Reserve Analysis Firms in Michigan

Started by PatrickO1 • 6 replies • 199 views

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PatrickO1 (Michigan)
Posts: 13

Posted:

I am helping the Treasurer of our Association identify firms that could complete an asset and reserve analysis for a 30 year old 82 Unit site condo development in West MI. As a site condo development we have very few assets -- outdoor pool, road and driveways, storm drains, irrigation system and grounds. Can anyone recommend firms that complete these type of projects in west MI? We are hoping to not spend a lot on this analysis since the physical assets are rather limited.

MaxB4
Posts: 3,513

Posted:

No firms can be named here as part of their posting rules. I suggest doing a Google Search.

TimB4 (Tennessee)
Posts: 21,060

Posted:

search for "reserve specialists"
There are a few.

The Board should determine if you desire to go with a cash flow (also called pooled) or a component method of a reserve study.

see: HOA Reserve Studies Methods: Pooled VS Component

I prefer component. However, many companies recommend pooled/cash flow as it can require less funds each year to be set aside.

KerryL1 (California)
Posts: 14,550

Posted:

If your condo building(s) are multi-story, there may be more components than you think. How many buildings & stories are there?

We're multi-story and don't have any plumbing on our study yet, but at 30 years, it might be advised by a certified analyst or specialist to add some at this time. Surely you have roofs? Exterior building(s) paint? Each aspect of the pool is a component: refinish interior surface, pool pump, pool heaters, pool decking, lighting, ladders, coping, etc., etc. Also poolside furniture.

Do your CC&Rs say the HOA is responsible to repair & replace balcony rails & surfaces?

I don't know what is meant by "sounds." some HOAs reserves for trees and others don't. If you have raised plants they need to be on the study

You might want to contact management at well-maintained condo buildings near you for references.

What is a "site condo development"

PatrickO1 (Michigan)
Posts: 13

Posted:

A site condo in Michigan is where each person owns their own building and is fully responsible for all maintenance of their building. The Association has zero involvement in maintaining or funding the maintenance of the condo buildings beyond setting the standards to which the buildings need to be maintained. The only building the Association owns is the building housing the pool equipment and bathrooms for the pool.

PatrickO1 (Michigan)
Posts: 13

Posted:

We have a reserve designated for roads / driveways and a general reserve for everything else.

KerryL1 (California)
Posts: 14,550

Posted:

AHA! Thank you, Patrick. (I meant "grounds" above,)

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