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Updated over 2 years ago,

User Stats

12
Posts
2
Votes
Xiaoyu Liang
  • Investor
2
Votes |
12
Posts

Bottleneck on Property Management, Seeking Suggestions

Xiaoyu Liang
  • Investor
Posted

I want to share my experience in purchasing this investment property. It is quite a journey, and I feel like I've been dealing with a lot. I want to see if anybody had a similar experience or how would you deal with it moving forward if you were me. 

I closed a duplex investment property with inherent tenants on 1st August 2022 near Lakeland, FL. My realtor was stellar. He gave great suggestions and was very professional throughout the process. I trusted him so I used his company for property management after closing. The PM had 30 days to bring the property up to standard for inspection for insurance (I am paying high insurance because of the water leak and the electrical issue at closing, plan to switch out once the repairs are done). 

Right after boarding the tenants, one of the tenants broke the lease and left, it was a good opportunity to do maintenance on the property anyways I thought. It took the PM 3 weeks to get me a quote on the project, which was a bit over budget but I agreed, thinking I need to finish the project on time, within 30 days. 2 days before the due date, the contractor found out they need to replace laundry box and quote me for $900. I felt it was overpriced, so I searched around other contractors and got it replaced for $375. I went back to the PM questioning for the overprice and was told they used their long-term partner general contractors, it might be expensive, but the quality of work is guaranteed. 

On the day of inspection, it was found out the contractor replaced the wrong water heater, and the installation was not up to standard. PM came back to me and wanted me to replace the other water heater stating they were both old anyways. I negotiated a deal with the PM to replace the other water heater at a discounted price and asked them to fix the improper installed one. It has already passed the deadline at this point. 

The contractor went the next week, and the tenant was not home so they couldn't complete the task. The contractor also had disagreement with the inspector on the standard for installing the water heater. After communication, the contractor scheduled another week later to install the water heater the right way. It's 2 weeks past the deadline at this point. Re-inspection was scheduled right away after the installation of the water heaters. But the tenant did not open the door again, and the inspector couldn't get in to check. 

So here I am now. 2 weeks past the deadline and $2k over budget. Also, unit B has been vacant this entire time due to the tenant breaking the lease and leaving, and this unit is still not on the market yet. It has been more than 30 days.

I am so frustrated at this point with this property, but I am so lost at the same time. I don't know what I could do to improve my situation. I signed a contract with the PM. PM also manages contractors. What would you do if you were me?
 

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