COMMUNITY ASSOCIATION COLLECTIONS: EVERYTHING YOU WANTED TO KNOW...

Article by AFS' Mitch Drimmer

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AN HOUR WITH AFS ON CONDO CRAZE AND HOA's

Listen to Alex Moskovitz, Mitch Drimmer and Attorney Jeff Oshinsky talk about how SB319 and HB680 was defeated in the Capitol. Listen and learn more about what Safe Harbor Provisions For Banks Are Really About.

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"COMMUNITY ASSOCIATION BEAT" COLUMN BY AFS' MITCH DRIMMER

Read "Community Association Beat," the syndicated newspaper column written by AFS's own Mitch Drimmer appearing in community newspapers all over the Miami area.

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WHY AND HOW TO PURSUE ASSOCIATION WRITE-OFFS

Article by AFS' Mitchell Drimmer, CAM

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COMMUNITY ASSOCIATIONS CAN RECOVER FORECLOSURE WRITE-OFFS

“Can an association get back any of the money it is owed after a bank forecloses? The answer is yes...

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HOW SHOULD ASSOCIATIONS HANDLE BAD DEBT?

Ken Arnold has the answers in the current issue of Common Ground.

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TO FORECLOSE OR NOT TO FORECLOSE?

How is this even a question? By Ken Arnold and Jeff Oshinsky

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ALEX MOSKOVITZ NAMED AMONG 40 UNDER 40 BY S. FLA. BUSINESS JOURNAL!

AFS CFO/Senior Managing Director Alex Moskovitz named among the region’s best and brightest professionals under 40 years old for their professional success and community involvement

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FORECLOSURE FEES HAUNT HOMEOWNER ASOCIATIONS

Ken Arnold quoted in Sarasota Herald-Tribune

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AFS ON BAD DEBT

"The most important thing to remember is that a community association is just like any other business and should move aggressively to collect debt and should limit its bad debt to only the amounts that are truly not collectable, which is a lot less than most people think," said Ken Arnold, CEO of Association Financial Services, in his article entitled "The Real Cost of Bad Debt" that appeared in the November 2010 issue of Florida Community Association Journal.

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AFTER THE CRAZE: CONDO CONVERSIONS LEAVE FRACTURED COMMUNITIES

"If an association already has a number of people who have purchased and are members, and for whatever reason are actually living there, they own it. It'd be hard to get all the votes to return it to 100% rental," said Ken Arnold, CEO of Miami-based Association Financial Services, which provides financial advice and assistance to distressed condominium projects.

TURBULENT INCOME AND PROPERTY VALUES: DIFFERENT STROKES TO STAY AFLOAT

“Communication is key in every aspect, with both good-paying and bad-paying owners. If you communicate not only the amount but the details of the delinquency, they know they can discuss it if there is a problem. You’d be surprised how much can be resolved before you put down the ultimate hammer,” says Ken Arnold, CEO of Association Financial Services.

HOAs SCRAMBLE TO TAKE ADVANTAGE OF NEW FEE COLLECTION LAW

Miami-based Association Financial Services has noted interest about the new law [Senate Bill 1196] from the homeowner associations it works for, CEO Ken Arnold said. “We’ve seen a lot of questions about the association’s ability to collect rent,” he said. “[The law] is definitely going to help.”

CREDIT LIFELINE

Some 20% of Florida’s population lives in communities with associations, and Kenneth Arnold says Association Financial can be a lifeline to the associations, which find bank loans almost impossible to get right now. “As a non-profit, you have to maintain very lean operations, and they’re not necessarily equipped to manage in downturns like this,” he says. “Sometimes, you need money to be able to right the ship.”

FINANCING FIRM OFFERS OPTION FOR STRUGGLING HOMEOWNERS ASSOCIATIONS

“They’re really filling a void, big-time,” Schultz says. “It gives the association a hell of a lot of breathing room.” … Kenneth Arnold runs Association Financial Services, and he started the company two years ago.

CONDO ASSOCIATIONS GO WITH THE GUARANTEED MONTHLY CASH FLOW

"They (Association Financial) were a godsend for us," said Joseph Bayne, treasurer of the Captiva Lakes Condo Association. "We have been a client since February 2007, shortly after our new condo board was chosen."

