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Updated over 3 years ago,
Is my property manager ripping me off !!!!!!
Hi Fellow BP’s
I have struggled with the following question for the past two years I’m I getting ripped off by my property manager. I purchased 6 rental properties a few states away three years ago and I have never made any cash flow. Not even enough to take my self to a nice dinner. A little back ground I have 6 single family homes all but one have been remodeled from head to toe. I thought the issue was my property Manager so I switched Property managers and things where great for a few months. I had a call with the PM and he asked how was his company performing and I replied great and told him the issues I was having with my previous PRoperty manager . Then the issues started right after the call. The properties are paid off except two one payment is 341 and the other is a Heloc 590. The Taxes range from 900 to 1100 for each and insurance is 500 per year per house. I tried to give people the benefit of the doubt, but I can’t figure why I’m not cash flowing is it that I’m doing something wrong, the un luckiest person in the world or getting taken for a ride. Here we are going into June and I-Have replaced 2 ac units 6,000 (replace 5 units in the past yr) pest control 400, electric socket reworked 600 and water heater 925 and roof patch work to name a few. I have requested pictures and receipts but they do not respond.
thank you for your responses in advance.