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Became a part of a micro HOA and looking for banking options (startrek.website)

submitted 2 days ago by RadicalCandour@startrek.website to c/asklemmy@lemmy.ml

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I recently purchased [NJ] a condo. It’s a house comprised of 2 units.( these types of 2/3 unit condos are common in NJ.) When I purchased they said, congrats you’re an HOA president! Basically the sellers have setup an LLC for our HOA for both my neighbors and I. We are both new to this so we’re looking for advice on how to get started. Right now we’re trying to find a bank to work with. First I was trying to find a local credit unions but there doesn’t seem to be ones that works with HOA accounts, at least ones that are local. Also not sure if we should have an HOA management tool for just a 2 unit condo.

My understanding thus far is that we should build up our funds and then put some of that money in CDs and brokerage accounts, eventually. Would love bank/credit union recommendations or any other helpful resources (that’s not trying to sell us a product).

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[–] Nighed@feddit.uk 4 points 2 days ago (1 children)

Is this a new build, or an existing building?

If it's an existing building, with an existing HOA, then it should already have a bank account? (Probably with funds in it!)

If it's new, build up an emergency fund, but leave it in a bank. putting it into stocks is crazy, it's an emergancy/maintenance fund, you need to know how much is there, trust it's not going to just disappear and be able to access it quickly.

Make sure you understand the voting rights and who has authority to access the money if there is going to be a significant sum in there.

[–] RadicalCandour@startrek.website 1 points 17 minutes ago

It’s a new build and we are both the first owners so this is brand spanking new.

We have decided to most likely go with Axos bank. They have high interest rate and appear to be small community HOA friendly. They have a whole page dedicated to it.

We’re going to split up our dues into a savings and checking. Like you said one for emergencies, and one for general maintenance. I will need to locate the bylaws that were most likely setup but the sellers for both of us. They also setup our LLC. We’re just in the beginning stages of everything so getting the bank account is one less stress off our backs. There’s already things we want to implement. Appreciate the advice!