In a Bind (no property management contract)

[Gary Tsai]

Long story short - I bought my first house in Ohio, got laid off a few months later, and got a new job in a different city.  Instead of selling, I decided to rent out the house instead.  Not knowing much about rentals, I didn't ask for a contract with the property manager - we just shook on it.  Everything was peachy the first few months - rent was coming in and I was set on the mortgage.  Fast forward half a year, and rents & statements are coming in months late and soon stopped coming period.

As I didn't have a contract, my gut reaction is that I should just eat the loss and move on with a lesson learned.  However, I figured it doesn't hurt to ask around to see if I have any recourse available.  Any advice?

[John Thedford]

Yes--your state RE regulators. Before that, call them, demand payment in full, and tell them they have 15 days to have it in your hands. Conversion is VERY serious...they would probably lose their license. Have you checked your state RE division online to make sure they are really licensed? Maybe it has been revoked? 

@James Wise is in OH. Maybe he will chime in?