All Forum Posts by: Account Closed

@Account Closed I sent you a message with someone. 

@Account Closed to recap

-You hired a professional, I assume due to their expertise operating in this space and to take advantage of their systems, to manage the property. 

-They manage the property and when you get your check things are hunky dory. When the inevitable non-payment happens (and lets not kid ourselves, it is a forgone conclusion that eventually a tenant in a d class property will stop paying and is in no way shape of form the PMs fault) the PM takes a course of action that they believe is best based on their expertise, the same expertise you hired them for. 

-You don't like their decision and wan to fire them because they didn't do what you would have done. 

You are well within your right to fire the PM, but don't think you'll get a different result with a new PM, because the issue doesn't lay with them, but rather you. Second guessing professionals you hire isn't a recipe for long term success. Communicating your expectations before engaging them and finding providers with who your goals and process align generally yields better results. You clearly have a specific manner in which you desire your properties be managed, so it looks like self management is your best bet. 

However, the PM company isn't some petulant child to be punished when they don't meet your unexpressed expectations. They are professionals who have a skill set which you don't posses and should be treated with a commensurate level of respect.

I gave you the reality of your situation.  You’re welcome to ask around, but if this is a D class area, you will continue to have issues. 

Look at it this way.  You evict over 70 bucks.  You then spend thousands getting it fixed up and re-rented.  You then have this same issue.  Rinse and repeat.  I’m just telling you what you can expect. 

@David Tsedaka. This is pretty normal for a D class property. What did you expect exactly? You can find a new PM but this will likely continue

@Account Closed I would say do not wait for the property to be vacant to fire the management company. Find a new management company, tell them what you are dealing with be honest. Communicate your expectations. Many management companies would probably recommend eviction then again having a new company come in and notify the tenant that it is under new management and that they will not be tolerant of late payment may rectify the situation or encourage the tenant to vacate on their own. The problem is now the tenant knows they can get away with what they are doing. Having a new company come in now and take over management the tenant will no longer expect they can get away with it because it will be a different person they will be dealing with. 

@Account Closed Sounds like it is time for a new management company. If they aren't going to enforce the lease agreement then what is the point of having one. Find a new management company and enforce the lease to the letter of the law. It is the only way to do business. 

@Account Closed you do know the 20k you paid isn’t what gets deducted right?  You only get to deduct the depreciation every year and the interest, the irs doesn’t care about your cash flow.