We had a budget where there was a 30,000 mistake , not in our favor, for a expense that was constant every year.
I realized that the management company had to be farming out the financials to a party that was not familiar with the cost of items like yearly insurance.
It would be the same as if i budgeted $50 for the two cars auto insurance , with full coverage, and didn't think that was off.,t
he real deal is the financials especially the miscellaneous , where they hide a lot of stuff, especially since we hearof more and more coopos refusing to breakdown $50k to 1million in miscellaneous. what is actually spent, and when they refuse to disclose that, you know there is something going on. #1 it is the law, and #2 it reeks of fraud and corruption and being above any laws.
We need to have a coop of shareowners to check prices in our area as a a COOPERATIVE GROUP> and to check the work of the companies, start becoming real coops , and throw these management companies to the media wolves.

Media is a good way to expose these real estate companies. Many are also in the selling business and have many properties they handle, No one is going to buy ANY of their properties once this refusal to follow the laws and redisal for trqnsparancy, through in all the self dealing.
I would think it would be a tort if a pre conversion owner now is lossing 40% or more on their property because the true , not the fraudulent owner -occupancy ratio has been exposed, among other items,like refusal to show the financials. Especially when the sellers are senior citizens or disabled. i am starting to think that a regular law suit lawyer may be all that is needed, since the evidence has already been gathered, and the financials will be the fatal blow when the alleged upstanding owner of the management company is exposed for the madhoff like person he is.`I have a couple cases in thos bldg i am looking at that angle, one seller lost about 40%, and a board members mother bought the apartment. Due to his refusal to perform his due diligence and fiduciary duties , a family member gains. I do not think that would look good in front of a jury. Another board member bought unsold shares for a song, after 25 years of it being occupied by a rent controlled tenant. I havent had time to check if he was legally allowed to buy unsold shares.

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