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Updated over 2 years ago on . Most recent reply
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Trust but verify with PM over water leak??
I have an out of state SFH property that was purchased from a turn key company and I have it managed by their in house PM team. No problems since purchase in August 2021.
Last week was told that a main water line leak was discovered and initial estimate was $2,100. However just yesterday (after about 4 days of delays starting the work) my PM emailed me to tell me that the vendor said the line was underneath the root system of a tree that had been cut down and now the estimate was $3,500 as the vendor could not cut through the root system and would need to partially re route the line.
First time managing a large expense and I have no reason to NOT trust the PM but I still feel like I should do something! I'm a very hands on person so trying to remain Zen but also be somewhat proactive-I have the funds in the business and I was conservative in my percentages for cap ex, repairs etc and took no cash flow out in year one. Should I contact vendor directly? Trust PM? Would love any advice and insights
Most Popular Reply
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- Rental Property Investor
- Hanover Twp, PA
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@Patrick Giblin, for a large expense like this I see no reason why you shouldn't talk to the vendor. Especially if you feel like you want to ask questions or possibly discuss alternatives such as tree removal or something else.