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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!
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 11:06 am to DucksnBucks37
The estimate i got was about $8000. So $2000 per household. It was hard to get everyone on board to just drop $2000 a piece. So i was thinking of starting some sort of account that everyone would contribute to until the goal amount is met. Then i started think how would i make everyone accountable? Once the goal was met i figured we could keep the account going for future maintenance, but then comes the questions of having four households accountable for their share.
This post was edited on 7/22/14 at 11:10 am
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 7/22/14 at 11:55 am to LSUFanHouston
The road is on family land, so each property owner had to give a little of the land for the road.
I do not think anyone would steal , I am more concerned with everyone putting up their share. Not everyone that lives by us is family. It would suck for others to put in more than others because they knew there was no way for anyone to know who put in what. Not saying it would happen but you never know.
I do not think anyone would steal , I am more concerned with everyone putting up their share. Not everyone that lives by us is family. It would suck for others to put in more than others because they knew there was no way for anyone to know who put in what. Not saying it would happen but you never know.
Posted on 7/22/14 at 12:36 pm to SmellslikeKevinBacon
With that being the case, I would definetly go more towards having a third party collect and manage the funds.
Money aside... are all the owners in agreement on the work needed?
Money aside... are all the owners in agreement on the work needed?
Posted on 7/22/14 at 3:03 pm to LSUFanHouston
Yes. Everyone agrees something should and needs to be done.
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.
Posted on 7/23/14 at 8:52 am to foshizzle
quote:
Set up an HOA
While you certainly don't need to set up an HOA, you can borrow the idea of "monthly dues" from the HOA model. $2K is a big chunk of change at once for many households...so figure it as a one-time maintenance fee and split it into monthly installments for anyone who can't/won't write the whole check at once. Make 'em sign a promissory note as well.
Unless this $8K expense is expected to be an annual one, you don't want to bother with setting up a maintenance account. It sounds like you've already appointed yourself as project steward, so now you're going to have to collect the funds.
BUT, be prepared for others to give input into how their money is spent. One may want to give the job to his brother in law, another may want different size/color gravel. If they're ponying up equal shares, then they should have equal say in how the job is done. Which brings up the issue of how the costs are shared: does the guy who lives at the front of the road have to pay an equal amount as the guy who lives at the end? Doesn't seem fair to me.
Posted on 7/23/14 at 9:47 am to SmellslikeKevinBacon
quote:
Yes. Everyone agrees something should and needs to be done.
that very much does not mean that they agree on what should be done though.
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