All Forum Posts by: Julie S.

I had an awful experience with Only Choice PM.  I was with them for 3 1/2 years.  I left them in January 2020 and they won't give me the money left in my account.  They wanted me to sign a termination agreement noting a $10,000 fee for making any negative claims against them, posting negative reviews or contacting any governmental agency or the BBB.  If they need such agreement, it should tell you a lot about the internal issues with their company.  This company did not act in my best interest and they did not uphold their side of the contract.  Unfortunately, the individuals running this side of the business are NOT licensed and therefore may be unaware of the real estate rules and regulations regarding property management. 

They charged me for things they didn't do, for utility bills they didn't pay, inflated their prices.  My property was vacant for over 7 months and they didn't contact the online prospective tenant inquiries and told me they would ALLOW me a 15 minute phone call once a week.  There was a citation on the property they didn't take care of although they said they did.  Maintenance issues they said were completed were not done.    There was a Section 8 application on the property and after a month of waiting for the inspection, they lead me to believe the Section 8 inspection was being rescheduled.  When I contacted Section 8, it was cancelled over a month ago and no further activity on the property.  

The owners statements were sometimes late and many times incorrect.  The employee turnover was high.  They were slow to return calls if they returned them at all.  The Director of Compliance didn't take ownership, blamed others (on HER team) and didn't hold her team members accountable for their actions - not an effective team.  There was no oversight in the departments - leasing, maintenance, make-ready, billing, etc.  This was a nightmare!

They know about their negative reviews (on Google and BBB, OH BBB too) so I'm not sure why they haven't implemented anything to approve their services.

I have purchased a property with High Return Real Estate.  To learn about my experience, feel free to contact me.

You definitely want to get an inspection after signing the contract.  The turnkey providers typically tenant the property when they're done with the rehab even if it's not sold.  Most turnkey providers want repeat business so its best to find one with in house property management.  The turnkey promoter adds their fee on top of the turnkey providers price so it's best to go direct if possible.  Good luck!

@Grant Rothenburger  Thanks for your response!

@Jason D.  You're right....thanks for your comments!

@Clayton Mobley This has been my primary for 20 years.  All the main components in the house except furnace are new.  So not much cap ex for a while.  Another reason I'm leaning more towards selling.  You hit one of my main concerns - nearing the top of this cycle and another concern is having to fix/replace items from tenants that were new. I guess I'm figuring out which direction to go...thanks so much for your insights!

@Jaysen Medhurst I have a HELOC on the previous primary and can use as needed. Thanks so much for your response!

I purchased a primary residence about 3 months ago and have a mortgage. I’m trying to decide on my options with my previous primary residence with no mortgage and worth about $520,000. Previous residence is all fixed up and in great shape.

Option 1 – Rent previous primary residence. Rent amount will about cover the new mortgage….costing me about $300/mo extra. I can keep it 3 years and then sell with no tax penalty but how much will the market really move it 2-3 years. If market is good in 2-3 years, sell and payoff current mortgage. Open HELOC to use as needed. Downside – may have to put work into house to sell depending on tenants.

Option 2 – Same as option 1 but hold/rent for long term (10-15 years) or forever and/or can utilize the 1031 exchange down the road for another property or take the tax penalty as it is a goal of mine to payoff primary residence.  But if I decide to sell in 10-15 years, I still may come out ahead with the tax penalty.

Option 3 – Sell now and payoff current mortgage. I can open a HELOC and use for purchases as needed.

Which option would you choose and are there any other options?

Thanks for your help!

Julie

Thank you all.

Hi All,

Looking for Real Estate Attorney in Indianapolis.  I have a property manager that won't transfer security deposit to new property manager.  Thanks!