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Updated about 7 years ago,
Property Management Company NIGHTMARE!!
Who ever said getting a property management company for your rentals was a good idea? Granted, if you've got multiple properties with no extra time and a property management company you trust with your investment, GREAT! This is not my situation though ...
I live in San Antonio, Tx and purchased a duplex in Corpus Christi, Tx which was suppose to be a quick buy and resale, but turned out to be a bust when we had a realtor try to sell it. I have never owned a rental before, but found out REAL quick that a lot of investors wouldn't give the duplex the time of day because they could not see the cash flow, which is understandable. I decided to hire a property management company to put tenants into the duplex before putting it back up for sale after having no luck with the realtor. I called around and finally hired a property management company in the Corpus Christi area which turned out to be a COMPLETE NIGHTMARE!!
•Left doors unlocked (window a/c unit and gas stove stolen due to it) Management company refuses to reimburse me for the gas stove.
•Charged me $500+ in "materials" and refused to provide me with receipts and just gave me a generalized itemization and charged me for debris removal when I had done it MYSELF.
•Had a November move-in special for the end of the month and decided upon themselves that the tenant that moved in December 5th would get the November move-in special. So instead of paying the $625 for the month of December, they paid $200 ... When I received my billing statement for December I called and they told me they granted the move-in special to the tenant because she filled out the application and was approved before December 1st.
I'm sorry, but isn't that why its called a "November Move-In Special" not a, oh well you filled out the paperwork before Dec 1st special.
Needless to say, the management company is about to be short lived. The duplex is under contract and from this moment forward, I will do my own property management for my rentals.