Mike Andes and a partner discuss an HOA that terminated their maintenance contract after five months, leaving them exposed to a $95,000 loan on equipment and facing a $42,000 purchase they hadn't signed yet. They worry about legal action and damage to their reputation in the community.
Questions this video answers
$95,000 (referred to as a loan amount).
About $100,000 (he "bets" it's 100 grand).
$42,000 ("we were just ready to sign a $42,000 piece of paper").
I don't know what to do. Like, you're gonna look like a jerk suing people that are on 55 plus and that type. Your reputation. But at the same point, what does it do to my reputation on the street? I told all the neighbors, hey, look at. We just got this new contract here, and we would love to take care of your place. It makes us look like bums if we're getting thrown out in five months, and it makes us look like we don't know how to do our job.
And when I looked at the balance sheet that they sent over prior to us coming, I never saw this skid steer on the balance sheet. And I can almost guarantee you there's debt on it, which means that $95,000 loan amount is probably significantly higher because this is a very nice enclosed cab. I Bet this is 100 grand. And the fact that now they're having to take legal action to try to recoup their cost of losing that contract is tough. So it's just the risk. You take the skid steer now, so you're on the hook for the skid steer.
We were just ready to sign a $42,000 piece of paper for a skid steer for their association, and then I got a letter, a termination letter, and I was like.
