Bought my first turnkey property and had troubles as soon as 1 month after closing.

[Vivan Bhalla]

Hello all,

I closed my first turnkey property deal in May 2023. It is a SFR in Akron, OH and I used a very trusted company (do not want to share the name now) which has a big presence on this site and is very well known. Before closing the deal, I had a tenant in and everything looked perfect. The tenant signed the lease starting May 1 2023. I was given access to certain apps by the PM company to check the rent paid and all the cashflow etc. In June I noticed something odd, there was no rent for the month of June. I thought this might be a glitch and since I recently signed up I will give it sometime to sync up. I then went on a vacation and this slipped out of my mind. In Jul I checked everything again and noticed there was no rent. I immediately reached out to my PM and they said they will find out what is going on. After a day they got back to me saying the tenant lost the job and has not paid the rent yet. I got furious as this was going on for more than a month and the PM did not pay attention. I immediately raised this to the company through which I bought the turnkey property and they told me they will reach out to the PM company.

After a day they came back to me saying the tenant has been communicating and has partially paid rent. This is basically a hicckup and they will complete the rent payments by Jul 21st. The tenant kept paying partial payments after Jul 21st. As of today, Aug 3rd, the tenant has not paid the rent for Jul and no rent for Aug. PM has put 3 day notice and going to offer the tenant cash for keys. They said the good thing is that the tenant is communicating and making partial payments.

This is my first ever property and I am kind of disappointed. I am also very furious that why are tenants protected if they do not pay rent. If they cannot pay rent then the owner should have the right to evict them immediately. But that is another topic altogether. I want to know what can I do here and how to make it correct.

Thanks