All Forum Posts by: Jonathan Liebman
Jonathan Liebman has started 0 posts and replied 2 times.
Post: Anyone have experience with Home365?
- Posts 2
- Votes 7
Quote from @Tim Walsh:
During my internet search for better property management for the Atlanta area, I found Home365 and was impressed with their pitch by phone. I feel fortunate to see all your comments on BiggerPockets! Home365 quoted me by phone last week 7% monthly management fee and 50% placement fee for their "Standard Plan," but their WRITTEN Prop Mgmt Agreement actually lists many fees and limitations.
For Home365's One Rate plan, which "guarantees rent," and supposedly pays all maintenance costs and eviction costs and repair costs, etc., they quoted me 23% with no fees. How much did they quote y'all?
However, their 38 page Prop Mgmt Agreement for OneRate is daunting--it lists many exclusions to their obligations such as any damage caused by force to a surface (whether from tenants, animals, roots, wind or other force of nature, etc). Other exclusions are roof replacement, anything requiring a permit, exterior painting if more than 5% of surface, "maintenance related to the garden, lawn, or landscaping," anything covered by any of the various required insurance policies, etc. I'm similarly surprised to find that their written OneRate plan management agreement states: "For both Evictions and Other Suits, Owner shall be exclusively responsible for all attorney’s fees, vendor, service provider, expert, and court costs."(para 5.1.c). Really? Seems to contradict the them of "OneRate."
They claim to have 9,000 doors under management in eleven states. So I imagine they are doing something right. But I'm finding many warnings from your collective postings here on BiggerPockets. IDK--Have any of you had an overall positive experience with Home365?
There is actually a simple answer to why they claim to manage over 9,000 homes. They go around the country partnering/acquiring existing property management companies. The interesting stat would be how many of those homes they acquired left after having a bad experience. You can compare it to someone you met having $1M and thinking they must be doing something right, but was originally given $10M.
Post: Anyone have experience with Home365?
- Posts 2
- Votes 7
@Terrance Curry
I have been with home365 for 6 months now and have not seen a penny while I have had full rent payments. This is a sign you should run. I am currently exploring alternative options.
The accounting system on the platform is completely messed up and thinks I owe $12k while in reality they owe me a few thousand. I am an accountant and exported the ledger and showed this to the PM and he agrees with me but there is nothing he can do since they don't have control over the platform. In my opinion the only reason they are still in business is that they are trapping customers who think one day they will get their money. Not sure how this company survives an audit.
Do yourself a favor and stay with the devil you know!