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Updated about 2 years ago,

User Stats

39
Posts
22
Votes
Patrick Giblin
Pro Member
  • Rental Property Investor
  • Burlington, Vt
22
Votes |
39
Posts

Trust but verify with PM over water leak??

Patrick Giblin
Pro Member
  • Rental Property Investor
  • Burlington, Vt
Posted

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

  • Patrick Giblin
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