We have a 4 plex, family owned complex. 4 years ago we decided to move out of the complex. Two units were family occupied, 2, were tenant occupied. Moving open it up to make it a full tenant occupancy residential rental. As owners, as soon as we were out, we began the renovation on both units, head to toe. Together costing us 85,000$. Before any new tenants moved in, we hired our PM. Our thought was, how helpful it would be. We'll maybe in some ways but not in profits. The PM brought to our attention and suggested improvments he felt were nessesary on updating each unit, after our complete renovations were done. We had redone a brand new kitchen and included a new water line for a refrigerator cold water dispensing. He said it wasn't nessasary so he wanted that closed off. Then he wanted to redo the placement of the electrical outlet for the appliances stove, fan, above stove microwave. Saying, It was more logical and made more sense. He suggested repairing the fireplace bricks, redoing the bathroom floor, vanity, all doors. The other unit, didn't need as much done by us the first time, but he came in and said we should put a fire barrier in the top attic. Also, building a wall to close off a small closet. All in all another 40,000$ was spent after he was hired. Then they tenant that he moved into one unit was himself. He pays market value, but never got our permission to move in . The other unit he rented to his daughter and family, they lasted 2 months and caused $5000, in damages to the brand new unit. We were appalled at that one. 3 years later over $150,000 of renos, he seems to keep coming to us with repairs after repairs. We had a major blow when last year mold was brought to our attention , that as a 20,000 remediation that had to be dealt immediately. Plus reimbursing tenant for rent and damage to property. I feel like hiring the PM has broke us. And he's not helping us climb back up. Most recently a shower tub needed replacing, well he paid his maintance man to put a fix on it 200$ -then 1 month later the bathroom costs 4000$. Now he's come and wants a vanity and new toilet. We had meetings with him about we our business finances are in the red, not making repairs unless its a non habititable issue or saftey concern. I can't stress enough . The our business account is at its lowest ever. We have property taxes and insurance to pay. It might be old, but if it's not broken were not replacing it. We can't. Isn't it a PM responsibility to help tje owners bottom line to make a profit for the owner as well. He's not getting how broke we are . After property taxes there will be 5000$ left in our business account. We can't get out of this hole. Is he a bad PM. I have no idea how to handle this guy. We are so sad and afraid.
