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Clarity

LORI GREENLY

St Pete, FL & Denver, CO

2007 - 2017: Worked with condo developers and investors where I learned about the gaps, the missing fiduciary needed to protect owners and buyers. During this time I also learned about reserve studies, the ONLY way to understand the financial health of a building and its HOA. The reserve study is essentially a building inspection and less than 30% of all buildings in America have completed these studies today. So how do you know the value of the condo you are purchasing?

2018 - 2022: Obtained broker license to understand what American real estate brokers are taught and not taught. Created 24 hours of condo education and ran a team of 15 brokers who only focused on condos, AFTER completing required condo education.

With aging & deteriorating condos, underfunded reserves, minimal industry knowledge, & inconsistent regulations, condo investing is becoming more of a risk each day.

Because we have no formal condo training available to date in America, along with limited and disjointed legislation from state to state, my goal is to use my 15+ years of condo industry experience to help educate and guide anyone interested in the condo industry; whether that’s a buyer, seller, real estate broker, investor, developer, home owner associations & their board members, or vendors who want to specialize in condos such as mortgage & insurance brokers, property managers, appraisers & inspectors, & even those marketing condos such as stagers, photographers & videographers.

2022 - PRESENT: Relocated from CO to FL because of new legislation SB-4D, which is needed across US, similar to what Canada and Malaysia has in place today. Focusing on educating condo buyers, owners and HOAs as consultant.

I also have a real estate broker level license in Colorado and Florida. I am working on setting up a non-profit and supporting Federal legislation. Also setting up a YouTube channel to get information out to general public as quickly and broadly as possible.

Currently have started releasing information on blog: cyacondos.com

LinkedIn:
Lori Greenly
OR
Cover Your Asset Condos

Instagram: @CYACONDOS
Facebook: Cover Your Asset
YouTube: https://www.youtube.com/channel/UC_vwsjm9LD-Spz3__pCFtlg?sub_confirmation=1

#condo #condoliving #realestateinvestor #realestate #condoexpert #cyacondos #condohoa #specialassessment #assessment #knowledgeispower #protectyourself #unsafe #isyourcondosafe #unitedstatesrealestate #hoamanagement #condoconsulting #condolife #condoexpert #condoeducation #realestateeducation #hoareserves #condocollapse #balconycollapse #realestateinvesting #unfundedreserves #hoadues #structuralinspection #reservestudy #hoalibility #hoaboard #condoloan #condoinsurance #condoinvestment #condodevelopment #propertymanagement #fiduciary #condobuyer #condoconsumer #condohistory

$5.00/min

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CONDO & HOA EXPERT - KNOW BEFORE YOU BUY

US APARTMENT BUILDINGS & COMMERCIAL BUILDINGS ARE REGULATED (PROTECTED), CONDO BUILDINGS ARE NOT

i.e. CONDO OWNERS ARE NOT PROTECTED

I’ve been working with condos, condo developments, condo owners, and condo developers since 2007. My eyes were opened, quite widely, when I started working with a few of my favorite Canadian developers, who taught me about some of the great condo practices that protect many condo owners in parts of Canada. For the next several years, about every 6 months, I would research in great detail, expecting to see that America had followed suit, in some manner. By December of 2017, 10 years later, there was still nothing. Small changes were found in a few states but primarily due to tragedies. So, I left my 25-year career in banking and private wealth management on a mission to protect condo owners. Since that time, the tower in Miami collapsed, 2 years ago June, and another state bill was created, SB-4D.

During my 25-year career, I enjoyed working with some of the most brilliant business minds, creators and investors and each time I tell this story, it makes each of them stop and ask “how did I miss this?” So now that we know we’re all in the same place, with the same lack of knowledge, I hope this information will be helpful to everyone reading.

Apartment buildings and commercial buildings are most often owned by an individual or group of individuals under a business entity, as we know. They are also regulated by their local state and city governments. These businesses are usually run by very knowledgeable groups and individuals in the apartment and/or commercial building industry, or they will hire individuals who are, to make all financial, safety, structural decisions, who will work directly with local inspectors to ensure all codes are met. This group will ensure they have the funds to accommodate necessary repairs today and anticipated repairs for tomorrow, because this is their expertise. This is what they do over and over, and they answer to their local city and state government requirements, with the ultimate goal of making a profit.

https://coveryourasset.condos/2023/08/20/condo-buildings-are-not-regulated-like-apartment-commercial-buildings/

Real Estate Condos

With aging & deteriorating condos, underfunded reserves, minimal industry knowledge, & inconsistent regulations, condo investing is becoming more of a risk each day.

My ultimate goal is to protect condo buyers & owners until the appropriate fiduciary, education and legislation is in place in America, as it is in Canada & even in Malaysia.

https://coveryourasset.condos/2023/08/20/condo-buildings-are-not-regulated-like-apartment-commercial-buildings/

CONDOMINIUMS

Condos were originally created in the United States in 1960 and became popular in the 70’s as a more attainable form of housing. At least that was the original intention. Today, they are amongst the most expensive homes on the market, primarily because of the HOA dues/fees.

