All Forum Posts by: Drew Kai

@Barry Cohen Will PM you

@Nathan Gesner I did try to fire him after the first few months. But as a foreigner I have difficulties finding a replacement despite reaching to many other PMs in Rochester via emails and even overseas phone calls. Here are the issues I faced with the PM companies I approached:

1) received no response

2) able to communicate for a while even to the point of how we can proceed to work together, but suddenly no response from them (the PM companies)

3) do not cover the area where my properties are

4) do not have the resources to take in anymore new properties

5) great communication and were willing to take up, but I did not proceed cos I did a background check on them via internet and saw many negative feedback

I had no choice but to continue with him till after 1 year plus, than I decided enough is enough and sell the properties away. It's not easy when you doing it from overseas. Cos I do not have the privilege to visit the PM offices physically and talk to them.

This situation also applies when I was looking for a buyer agent. No agent seems to take me seriously, even when I called them from overseas. Thankfully one agent finally was willing to work with me, and we continued with him for the rest of our other Rochester investments. 

Just sharing the difficulties from a foreigner investor view.  

@Theresa Harris Thank you. I checked the BBB website, his company is not listed there. I have since sold the properties as I do not want to go through the hassle and stress of managing these PM.

On the other hand, it also benefits the tenants that I sold them, as I understand the buyer (also base in Rochester NY) has experience in remodeling the house in good shape. The tenants deserve a better living condition (given they are long term and pay on time), and I was glad the buyer has the capacity to provide more for them.

@Theresa Harris Thanks for the great advice. Yes I have come across the BBB you stated. Will explore this option.

I am not sure if he reported us about the violations, as Property W violations increase happened during his management period. I realized it when I checked the City of Rochester website. Didn't know that a PM can report the owner!!

As a foreigner, it was difficult for me to assess the repairs. I was under the impression that given the house is quite big (multi family) there are bound to have frequent repairs. 

For tenants contacts, we did mailed them some vouchers few years ago but never hear from them. Also some tenants come and go so it was difficult for me to reach out to them directly.

If it was possible, I would like to hold onto these properties, as they have long term tenants who usually pay on time. But we have no luck with the PM (2 times, with the last one being the worst).

@Martin Grizzanti will PM you. 

Well! I guess I will have to let this slide than. Costly experience for me, as due to his negligence (Property M has 20+ violations unaddressed throughout his care,  and Property W violations increase drastically from 5 to 20+ during and after he sacked us). The new PMs companies we approached refused to take on due to these violations. We spent sometime finally finding one who don't mind the short term managing for us. And we have reasons to believe this PM took the rent before we officially engage the new temp PM, as tenants always pay on time (she showed me the receipt) and we had not have any official agreement with the new PM than. So this creates an opening for this PM to take the rent, which he vigorously denied. Even whatspped me to say he was at the property to clarify the matter!! But tenant told me she has only ever seen him less than 2 times during her few years stay there. He always got random people to come and fix things.

He claimed he loose money (his exact words) every month managing my properties, but I was still bill for repairs almost monthly. By the way, anyone had any PM who manages the properties without having the keys? Yeah!! This PM is one who manages properties without having the keys. He just knock on the doors and made appointments. Is that even possible? Cos for my other properties, the PMs all have the master keys.

Rochester NY is a great place to invest in. The net yield is there but the PM kills everything!! If I am physically staying there, I will continue with the investments as I can self manage.

I finally closed the sales of my 2 properties in Rochester, NY this month. Had to let go after holding on for a few years, due to the property manager issues (highly suspect that he even took the last month rent from a tenant who always pay on time). PM dropped us like a hot potato once he knew we wanted to sell the properties (giving us only a few days notice).

Made a big fuss too when he knew we wanted to sell (We had to sell cos he was mismanaging the properties, and did not even renew the Cert of Occupancy, despite reminding him for one whole year, yet still billed us for the inspection and COO cost!! Never ever sent us any receipts too). Does it mean I need his consent or have to sell according to his pleasure? I even had to pacfiy him and offered to give him the month's rent just so he can continue during the transition period (we are overseas investors so not possible to self manage), but he still sacked us. Unbelievable!!

He also blocked tenants from speaking to us directly and did not repair the heater for tenant even when the weather has turned cold. Thankfully, he had no choice but to give us the tenants contacts (though only 1 seem to work) after we engaged a new PM prior to our sale, and that was how I finally managed to communicate with one of the tenant.

I would like to know if I have any grounds to sue him? Not sure if this tenant I have contact with will be willing to be my witness. As I am based overseas, I am concern it could be an uphill tasks. Anyone has experience suing their PM for negligence or fraud before? Please advice. Thank you

May I know if anyone has any advise on this please? Thanks

Would like to know how long it usually takes for the attorney to wire the funds over once closing is done?

Thanks

I realised Authentisign (the instantsolutions.com website) also has this GEO-IP block thing. So I have to use a PDF online editor to work around this issue. The developers should consider removing all the GEO-IP block if possible, as some transactions require foreigners who are not in US to access and sign.