Do you know why an effective capital reserve plan is crucial for your building's financial health? Learn how one Chelsea condo transformed their approach to multi-million dollar projects in this eye-opening conversation with Sara Gierloff, CFO of MD Squared Property Group. Here she reveals practical steps to track expenses, align investments with project timelines, and properly communicate with unit-owners. You'll gain insights on the pitfalls of relying solely on financing, why the standard "10% rule" for reserves is often inadequate, and how to avoid surprise assessments that frustrate residents. Most importantly, you'll understand how to develop a flexible capital plan that adapts to changing costs — without breaking the bank. Whether facing Local Law 11 repairs or elevator modernization, this episode helps you prepare for your building's future and avoid the dreaded cycle of emergency assessments. Habitat's Emily Myers conducts the interview. How To Run Your Building: For Co-ops and Condos

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