All Forum Posts by: Will Spruill

I spoke with the property management company who also did the rehab and sale of the last property (the one with the current water leak/damage). They offered to buy it back; we haven't agreed on a price nor have they offered one yet. We'll see how this goes.

They also mentioned bigger pockets and found the posts here. I'm glad to see this information is getting around so everyone can be informed. I'm not about giving opinions on what people should and should not do, but I do like to give my experience so others can form their own.

So now the only tiny piece of good from this mess will be gone? At this point the only thing that would make this right is to buy the property back. This turnkey product is no where near what was advertised.

Upon entering the unit to perform lock change and inspection of property with Constable, Inspector found that water was coming for 1st floor restroom in large amounts. Water company was contacted immediately to turn water off, power company was contacted immediately and both services were off within 10 minutes of entering property. Unit needs immediate attention to extract water before any further damage occurs due to ice. Basement needs to have water pumped ASAP. Portfolio manager to contact owners ASAP.

This is the message I just got from the property manager. Yes, it can and is getting worse.

And as a purchaser of these properties, I am left with the bad product. This has been a very frustrating process from the start.

I'm still with the original property management company that was established by the turn key provider (Norada). Its a one year deal with one expiring in May and the other in July.

I plan on investing again out of state in the next year or so. My goal is to have 10 properties in two years. These two turn key deals have been bad from the start and I will not be going the same route in the future. I will more than likely buy the properties on my own and establish a management company.

These two turn key deals were bad from the start and only gotten worse along the way.

In fact to update the process, we were granted evictions of the two newest units bought in July. The property management company was doing nothing to monitor rent or notifying me that rent stopped coming in, starting in August. They also stopped updating my invoices on their site with an excuse of doing an upgrade.

As of yesterday both tenants were still in place and legally being forced out at noon. I haven't heard back from the property mangers; which make me nervous about what's coming next.

I understand the process of doing good quality backgrounds checks and only accepting qualified tenants. This is what I do with my local rentals and it works well. I guess I had a little too much belief in the whole turn-key purchase, in that quality checks and rent guarantees would be included. This was obviously not the case with both of my turn-key purchases in May and July of 2013.

Out of the four units in my two duplexes, all were setup with poor tenants not paying rent, three of the units being turned, and one unit failing to meet the rent guarantee criteria. This left me with a net loss in 2013 and starting 2014 well into the hole.

Either way, I’ll persevere and fight on. Nobody ever made success without a challenge.

It’s been a couple weeks since I started this “Turkey” thread and thought I’d give an update. Yesterday we had a court date and were granted eviction on two of our units that stopped paying rent 1 and 2 months after we bought the turn key package from Norada, with one year rent guarantees.

There has not been any further discussion with our property managers or Norada on the rent guarantee that was denied due to accepting a convicted felon as a tenant. This voided the rent guarantee policy. It seems as if neither of the two want to take ownership on this and are sticking us with the losses. I’m not giving up and will continue to keep everyone updated on how this turns out.

We’ll be getting bids on what the two unit turns will cost and if we can find qualified tenants for the two units. This is a bit concerning as the last unit turn on another Norada turn-key cost us $2800 with a tenant that was only in place for three months.

The initial leases when I bought as turn key were two year. The rent is collected weekly and new leases are one year. I believe the new property manager and screening will make things better. So no, its not a week to week rental or boarding house.

I’ll add a little bit more to the rent story as I think it’s a bit confused. The property management company I bought into thru the turn key package charges rent weekly. My D class duplex charges $160 per week rent for a 1200 sq ft unit. In fact here’s the link to the site for a better idea

Mine is North Rural Ave.