Is my property manager ripping me off !!!!!!

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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. 

[Patricia Steiner]

Before hiring a PM, have a contractor and/or handyman walk the properties and do an inspection checklist.  The checklists are available online for free.  The condition of the property along with photos establish the starting point - along with the age of the components (AC, roof, water heater).  This provides you with the knowledge and control you need to gauge maintenance and replacement requests.  It's also important to know how PMs make their money; a percentage of the rent will ensure they starve so it comes down to late fees and "upcharging" for maintenance requests.  So did the AC really need replacing or could it have been repaired?  Did they get multiple bids to present to you?  Did they put in a window AC/or portable AC to keep the tenants cool while options were considered versus calling in the first available at the "emergency pricing?"

Landlords/owners see the PM as their path to "passive ownership." The truth is the PM is suppose to manage your properties but you have to manage the PM.  Expect more of yourself first.  Know your properties. Stop now and do an inspection.  And, then expect more of your PM.  You'll be able to gauge very quickly whether you're being taken for a ride or not.  

There are a lot of ways to manage out-of-market/state properties; the PM model may not be the most efficient.