All Forum Posts by: Al Al

Thanks for the reply, the question about money from repairs also came up in our talk. He mentioned that some repairs need to be made that he would like to use this money for.

This is typically not an issue for me and I have spent considerable expense on the property in the past. But again, I am uncomfortable with repairs being paid out of rent checks without my authorization. In the past, I had received quotes for repairs and was able to approve them which allowed me to budget for them.

We did have an understanding that anything under $100 did not require my permission.

The mortgage on this house is $1200/month, I get $1100 from the tenants and pay 10% to the PM. While I'm always negative on the deal. I appreciate the fact that I have local representation.

I don't want to sound distrustful as this is not where i'm coming from, but I don't want to introduce risk or additional costs to a situation that i'm already losing on.

All

I have a property manager that is taking care of my old home in Atlanta GA. The process as it stands is that he is the single point of contact for the rental property between me and the tenants and they send a check from the tenants, addressed to me to his address and he forwards it on to me. I in turn pay him a 10% commission for his services.

He wants to change this process so that they pay him directly into his account and that he then pays me. The reason for this is that it will make payment more reliable as there has been postal issues in the past.

I suggested opening a Chase account as they own my mortgage as they accept photo images of checks which should streamline the process but he is resisting that and has indicated that if I don't do it his way, he will have to raise his fees.

I can't help but feel uncomfortable with an arrangement where the property manager wants to deposit all of the rent money into his account as it takes a lot of control away from me and I have a mortgage to pay. Should I be concerned here?

I welcome your advise.