Property Management nightmare Columbus

[Ram Srinivasan]

Hi All:

I feel like something is wrong. Terribly Wrong. I bought a duplex is a decent area of Bexley Ohio, and hired a property manager who I thought seemed to be a good fit. I provided a rehabed ready property and handed over to the property manager. So far after 6 months, I seem to have one issue after another, one eviction causing me $1000 repairs after the PM did not ask for the damage deposit, 2.5 months of missed rent, and $400 in eviction fees. 

I sit here midway through June, and so far, my net cash flow over the last 8 months since I have owned the property is -$2800. 

This is a property with NO MORTGAGE. It doesnt' seem that hard, and I really feel like I am taken advantage off living outside the country and not being able to see the property.

Can anyone recommend to me a good property manager in Columbus, OH, who can get the job done? In  So far the only folks who have gotten any cash out of this are the lawyers, accountants and the property manager.

Thanks

Ram

[Tom Yung]

@Ram Srinivasan

@Peter Lohmann is a BP member & he has his own property management company in Columbus, Ohio. Contact him & see if he can help solve your problem.

One thing I will suggest as an out of town(country) investor myself. Work closely with your property manager. Check the monthly statement, tenant contracts, bank deposit, repair amounts very closely. Do it on a monthly bases. Communicate with your PM. 

Also find out more about Ohio state landlord & tenant Act, arm yourself with the knowledge of the local city, county by laws; it will take you some time to find all the info, but will benefit you in the long run.

Also set up your own rental requirement,like 3X rent, no eviction for the last 2 years. & see if your manager can incorporate those into their tenant screening process.

I wish you all the best.

Me & my wife graduated from SAIT 1976.