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Something Fishy is going on here....
Ok, so we live in a townhome complex. We own our home and all the homeowners are expected to pay a maintenance fee. Nothing weird there, right? However some of the people that have lived here for a long time recently decided to go around and ask what each homeowner pays per month. (Fee goes up according to how big your townhome is) When all is said and done, they make $95,000 a month here from maintenance fees. Now, this complex is not super large. There are something like 170 units. 2 pools. There are 2 maintenance men for the whole place. They mow the grass themselves. They care for the pools themselves. Any repairs on the units are the homeowner's responsibility and not the maintenance men. I.e, if it's plumbing problems you call a plumber, air conditioner you call AC repair, and so forth. The complex is nice, but not amazingly so. The only utility we do not pay ourselves is water.
Now, 95 grand a month adds up to $1,140,000 a year. That's over a million dollars a year, if you can wrap your mind around that. And not to mention the manager refuses to tell us where, exactly, the money is going to and what it is being spent on. They say it is none of our business. None of our business!
Does this sound fishy to anyone else? Does anyone know about what the operating costs are for a complex this size? I would like to know where my money is going, quite frankly, and the tenants here have had suspicions for quite a while that not all of it is going to the complex, if you catch my drift. I am wondering if I am just being paranoid, but a million dollars a year sounds like QUITE a bit of money.
Opinions?
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