All Forum Posts by: Kiki Helland

Class A-D results shouldn't matter in the level of oversight of property (even before tenant placement) and quality of repair work. I suppose the picture is painted rosier at the beginning..But maybe that's the expectation in the Detroit market.  

I think I was oversold on the property initially and I won’t recoup what I’ve put in for repairs. I’m hoping to make it work by doing repairs. New PM placed a new tenant before major appliances installed and repairs completed. Yikes! So at least I have income for a month now finally! But I hope I am not open to more fines or attention from the city for having a tenant move in with water heater and furnace missing… to name a few! Anyway, I am appalled at how difficult it has been to maintain an “investment” in Detroit. Definitely my loser as compared to California and Washington state investments. And that’s despite all the rhetoric that these are not investor friendly states. 

RPM didn’t workout as well. Ended up with squatters and only found out because of neighborhood association blight committee and also trash and debris fines from City of Detroit arrived in the mail. 

Quote from @Lauren Kormylo:

Quote from @Bruce Woodruff:

Here's an example: https://www.expedia.com/Parker-Hotels-NEW-Parker-Strip-River...

In Parker, I wouldn’t be surprised if they’re paying a lot for a good cleaner. 

 l

Cleaniners are really upping their rates and do less for the standard rate.  They are now adding more extras for items that were included in the past. 

Lodging/local tax needs to be paid by the property owner.  Cleaning fees are added.  The rest of the fees are what 3rd party booking sites are adding to the cost. 

There is Federal legislation in the works to have nightly rates reflect the total costs.  And guests are not surprised when they are ready to book.  That's what occurred with airfares and may make the rates be more transparent.  

Unfortunately property owners also get hurt with very easy last minute cancellations from guests, and fraudulent guest complaints are not thoroughly investigated forcing property owners to refund money to guests or be shut down the listing. 

Airbnb and other sites have changed the STR market for all involved.

Quote from @Julian Espino:

Yes I’m so disappointed with RWN. I just found out today from them after notifying them about Autumn. They did not at least give me a heads up about all the problems related to this PM

That’s terrible and not a good way of doing business.. but their model is to probably snag in new investors or OOS. 

Quote from @Alain Chautard:

Hi,

I have a property in a different state that I trusted the PM company to take good care of. After two years, I've received 30 maintenance requests from the tenants, which seems like a lot. The PM company happily dispatches repair people every time without questioning much of anything: 

- The same repairs seem to happen repeatedly, so can the repairer be trusted, or should something else get fixed first?

- If the house has so many problems, why did the renters happily renew their lease twice already?

In any case, I'm not sure what to do. All the cash flow is eaten by those repairs ($3,000 and counting this year alone), and the PM company has a clause that doesn't allow me to switch to a different company: I'd have to pay them till July 2024 to get rid of them.

What would you do in my situation?

I kind of have the other side of that. My current PM sends me quotes for major work orders to approve with no $ estimate. Then they move in a new tenant when there is no water heater and furnace in the house and numerous other issues that are appalling. So, there needs to be a balance. 

Quote from @Julian Espino:

Can you give me more information please. I have recently fired APM 

Thanks

I just received a notice in the mail that APM filed Chapter 7 Bankruptcy. 
They are no longer my PM. I do t believe they owe me anything, but their accounting is so convoluted that it makes it hard to know what they did especially since they took over Proway leases. That was also shady dealing and reasons they moved SOME accounts to APM.. still in business… amazing! And they were a Real Wealth Network affiliate and “hook in.” 

Hey Michael,

I am on a third PM and most current one I went with because ge seemed to be quite vetted on Bigger Pockets and in personal converations.  Wrong! Looking again.  I'm out of more money and issues that keep coming up with property maintenance. My current tenants were placed in my property that has many issues that are health and safety related.  Appalling what has been and done and not done, worse than previous "bad" PMs.  Any suggestions?

Are there any satisfied owners with good property management in Detroit?  Old posts had me go with one that seemed professional. Nice talk, but not the walk.  Is anyone having success at this time with a good property Manager?