T YMBER S KAN U PDATE : HOA, S ECTION O NE & T HREE FRANK PAUL - - PowerPoint PPT Presentation

TYMBER SKAN UPDATE:

HOA, SECTION ONE & THREE

FRANK PAUL BARBER, COURT APPOINTED RECEIVER

Monthly Income vs. Fixed Costs

Combined average income per month: $9,500 Expenses:

• O.U.C. Repayment: $1,000 (Sec 1) + $1,000 (Sec 3) = $2,000
• O.U.C. Delta: $1,500 (Sec 1) + $2,300 (Sec 3) = $3,800
• Trash collection: $3,600

$9,500 - $9,400 = $100 for all other expenses Doesn’t allow for:

• Onsite management
• Maintenance staff and supplies

TYMBER SKAN OTL HOMEOWNERS' ASSOCIATION, INC.

Receiver’s Progress: Seizing Units

20 40 60 80 100 120 140 September October November

127 delinquent units seized

• September: 20
• October: 39 (59 total)
• November: 68 (127 total)

TYMBER SKAN OTL HOMEOWNERS' ASSOCIATION, INC.

Receiver’s Progress: Seizing Units

Section One Section Three

127 delinquent units seized

• September: 20
• October: 39 (59 total)
• November: 68 (127 total)

By Section

• Section One: 47
• Section Three: 80

TYMBER SKAN OTL HOMEOWNERS' ASSOCIATION, INC.

Receiver’s Progress: Sequestering Rents

127 units seized 19 with rental income 108 without rents received 15% of seized units

Income 19 No Income 108

TYMBER SKAN OTL HOMEOWNERS' ASSOCIATION, INC.

Receiver’s Progress: Sequestering Rents

Out of 127 seized units:

• 62 on O.U.C. Power Pass

Program

• 19 with rental income
• 43 units not paying Association
• Therefore, 43 possible

evictions

20 40 60 80 100 120 140 Total Power Pass Paid Not Paying

TYMBER SKAN OTL HOMEOWNERS' ASSOCIATION, INC.

Evictions & Plan of Action

Importance

• Forces payment to Association
• Displays Association’s (Receiver’s)

power

• Control over units

Start with limited evictions Remaining tenants pay Association not owners Results in: Fewer evictions Fewer expenses Increased sustainability

TYMBER SKAN OTL HOMEOWNERS' ASSOCIATION, INC.