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That is just what it is.. perception and illusion. in the end, you are paying more than you should.
Unfortunately, the transient mentality is all too common. everyone is looking for short term satisfaction (this is why we have the highest personal debt rate also). It is not prudent. However, if the corporation believes they are acting within the best interest of the shareholders, there is no illegitimacy in their duty.
You need to run for the board, or show where they are wrong via an accountant or professional letter, as to make them accountable to their fiduciary duty.
With a mtge of 150K, I would suggest to make a plan for debt elimination and capital all in one. Have your managing agent assist, or do this for you.
One of my buildings are in a similar situation (only 14 units) and we owe 148K and have some repairs, but the plan will allow us to be free of debt in 6 years, while performing capital improvements at the same time.
~AR
Yes, I am...
Feel free to email me directly if you would like off line assistance.
~AR
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AR, I am on the Board, sadly, I don't have a lot to work with. What you are suggesting is what I believe in too. Are you a managing agent in the NYC area?
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