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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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[–] Bldck@beehaw.org 2 points 1 day ago

Small building HOAs like this are for managing joint property like the roof, common stairs and yard work. They also hold insurance and pay common utilities.

It’s not the same as a subdivision HOA that tells you what color your house can be and how short the grass must be