Management issues
Shadow Creek homeowners reported numerous issues with the HOA pay portal, including lost payments and unexplained account deductions. In the spring of 2024, homeowners were issued a nearly $2,000 assessment for an insurance premium increase just days before payment was due, per CBS Colorado. When residents started asking for financial records, they were met with little more than silence. That’s when neighbors discovered the court case against Mastino Management and Bacon.
"When I found that out, I told everybody," Haynes said.
Homeowners demanded a new management company, and in November the HOA board announced they were switching to one called CCMA. Wells told CBS Colorado he asked a board member if Bacon was involved with the new company and he was informed it was a “clean, fresh start.”
However, that may not be the case. According to the broadcaster, business records filed with the Colorado Secretary of State's office show Bacon and her husband started CCMA in 2023 — before the case with Mastino Management went to court. No records were filed removing their names, per CBS Colorado, and their registered agent is part of a company that sells privacy to business owners.
"I am very upset," Wells shared.
Haynes says he asked the HOA board who was behind CCMA but received no reply. CBS Colorado visited a CCMA office location but the company declined to comment. The broadcaster says it attempted to contact Bacon and HOA board members for comment, but got no response. In addition, journalists who visited addresses listed for the company's registered agent across the state say no one who represented CCMA was found.
Since it began work on the story, the broadcaster says residents report their online portal now includes financial records from a portion of last year. And a recent notice shows Bacon’s daughter as a new community manager for Shadow Creek.
CBS Colorado also reports it was sent a cease-and-desist letter, which stated: "The ownership of CCMA does not impact the services provided to our clients, and CCMA was hired by the board of directors after presenting a proposal for consideration. If residents have taken issue with the board's decision, then they can bring up their concerns to the board in accordance with their governing documents."
Invest in real estate without the headache of being a landlord
Imagine owning a portfolio of thousands of well-managed single family rentals or a collection of cutting-edge industrial warehouses. You can now gain access to a $1B portfolio of income-producing real estate assets designed to deliver long-term growth from the comforts of your couch.
The best part? You don’t have to be a millionaire and can start investing in minutes.
Learn MoreWhat you should know before buying a home with an HOA
HOAs can offer benefits, such as amenities, maintenance, neighborhood upkeep and event planning. When run well, they can bring communities together and protect property values. But features come at a cost, and being able to trust an HOA's financial management is key. Here's how to protect yourself and prevent surprises.
Ask for financials before you buy
Request the HOA’s budget, reserve fund details and recent financial statements. A healthy reserve fund means the HOA has enough savings for maintenance and emergencies — while a low or depleted fund could lead to sudden special assessments.
Read the bylaws and CC&Rs carefully
Each HOA has its own rules, which are generally listed in the bylaws or a document called a Declaration of Covenants, Conditions, and Restrictions (CC&Rs). Read these documents carefully to determine what you can and can't do with your property. Some HOAs restrict home modifications, parking, renting and even the color of your front door. It's important to know the rules.
Talk to other residents
Speak with neighbors to get an honest take on the HOA. Are the rules fairly enforced? Have fees increased significantly? Do residents feel heard? How often are special assessments levied? Their experiences can give you a realistic picture of what to expect.
Research the management company
Some HOAs self-manage, while others hire outside management companies. Research the management company involved. Look for any issues, including those involving contractors or homeowners, a record of complaints or financial challenges.
The richest 1% use an advisor. Do you?
Wealthy people know that having money is not the same as being good with money. Advisor.com can help you shape your financial future and connect with expert guidance . A trusted advisor helps you make smart choices about investments, retirement savings, and tax planning.
Try it now