RECEIVERSHIPS NEW OPTION FOR CONDO ASSOCIATIONS

After a receivership is set up for a particular association, "any unit that goes into foreclosure that has a renter in it is automatically included under the umbrella...on behalf of the association," said Ken Arnold…

CONDO BOARDS INNOVATE TO GET NEEDED MONEY

“Association Financial…is able to reduce delinquencies by collecting on past assessments more efficiently than the associations themselves.”

Ken Arnold & Alex Moskovitz on PBS's Wealth & Wisdom Television Show

CONDO ASSOCIATIONS IMPERILED AFTER LEGISLATURE DENIES AID

Other services include offering interest-free accounts-receivable lines of credit to advance money to associations to cover their delinquencies. “We are the only ones in the entire state offering that, “ Mr. Arnold said.

CONDO BOARDS INNOVATE TO GET NEEDED MONEY

Company gives associations cash, and then collects the dues. Cash-strapped associations took out loans, raised fees, curtailed services or even fired management companies as past-due assessments piled up...

CONDO ASSOCIATIONS CAUGHT IN THE SQUEEZE

“After engaging Association Financial in Spring 2007, the association was able to balance its books and obtain a bank loan to pay for repairs to buildings damaged by Hurricane Wilma in 2005.”

SOME BUSINESSES TURN HOUSING BUST INTO BOON

‘Some companies, like Association Financial Services, were well-positioned to take advantage of the mortgage meltdown when it arrived… Opened in 2006, the company is seeing its business assisting condo associations collect fees from unit owners rise at a quick pace.’

DEBT COLLECTION AGENCY TARGETS HOMEOWNERS ASSOCIATIONS

(June 2010)
Some 20% of Florida’s population lives in communities with associations, and Kenneth Arnold says Association Financial can be a lifeline to the associations, which find bank loans almost impossible to get right now. “As a non-profit, you have to maintain very lean operations, and they’re not necessarily equipped to manage in downturns like this,” he says. “Sometimes, you need money to be able to right the ship.”

COMPANY MAKES MONEY COLLECTING WHAT HOMEOWNERS ASSOCIATIONS CAN'T

Homeowners associations plagued by deadbeat owners face little choice but to cut services or raise fees to cover people who aren't paying...

FINANCING FIRM OFFERS OPTION FOR STRUGGLING HOMEOWNERS ASSOCIATIONS

An upstart firm based in Hallandale Beach offers associations a new option...“It gives the association a hell of a lot of breathing room.”...

BEFORE BUYING INTO A MULTIFAMILY RESIDENCE, RESEARCH THE INS AND OUTS OF THE HOMEOWNERS ASSOCIATION

‘says Kenneth Arnold, CEO of Association Financial Services… “If the HOA is not receiving 100 percent of its assessments on time, is the budget artificially increased so that the good-paying owners are compensating for the shortfall, or are services being cut to make up the difference?”

ASSOCIATIONS GRAPPLE WITH ECONOMIC DOWNTURN

"We inject a shot in the arm so associations are able to pay for the services they must provide," said Alex Moskovitz, chief financial officer for Association Financial Services.

SKIPPED DUES CRUNCH HOME ASSOCIATONS

‘Collecting monthly dues has become so problematic that at least one company is trying to capitalize by offering to take over the job. The company, Association Financial Services, based in Florida’

JUDGE TAPS RECEIVER TO COLLECT RENTS ON UNITS IN FORECLOSURE

“That’s the brilliance and the beauty of this [approach;] it is really, really revolutionary,” said Mitchell Drimmer, whose company, Miami’s Association Financial, handles collections for The Oaks. Drimmer helped the board petition for the receiver.

When Normal is Best: How an Accounts Receivable Servicing Firm Can Help Your Community

There’s no doubt that these are tough financial times for condominium and homeowners associations...

ASSOCIATIONS LOOK TO CASH ADVANCE FOR HELP

‘Captiva Lakes Villas took another, more innovative route. It teamed with Miami-based Association Financial Services, which, backed by private investors, gives associations a cash advance to cover its shortfall and use for maintenance, landscaping, repairs and other Responsibilities.’

BAD BOOKKEEPING HABITS COST COMMUNITY ASSOCIATIONS

Then the association hired a company called Association Financial Services, which provides a range of financial services – from accounts receivables servicing and collections to cash advances…"Now we have a 90 percent assessment collection rate," Agnello said. "Now we're doing a lot better.".