OOS changing Property Management

[Nick Shri]

Hey OOS investors,

I am thinking of replacing the property management. How can a PM f'up not receiving section 8 funds is baffling to me. I understand everyone is a human, mistakes happen. I noticed that for last quarter of 2023 I didn't receive rent from the housing authority. In January on grilling the PM staff they had no clue what left hand is doing and what right hand is doing. They had no answers to my questions regarding why housing authority didn't pay. Granted the tenants aren't the best quality, their list of complaints is every-ready and I have put them on notice to evict. And hoping to find new tenants and resume my CF. However I feel the PM should have notified me early on about the complaints from tenants and non-receipt of rents from the housing authority (it is still a mystery on why the rents have not been received). 

I am looking to hear some experiences on switching PMs on your OOS rentals.

TIA.

Nick.

[Clayton Silva]

I have been investing out of state since 2019 and have had some success on and off with PM's.  I know there are good ones out there, but I have gotten so sick of trying to find them, that I started self managing through Turbotenant and I have never looked back.  I don't get paid by Turbotenant, but I should start charging them an advertising fee haha! The software and UI are super easy, great for screening tenants and keeping track of everything.  I tried it with just one property to start and am now phasing all my properties to it as their leases expire this year and my contracts with my PMs run out.

[Michael Smythe]

@Nick Shri if your PMC started eviction process for the tenants as you asked them to, then usually S8 caseworker stops rent payments.

Of course, all this should have been explained to you when you asked to get rid of the tenants. You should also have been updated that the rent wasn't received.

This may be a good time to find a BETTER PMC! Of course, don't make the mistake of looking for the cheapest one as you always end up getting what you pay for.

[Zeke Liston]

Quote from @Nick Shri:

Hey OOS investors,

I am thinking of replacing the property management. How can a PM f'up not receiving section 8 funds is baffling to me. I understand everyone is a human, mistakes happen. I noticed that for last quarter of 2023 I didn't receive rent from the housing authority. In January on grilling the PM staff they had no clue what left hand is doing and what right hand is doing. They had no answers to my questions regarding why housing authority didn't pay. Granted the tenants aren't the best quality, their list of complaints is every-ready and I have put them on notice to evict. And hoping to find new tenants and resume my CF. However I feel the PM should have notified me early on about the complaints from tenants and non-receipt of rents from the housing authority (it is still a mystery on why the rents have not been received). 

I am looking to hear some experiences on switching PMs on your OOS rentals.

TIA.

Nick.

Communication is everything with property management. If I were you, I would definitely switch to a company who can at least keep you in the loop. 

[Lane Kawaoka]

Commercial pm is way better than residential pm. That said they have a lot on their plate and no one will run it as their own. Sad truth. I owned 11 of these turnkeys at one time then sold them in 2017-2019.