I recently purchased [NJ] a condo. It’s a house comprised of 2 units.( these types of 2/3 unit condos are common in NJ.) When I purchased they said, congrats you’re an HOA president! Basically the sellers have setup an LLC for our HOA for both my neighbors and I. We are both new to this so we’re looking for advice on how to get started. Right now we’re trying to find a bank to work with. First I was trying to find a local credit unions but there doesn’t seem to be ones that works with HOA accounts, at least ones that are local. Also not sure if we should have an HOA management tool for just a 2 unit condo.
My understanding thus far is that we should build up our funds and then put some of that money in CDs and brokerage accounts, eventually. Would love bank/credit union recommendations or any other helpful resources (that’s not trying to sell us a product).
Bluevine is a great online bank for new LLCs. It’s free. It’s easy to set up accounts. You can get a debit card. They will send you 200 free checks a year (upon request). I’ve used them for 2 of my LLCs and a nonprofit.
Don’t worry so much about interest rates right now. You’re just trying to get established. Once you have banked enough for operating costs for whatever joint maintenance there is, you can turn your attention to how you invest any surplus.