Book Reviews & Testimonials
Community Associations Institute, © 2010
This detailed book is written to help board members learn basic financial principles that will protect and preserve owner's investments and eliminate the need for special assessments.
Aimed at promoting financial soundness within community associations, this book focuses primarily on the importance of reserve studies and reserve funding. The message is supported with information that goes beyond a discussion of reserves. It also touches on the areas that underlie and affect reserve funding: budget development, preventive maintenance, cost projections and estimates, collections, effective board functioning and the value of good management.
Contains multiple charts and diagrams illustrating various reserve systems for condominiums, homeowner associations, high-rise buildings and conversions. Loaded with examples, checklists and sample documents.
Chicago Tribune, © 2010
Better training of board members bolsters association
By Pamela Dittmer McKuen, Special to the Tribune
September 17, 2010
Patrick Hohman was president of his aging brick condominium community in Louisville, Ky., when he realized the property needed serious renovation. Winter utility costs were up 250 percent over a four-year period, but monthly assessments stayed the same. The buildings, which date to the 1940s and 1950s, were due for pricey window replacements and attic insulation. That was just the start. A long-range plan was needed as well.
At first Hohman's fellow board members resisted his ideas. They didn't see the need. But Hohman, a technical writer, issued a series of illustrated memos to explain such concepts as how reserve funding saves money in the long run and how building components work. Eventually the board came around. The initial improvements were made, and the association is now following a 30-year reserve study.
Hohman expanded his memos and recently published a colorful 264-page board training manual, "Condos, Townhomes and Home Owner Associations: How to Make Your Investment Safer" (Amazon, $39.95). The book details how to create a financially strong community and includes sample budgets, reserve studies and maintenance checklists for various building types. Hohman's Web site, CondoHOAinfo.com, offers 19 free mini-training videos.
"Association living won't go away on this crowded and aging planet," said Hohman. "There will be more associations and more board members who need to be trained about how to operate their properties. Good financial stewardship is the only way they'll survive economically."
About 2 million association volunteers serve on their boards, according to estimates of the Community Associations Institute. The type and intensity of training they receive varies from association to association. Hohman's manual is one approach, but there are others, both formal and informal.
Community Association Industry Testimonial
After 30+ years in this business, "by far the best resource I have seen on this topic"
Having 30+ years in the HOA industry with ten of those years owning my own management company and 20 specializing in banking services, Patrick's reserve study book is by far the best resource I have seen on the topic. Board members, managers, bankers, CPAs, and reserve study providers would find this book extremely valuable.
In his book, Patrick has done a great job of simplifying what a basic reserve study is and explains it with easy-to-understand color graphics. The book is very well organized and easy to read.
Whether as a guide for creating your own reserve study or a training guide for other industry professionals who deal with community associations, I highly recommend this book.
Alan Crandall, Senior Vice President
West Region Manager
Community Association Banking
Mutual of Omaha Bank
Book is "a great tool for managers"
Patrick communicated that his goal was simply to "Help board members ask intelligent questions and the right questions for their (communities) future" (and) to that end he hit a bull's eye dead center.
…a great tool for managers…It is simply a great way to help any new or inexperienced board members understand the financial complexity and need for accurate reserve studies without you, the manager, having to explain it. This book can be a time and pain saver for you guys.
Association Manager Employment Consulting
Condo board members and owners explain how they benefit from the book and companion web site.
Required reading for Condo Association Board Members
Should be required reading for all condo association board members. Whether you are a new or experienced board member this book has information to assist you with your responsibilities. As Chairman of a transition committee (from developer controlled to resident controlled) this book has been invaluable to us. All condominium owners or prospective owners will benefit from reading this book.
--Frank T. Kiley, Louisville, Kentucky
A Must Read For Condo Owners
This intriguing book is a must read for condominium association board members, property managers, and anyone who owns a condo or plans a future purchase. Patrick Hohman shares his extensive knowledge of condominium properties across the United States in this thoroughly documented book.
Recommendations and suggestions for condominium properties best management practices are found from cover to cover in an easy to understand context. The pages are filled with detailed charts, informative tips, colorful graphics, and interesting photos. The accompanying web site features 19 video "mini lessons" ranging from 30 seconds to 2 minutes in length. The videos are great supplements to use at board meetings to train new board members and condo owners.
If this book is not already on your shelf, it should be. Add this well written book to your collection to ensure that your investment is adequately protected, properly managed, and safely maintained!
-- By D. Wilcher
A Necessity For Condo Owners
Anyone who lives in a condo needs to own Patrick Hohman's book. Hohman is concerned that we condo dwellers don't wake up one day and find that our investment has tanked. His book is full of suggestions on how to keep that from happening.
The format includes charts and graphs in full color--pleasing to the eye and easy to understand. The book also points to its website that includes short educational videos on many of the book's subjects.
For me the book is timely. I have just bought a condo that is still under the supervision of the developers. But we will soon begin the process of setting up our own condo association.
This book is essential to understanding the possibilities and pitfalls of that process. Own a condo? Get this book!
-- By W. Williamson, Louisville, Kentucky
A Book Condo Owners Must Have
For several years Condo owners (new and Old) have been at a huge disadvantage as the control of the owners association left the developer. Many of us do not understand the transition process and are ill prepared to assume control. This book helps us understand the pitfalls and opportunities. Owner control, reserves,transition, liability and many other issues are discussed at length. A must read for Condo leadership and owners.
-- By Sam