Many believe these fees continue to increase as a result of shoddy workmanship. The truth is that because past condo owners were not guided properly on how to run and manage the large commercial building, they unknowingly mismanaged the budget. They were not made aware they should have had reserve and structural studies completed, which would have provided an approximate month and year to expect when to repair or replace major components and amenities, as well as the estimated dollar amount for each so they could budget accordingly within their reserves. For those who did have reserve studies completed, many voted against setting the appropriate amount aside with the thought they were only going to live there for a few years, so why would they plan for 30 years down the road? It didn’t concern them, not realizing the long-term effects.

In my opinion this has been a BIG regulatory miss from the very beginning. Apartment buildings and commercial buildings, which are usually owned by professionals in their industry, are regulated by cities and states, but our government has left condo buildings to be “self-regulated” by average consumers/homeowners, like you and me. This means today’s condo owners are paying for yesterday’s owner’s use of these components and amenities, as well as their own use today, and now with new necessary regulations being put into place, such as the one in Florida, tomorrow’s fair and equal usage as well.

https://coveryourasset.condos/2023/08/21/united-states-condos-continue-to-experience-record-breaking-special-assessments/

CONDOS - THE MISSING FIDUCIARY - PROTECT YOURSELF

UNPROTECTED CONDO CONSUMERS; the missing fiduciary

The first U.S. condos started in 1960. With aging and deteriorating buildings, underfunded and even unfunded reserves, minimal industry knowledge and training, and inconsistent regulations, condo investing is only going to become more of a risk for consumers if we don’t get in front of things sooner than later; from a financial, safety and liability perspective.

The ultimate goal is to protect condo consumers until the appropriate fiduciary, education and legislation is in place in America, as it is in Canada.

fiduciary; a fiduciary is a person or organization that acts on behalf of another person or persons, putting their clients’ interest ahead of their own, with a duty to preserve good faith and trust. Being a fiduciary thus requires being bound both legally and ethically to act in the other’s best interests. ~ Investopedia

When you invest in a business or the stock market, you are either an expert and understand the concept, the rules and regulations, the potential risks, and hopeful rewards, or you hire and surround yourself with a team of experts who are there to assist and protect you, a fiduciary. You experience the same when you invest in a single-family home or a piece of commercial real estate, most people work with a trained and licensed real estate agent or broker, a fiduciary.

However, to date in the United States, when you purchase a condominium there is a missing fiduciary representing the consumer. A condominium, a large commercial building that houses you and your neighbors and is operated from decisions derived by the same untrained and unknowledgeable consumers, is very different than a single-family home. For example, when you purchase a house, an inspection will tell you the age of the roof, HVAC, windows, the condition of the foundation and so forth, so you can make an educated decision from a structural and financial standpoint as to whether you want to proceed with the purchase, negotiate or withdraw your offer.

A condo inspector will not provide this information like the inspector of a single-family home will, they will only provide information on the interior of the individual condo being purchased, not the entire building. The only way to obtain this information is through a reserve study and it is believed that only 20% of all condo buildings across America are operating under a current reserve study, many don’t have a reserve study on file at all or are even aware of what this is.

When you purchase a condo, most people don’t understand the importance of understanding this information, where to get it or to ensure there is sufficient money set aside to fund the repairs or replacements analyzed in the reserve studies, such as the roof, HVAC, windows and elevators.

https://coveryourasset.condos/about/

CONDO PURCHASING = TWO TRANSACTIONS

Purchasing A Condo Also Means You Are Purchasing or Investing in a Business; The Building Itself, As Well As the HOA That Owns the Building

When you purchase a condo, you are not just purchasing an individual condo unit, but you are also buying into a business, the HOA that owns and manages the building that encompasses your condo unit. The average consumer is now responsible for running a large, commercial building. Most are not aware they will need to make important decisions regarding the structure and finances of this building, yet few have any idea what this means or how to approach the subject. Something that is rarely thought about when purchasing a condo.

When you purchase a business, you will normally perform thorough due diligence on every aspect of the company prior to purchasing it. You might purchase the business to be an involved owner, running the daily operations of the business, or you might buy into the business as a passive investor, but either way, you will have an appropriate level of understanding of the health and performance of the company and weighed the risks prior to such a commitment.

When purchasing a condo, whether you decide to be involved in the HOA or a passive member, you are indeed an owner of the building that ultimately controls the value of your individual condo. So, just as when purchasing or investing in a business, performing thorough due diligence on every aspect of the building, and understanding the health and performance of the HOA will help you determine the overall risk of your individual condo investment.

https://coveryourasset.condos/2023/01/11/purchasing-a-condo-also-means-you-are-purchasing-or-investing-in-a-business-the-building-itself-as-well-as-the-hoa-that-owns-the-building/

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Member since November 2023