All Forum Posts by: Damon Riley

Yes, my relationship with Proway/Autumn (and they tried to get me to sign a new PMA under the name "Alamo" last month) was about as toxic as any business entity that I've ever dealt with. I had way too many issues to name.  I'm not surprised that they're going under.  I can't say anything positive about them. I'm disappointed in RWN too.  In fact someone from RWN emailed me a few months back to see how things were going.  I responded with OK, but can you give me some advice on Autumn PM or perhaps some 'real' PM's that you've actually vetted? (I wasn't that snarky, really).  I never heard back. 

Hey - Looking for reputable property management company to take over the reins for my single family rental.  Any PM's or recommendations would be appreciated.

Thanks

Damon

 Hey Drew - Thank you for the advice....writing was certainly 'on the wall'.  Hope and wishful thinking are certainly not affective business strategies.  I'll keep your info handy.

I can't believe that it's been over 2 years since my original post on Autumn.  I did have a new manager take over for Monica and I did have one (fairly) productive conversation on the phone with the new PM.  My rents generally arrive consistently at the very very end of the month (w/one exception that they skipped a month because they forgot to request section 8 funds from the MSHDA).  

That said, I still don't get a timely response from property management.  I have the same tenant who refuses to sign a new lease with Autumn (almost 2 years later) and who refuses to pay her water/sewer bill (even though it was expressly stated in original lease).  This has cost me thousands of dollars despite getting some initial relief from the rehab co. and funds from MI to offset utility bills during COVID.  I've researched (w/o an attorney) the MI requirement to provide an affidavit of tenant responsibility to the municipality, but this ship has sailed with this tenant until I can get them to sign a new lease or boot them out.  I have also received absolutely NO help from the City of Dearborn Heights....the water department just states over and over that "water/sewer follow the property" - yes I know!   I've left messages/sent emails to the city, the mayor, and they absolutely ignore me!  

The PM was supposed to set up a ledger for the tenant to pay her water/sewer...and I've now been asking for an update for two months with nothing......I'm not sure if I should evict the tenant, or move to another management company first to see what they can do....I signed a Property Management Agreement back in 2/21...so I'd have to give them 60-day notice.....I've waited way too long..............venting....sorry.

I can't argue with anything anyone is said.  EXACTLY my experience so far.  Real Wealth Network claims they've vetted the new owners and have a high level of confidence that they'll do better than Strategic Properties.  I had hoped that the new PM owners would reach out to the owners with a welcome letter, a phone call,  a video message or a conference call.....heck, I'd take an email.  Supposedly they have many years of experience, but I couldn't find that anywhere online..and most specifically with residential units in the Detroit area.   Really feels like nothing has changed (except physical location of PM company and owner portal)..I have same property manager and a big issue to solve.

Is anyone familiar with Autumn Property Management in Waterford, MI? They are taking over the PM duties from Proway (which was an arm of Strategic Properties, LLC). One source was optimistic that they'd be more responsive to and communicable with properties owners. It was my understanding that this transition would take place in January, but just yesterday I finally received a PM Agreement via DocuSign from them with essentially the same verbiage the Proway agreement. I'm stuck on the "Fee" Section...Why should I pay a $200 "Lease Renewal Fee" if the current tenant wishes to extend? This is a nominal cost. The second issue is under the "Term" section - Why should I agree to pay a $1000 finder's fee if I chose to sell the property prior to the end of this agreement which extends to 2/28/22? Autumn did NOT place this tenant!?

Can anyone recommend a real estate attorney in Michigan? Looking to transfer ownership from late mothers trust.

Newbie here...Purchased two single-family properties (turnkey) with cash late this year and both are now rented.  Other than the HUD1, what else do I need to keep for my CPA to prepare taxes?  Are any charges/fees/inspections/appraisals, etc. deductible for the IRS/Schedule E....other than property taxes, insurance?  Looking for a checklist so I know what to printout and record....

I'm the trustee for my mother's revocable trust and am working to diversity her holdings. She has dementia and can no longer handle any of her financial affairs (she's been declared incapacitated by two physicians). So, therefore, I've become the successor trustee (revocable & non revocable trusts), Attorney in Fact (with respect to the POA) and am the sole beneficiary.

Her daily care is taken care of, she currently has a multiunit rental & I felt adding other REO to her portfolio made sense with a mix of leveraged vs. cash purchases.

I have been to two preferred lenders for a turnkey provider and neither one will approve an investment purchase in her revocable trust (using only her assets without a co-borrower (my wife and myself). I see that per FNMA seller guide B8-5-05 that transactions require a specific POA which obviously could never happen in this scenario. The general durable POA expressly allows the Attorney in Fact to borrower, invest, etc.

I'm wondering if anyone else has run into this issue or has any suggestions?

Good Afternoon Everyone - I'm thinking of taking the plunge and purchasing an investment property or two or three.  The only experience I have is with my elderly mother's multi-unit property that she and my late father purchased over 30 years ago.  I'm thinking of a buy and hold strategy and have been looking at turnkey properties out of state (I live in CA).  I've run across a company called Strategy Properties, Inc. near Detroit and wonder if anyone has had experience working with them?  I've had a preliminary discussion with them and now they're sending me various property within the Detroit metro area.  Any experience, opinion or suggestions would be appreciated.