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Updated about 6 years ago, 11/19/2018

User Stats

49
Posts
13
Votes
Michael Lewis
  • Rental Property Investor
  • Los Angeles
13
Votes |
49
Posts

Not happy with my PM Company. Need Advice please

Michael Lewis
  • Rental Property Investor
  • Los Angeles
Posted

Hoping for some advice. I recently purchased a property in Cleveland from a Turnkey company. I have another property in escrow also in Cleveland with he same TK company however recent events have made me apprehensive as to whether I'd like to move forward or pull out of escrow. Here's why. This is month 4 and apparently my tenants check came back NSF. However I was never notified of this when it happened. Instead when I recieved my Owner Statement on Nov 15th it clearly stated NSF and no funds have been deposited. I had to reach out the PM(by email of course because reaching a live person is IMPOSSIBLE) I was told that apparently the tenant had an issue with their bank and would come in that evening with a money order(which they never did). Ok here's my gripe. #1) When was my PM company going to notify me that a payment wasn't made? #2 Why haven't they started the eviction process? #3 I signed a 6 month rent guarantee with this TK/PM company and when I made mention of this they said yes you're right if no rent is paid by end of month we will definitely pay you full rent(Why wouldn't they make me whole on the 15th and try and collect from the tenant to reimburse themselves?) I am keeping their name out of this as a courtesy to not tarnish their seemingly good reputation. Is this the behavior I should expect from a solid PM company? If so, I cant say that I'm satisfied and I'm about 80% sure I'll pull the plug on my second Cleveland property that is expected to close in a week as I just don't feel comfortable. I live in CA and need eyes and ears I can trust managing my property(s). Any advise is GREATLY appreciated.

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