The main issue is a consistent lack of effective management and oversight. For example:
- -A tenant complained about the AC not cooling, so I replaced the entire unit with brand-new equipment. Afterward, the tenant reported the same issue. The person checking the unit just said needs replacing so we did but it did not solve the issue. $6000 repair.
- -They failed to realize the property had washer/dryer hookups. This led to a nearly $3,000-$4,000 bill for new installations until I clarified the situation and found that the unit already had hookups. This misunderstanding stemmed from incorrect lease terms indicating washer/dryer access when we did not actually have any washer or dryer set up. I had to get it set up due to the advertised washer and dryer costing me $$.
- -A water heater issue resulted in repeated mismanagement—confusing unit assignments—leading to extra costs to fix the same issue 3 times and on each occasion "more fixes" needed to the water heaters that I plumber said was needed.
- -When a tenant moved out, the management company refunded their security deposit but failed to account for damage, such as holes in walls and outlets ripped off the walls, leaving me with repair bills and also tenants moving in without the repairs being done.
Stuff like this that is consistent and when I ask questions they are defensive, when I ask for more quotes for high ticket items they are defensive.
The property was cash flowing almost $1,000 extra per month but it is sucked into all these extra repairs.
Now I have two vacancies and lower rents than when we started.