047 | THE LIVE PODCAST! | HOA Reserve Study Legislation: Is Your State Next?

HOA Insights: Common Sense for Common Areas

Apr 3 2024 • 40 mins

Listen to Robert Nordlund from our Special LIVE Podcast episode on April 1st 2024. Robert unpacks new HOA Reserve Study legislation. Could your state be next? Listen to see how you can prepare your community
✅ Is a Reserve Study right for you? 👉 https://www.reservestudy.com/

Join us in episode 47 for a live podcast event where over 160 participants came together to explore the evolving landscape of HOA reserve study legislation. Robert Nordlund shares his expertise on the subject, addressing crucial questions from our live audience. Discover the implications of new laws in states across the country and how they might affect your community association.

Chapters from today's episode: HOA Reserve Study Legislation - Is Your State Next?

00:00 Intro to HOA Reserve Study Legislation: Is Your State Next?
03:22 How Community Associations Work
05:28 How to Fairly Pay Into an HOA
06:19 Where HOA Costs DON'T Come From
07:14 Types of Reserve Study Legislation
09:06 Why Reserve Studies Are a Hot Topic
10:50 Whats Happening In Each State
14:18 What are the consequences if your board does not include mandatory items in the Florida SIRS?
15:37 What are the laws & consequences if a board uses reserves to buy new assets when underfunded?
17:01 For states that require a certain level of reserve funding, what's the percentage range of the requirement?
18:50 If the HOA is responsible for ALL windows & doors, should it be in the SIRS?
19:49 What is a SIRS?
20:29 When to Get a Reserve Study
21:31 Is there pending legislation?
22:45 Could soil erosion be a special assessment or included in the reserves?
24:30 Can we fix roads earlier than listed in the reserve study with reserves?
25:23 What if your HOA has private roads & didn't reserve any funds for them?
28:32 Should you get a new reserve study from a more trusted analyst?
30:27 Does the level of reserve funding indicate overall association health?
31:55 Should you apply for a loan to cover needs of reserve funds, instead of assessing the owners?
33:58 Do we recommend 100% funding at the end of 30 years?
35:26 What level of inflation are we currently recommending?
36:06 How do we treat items that were not replaced or repaired in the year projected?
38:25 HOA Resources