All Forum Posts by: Mark Henry

Hi,

I am looking for recommendations for a property manager for a multiplex in Albuquerque. Has anybody worked with property manager's in the past that they are happy with?

We have had a terrible experience so far with our current property manager, with having excessive maintenance costs, poor quality tenants, etc.

Please let me know

@Brandon Hicks  We were made to assume that we have consistent income for all units, but as it turns out we have _never_ received the full rent. We are lucky if we get income from 2 units and the other 2 units will always be under some sort of eviction proceedings which takes about 2 months to sort out

@John Thedford Yeah that is one approach that we need to research on, start looking for good property managers and then fire these guys

@Tim Jones thanks. In hindsight that is the biggest heartburn, that we cannot be hands-on. I am tempted to sell it and move on but was wondering if I can make the seller/agent pay for the troubles...

@Account Closed I might be able to prove, but what do I stand to gain financially if I get my way? Any ideas?

@Account Closed 

What bothers me more is that I was misled! 

Are there any legal options here in going after the previous seller/agent? Since the previous agent is also my current property manager, I am worried that if we go ahead legally and it does not work out, I am left without a property manager and with very little knowledge of the neighborhood.

Outline of events

-  Bought a quadplex about a year ago

- We asked about income/expenses from the past seller and were given monthly statements/expenses for the past couple of years which looked promising.

- We have some conflicts of interests here, the seller's agent was also the previous property manager and we retained them as our property manager since this was an out of state purchase.

- Fast forward a year and the rents seem no where near what we were promised and the maintenance is on the higher side with constant evictions and maintenance issues.

- We recently secured mortgage on another unrelated property and during the process when we asked for statements from our property manager, they offered to cook the books for us to make the income show better. That was when it hit us, that they might have done the same for the previous sellers.

- What are our options now? Can we take the previous sellers and agent to court but are hesitant considering the time and additional expenses? The losses are considerable enough that we cannot hold on to this long term.