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Advice on starting a road maintenance fund?
Posted on 7/22/14 at 6:39 am
Posted on 7/22/14 at 6:39 am
I and three other households share a private gravel road. Over the years it has gone to crap. What would be the best way to start a maintenance fund for it? i know we could throw money into a savings, but i was more looking to have the money we put away make a little money. Also what would be the best way to set something like this up so no one could just go take the money out whenever they wanted? How to keep everyone accountable? Thanks in advance!
3
Posted on 7/22/14 at 9:11 am to SmellslikeKevinBacon
What is your estimate to repair the road? Your return on a few grand isn't going to be much in a low volatility fund, very little in a savings and risky in an equity.
I think your best bet is get 3 estimates and set a timeline for the 4 houses living on the road. If the quote comes in at $4800, ask that everyone on the street have $1200 ready by Nov 1 or some predetermined date
I think your best bet is get 3 estimates and set a timeline for the 4 houses living on the road. If the quote comes in at $4800, ask that everyone on the street have $1200 ready by Nov 1 or some predetermined date
Posted on 7/22/14 at 11:16 am to SmellslikeKevinBacon
How is the road owned? Does each family own a portion of the road? Is the road subject to some sort of common easement? Is the road part of each family's property?
I can think of a few options:
1) Set up an LLC, make each family a member of the LLC, and get an LLC account to handle everything. However, for the amount we are talking, it might not be worth that.
2) Talk to an escrow company and see if they can set up some sort of account for you, in which the company bills each family, and there is some sort of agreement required to expend funds.
3) Have someone pay for the entire repair, with notes signed by the other families to repay the monies.
I must say, it kind of sucks that you have concerns that your neighbors would either steal the money or not contribute their fair share.
I can think of a few options:
1) Set up an LLC, make each family a member of the LLC, and get an LLC account to handle everything. However, for the amount we are talking, it might not be worth that.
2) Talk to an escrow company and see if they can set up some sort of account for you, in which the company bills each family, and there is some sort of agreement required to expend funds.
3) Have someone pay for the entire repair, with notes signed by the other families to repay the monies.
I must say, it kind of sucks that you have concerns that your neighbors would either steal the money or not contribute their fair share.
Posted on 7/23/14 at 6:27 am to SmellslikeKevinBacon
Set up an HOA and appoint a petty dictator to run it. He will annoy the hell out of everyone but everything will be maintained. And your window shades *will* be the proper color also.
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