All Forum Posts by: Hark Tukay

100% my experience with them too. They know how to hit out of state investors who are vulnerable and who probably never look at their statements as long as money is coming in. I would email and not get responses back regularly. Talked to management and they did not seem to care. They sold me on this system that is connected. They are one big office with the warehouse right there and it's better for everyone. But as soon as I caught them overcharging for stuff all of a sudden it took months to research. Aside from the multiple overcharges, they cost me thousands in under priced rents on renewals, tried to rent properties after I had moved companies, took 4 months to rent a property in one of the hottest areas of the hottest rental markets ever. The list goes on and on. I was starting to take it personally but maybe that is just how they do business. But if you think about how they operate, they do not pay out rents until the following month. This means in many cases you do not get paid until 45 days or so after rent is paid. this also means for half the month they have two of your rent checks plus your maintenance reserve of $500 per property.  So if they can find a way to charge you for something, they have plenty of your money to take.  

@Jay Hinrichs all good points. I appreciate the input and will looking these things! Thank you!

@Seth Young appreciate the words. Thank you!

@Lien Vuong thats a good idea. That will be my next move.

@Joe Martella I was hoping to avoid that but I think you are right. Never in my life would I have expected this! This is a huge operation in Memphis and they gave a very impressive sales pitch.

I have a turnkey property in Memphis and the management company, which is large, does not respond to emails, phone calls or voicemail. It was so bad that I decided to change management companies. In the meantime, they have a few thousand dollars of mine that they have not released nearly 3 months after I left AND, this property that I purchased from them last summer has issues that should be covered under warranty and now I am facing another $1k out of pocket to fix these issues. I have emailed everyone I can think of up to the owners of the company with no response. I have tried to be polite, especially with all that is going on but I am angry now. Any advice on how to proceed?

@Erin Attwood We have a great discount agent in our area that only keeps 1% on the buy and 1% on the sell. For that, it makes sense to me to outsource it and have someone else deal with the listings, etc. the only thing you'd be missing is direct access to properties. But you may be able to talk the agent into assistant status especially as you grow in volume.

Tell me about the very first year you started Real Estate Investing. What would your current self tell the newbie you? What would you do differently?

@Timothy Duggan I agree that you shouldn't change the price at this point. You may down select based on who is willing to go longest term and then escalated the rent after the first year. I have also been in a situation where I had multiple applicants and my seven turned into just one pretty quickly.

I charged them one and a half months rent to break the lease. Other than that everything was by the contract. The repairs were determined to be their fault and we took it out of their deposit. For the tiles specifically I charged them for a portion of the expense. I am still fighting with them as they do not see any of the damage as their fault. They also reported water damage the night they moved out which ran another $8k or so. But the best part is they closed their bank account down before I could cash one of their checks so I am out $1,100. Be careful and good luck!