All Forum Posts by: Account Closed

@Jay Walsh - agreed on being ok with the tenant (although the tenant was placed without my approval as requested). The comment on negligence was in the tenant not paying a full month’s rent for 5 months. Months 3-5 received no rent at all. I would say your job is to make sure the tenant pays and maintains the property, no? They had no business being in the property. 

I had no knowledge of this until 8 months after the lease began. I would hardly call that transparent. 

Regarding the water bill, it has already been paid. As I mentioned in another post, much of the balance was run up while not under your management but you were still reveiving the bill and didn’t forward to me nor the new management company. You are more than welcome to help fight it though in the meantime. I’d be glad to send it to you and leave a glowing review of you helping when you don’t need to if successful.  

Of course I can. The point is that the bill doesn’t come to me and there didn’t appear to be a need to.

After looking at the bill, I do see that some unpaid usage was when the property was no longer under ABC’s management and we were evicting the tenant (I would correct the original post but can’t) BUT the bill was being sent to them and they chose not to notify and forward to me. 

Seems pretty messed up to me. 

Appreciate your wanting to help and give guidance but I’m simply relaying my poor experience of ABC as have many others. 

I thought my ordeal with ABC was over but 8 months after I switched I still am paying for their mistakes...

For a "turnkey" property, the plumbing at the stack was still original. Just got that repaired and another $1900 bill, thanks! Then today I received notification that the previous tenant left a 4K water bill unpaid. The water, of course, is in my name but they pay ABC (if they ever do). Since ABCs statements don't have line items for what's actually going on with the property.  Since more often than not, tenants do NOT pay and they rely on the landlord insurance they provide for you, you think that everything is going smoothly. That is, until you place a new tenant and see the damage or get stuck with utility bills from previous tenants. 

Any competent management company would have never let it get this far.

For a quick summary of what's happened just with the numbers (I'll ignore their awful service and lack of responding to investors):

*Tenant moved in on 3/1 and never paid a FULL rent payment from 3/1-November when the eviction process started. Tenant final balance $6500

*ABC did NOT get a rental suitability certificate

*Tenant damage - $6800

*Fix ORIGINAL plumbing on a "turnkey" property - $1900

*Unpaid Water Bill $4000

Total - $19,200

There are certainly risks in investing in real estate and certainly not your local market. That said, this experience has been very much an outlier.

I think based on this thread it's pretty clear that ABC is a mess. If a class action suit is in process, I would be interested

 This is in PA. I don't think that's the case here. They are a pretty large management company with over 2K properties under their management (supposedly) but I suppose anything is possible!

Update - this is not the law as they initially mentioned, simply their policy... I can work around this by using an entity but still not the desired result...

This is the first I've seen this and can't find a definitive answer, hoping someone smarter than me can share input.

I have recently switched management companies for one of my properties and now that we have a new tenant in place, this management company is insisting that my name and initials are on the lease as the landlord.

I've worked with 3 management companies across 2 states and have never had a request for me to add my name and sign off on the lease agreement. I obviously don't want anything personally identifiable on the lease for a variety of reasons.

This management company is suggesting this is the law but can't provide the actual law. Now stating it's their "policy".

Anyway, has anyone else experienced this? It's a first for me for sure...

Thanks

Thanks @Jon Holdman.

You're right, I prefer not wait that long :).

I think I may be able to do something along the lines of this video, https://www.youtube.com/watch?v=GpN9Jn4KRZo. I know Andy and sort of understand this scenario... Need to go through it again but this is a potential option that may work.

I'm thinking do a master lease with an option to purchase and 100% of the rents going toward the principal of the purchase or something similar. I think that could work but not 100% just yet. We'll see.

Regarding the accountant suggestion. I did speak to my accountant and he said there wasn't any real tax advantageous way to do this sale. Sounds in line with your post but I think there could be a creative way to do this deal that we're not thinking of...

Thanks again