All Forum Posts by: Adam Michael Andrews

You need to make a written plan with him to get this over the finish line, with cost estimates. You’re totally exposed to being strung along the way you’re doing it. 

Okay, wasn’t following prior threads.

It seems like there were a few ways around this.

1. Have escrow released when the wrap is done and direct-pay the taxes and insurance. This way the payment never fluctuates.

2. Have access to the lending portal so you can see what the escrow analysis, payment due, etc.

3. Recognize that if your insurance goes up you need to pay $x more into escrow.

4. You should have updated the address in the lender portal to your physical address so you receive statements and late pay warnings.

Only way this scenario happens is if you do none of these.

 

I’m not specifically bullish on CA due to debt to income and various social problems. However renting there can be a fun lifestyle if you don’t have kids. 

Too bad this guy deleted his account. If we bite off people’s heads when they admit disaster, it suppresses legitimate issues with these techniques.

Merry Christmas!

Working is how society accesses our individual talents and abilities. I think people who dream of never working are blinded by working the wrong job or a job they hate. Work is important to who we are and how we were made.

It’s your relationship to manage. For me, I would need them understand this was a failure on their part, and it can’t happen again. Hopefully they have that sense and the blame isn’t being deflected on other parties. They all represent themselves, your PM is supposed to represent YOU and that didn’t happen.

This immediate situation is almost secondary to the fact your manager is being negligent with your money. That said I would start negotiations billing back the full amount of the job to the tenant per their lease agreement and responsibility for the install.

I am glad you are getting some money back on this situation, but the fact remains that your PM was seriously negligent in this situation and oversaw the run up of this ridiculous and unreasonable bill. You still need to address their role in this situation directly or it will happen again as managing repairs is a core part of the PM role.

OP is asking the wrong question. Part of the premise of hiring a manager is that they will manage repairs, including efficiency of repairs.

Anyone can pick up a phone and throw unlimited amounts of money at a vague reported problem. That does not qualify as "managing repairs." You could do that yourself. There is near-zero value add.

Your manager failed you because they didn't care to understand the problem or to follow up on the *right* solution. They did not communicate the scope well to the plumber, who it sounds like should not have been involved in the first place

I would have a point-blank conversation about the above with your manager and ask who he or she thinks should cover the waste of paying multiple professionals to shuffle a thin plastic piece underneath an appliance the tenant was responsible for installing in the first place.

First, see if you can negotiate replacing the sale contingency with a longer escrow or loan period. Or, structure it as a lease option that expires in 1 Yr on the new home. You can write it up in the Purchase and Sale Agreement.

I would exhaust all options with the seller before going hard or private money. This is transactional funding, seller has vested interest in helping you.