the residents staged a sit in because they didn't like the way the parkade was being paved.

  20. #40
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    Quote Originally Posted by dirtsniffer View Post
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    Its about 100 townhouses in 30 buildings. Got destroyed in the storm a month ago. Insurance is through gallagher. Our annual budget is about 300k, so setting aside 50k a year for the deductible is a 20% increase, we also had the premium go up 40k. People are going to lose their shit. Spending more on insurance than reserve contributions
    There are a lot of people in the same boat. Gallagher is a bit pricey, but your management firm should be supplying the board with as many quotes as they can. Unfortunately, some will straight up refuse to quote because of the risk. You might be stuck with this for now.

    - - - Updated - - -

    Quote Originally Posted by Jlude View Post
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    I have a condo in Winnipeg and after reading the meeting minutes form the last BOG meeting, it sounds like someone raised the issue of looking for a new property management company, but the property management company shot it down. Apparently it was also brought up a year ago, but nothing came of it. If the PM company can just shoot it down (like it seems by readying the minutes), how would a group of owners go about replacing the property management company? Wouldn't it just be a vote by the owners and it happens? Why is the PM company able to shoot it down?
    That's def not right. However, the management firm will have a contract with the condo corp. If you read it, there will be an escape clause in there. This document should be available to you as an owner. Some management companies have no escape clause and you're stuck for however long the contract is for. The owners cannot replace the management firm. This is a board decision, so i'd suggest trying to get elected and spearhead that initiative.

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