All Forum Posts by: Patrick Britton

well, i now believe that yes, ALL managers are bad.  no exceptions.  it's just a matter of time before their true self is revealed.  some can hide it for longer than others. 

I've had rentals since 2018 and I can easily say that property management has been an expense that wasn't needed.  My account manager is doing about as well a job at finding rent-paying tenants as I am at levitation.  He thought someone working a pyramid scheme had sufficiently stable income (she's now 4 months behind).  Another tenant destroyed the A/C unit and my property manager was like, "so, you going to send the money to fix it?"  NO!!!  Wichser

I swear, these guys work for the tenants!  I want a property manager that will fight - FOR ME!!  

What I should have done is purchased a house in my own subdivision.  Then I would have had full control over every aspect.  

Reach out directly, I'll give you PM name to avoid and why.  

good PMs are supposed to check in with you, not the other way around.  And good PMs are also supposed to fight for YOU, not the tenant.  My PM ignores every request and fails constantly so you may even want to consider self-managing.  

whatever you do, don't use RENOVO financial.  

What law enforcement agency should be contacted in the event of theft from property management company?   For instance, if the property manager deliberately withholds funds because they want to, would it be a matter for the local police?  

If state lines are crossed does that mean a federal agency is involved?

thanks! 

Are there any investors or Realtors here who are seeing a sudden drop in prices? I'm not but my area is pretty hot.  

So here's someone with 5k in post and 5k in votes and he doesnt know that the appraiser WORKS FOR THE LENDER.  

I guess there must have been a righteous sale at the stupid store yesterday

Someone said the following:  

"For the rebuttal:

1. bring comps that are within the last 90 days - do they exist?  dont you think if they existed the appraiser would use them?

2. bring comps that are within about 250sf living space as yours...it's not all about square feet unless this is your first deal or you're a real estate agent and dont know any better..

3. see what they gave on price for them and see if they discounted or increased the value on that those...that made no sense :)

4. add anything that you have permitted, get permits from the city to add or any other supporting documents.  that wont matter.  

For rebuttal and prior to the inspection by the appraiser:

1. bring the Apprasier "your" comps, this guy/girl maybe from an hour outside the city and no idea what parts of the area would fit best.  Appraisers toss that junk in the trash.  dont waste your time you're proviing to the appraiser you, the agent, dont know how to bracket.  

2. bring a list (spreadsheet) of all the upgrades and anything else that was done to the house with a dollar figure, they attach that to their report to justify price.  Spending $1000 on something is not necessarily going to get you $1000 back.  It also sets you up for significant disappointment.  Definitely the "best" advice here but not worth what you think  

3. add documents for permits as mention.  dont bother.  waste of time.  

@David P.  "Seem fairly normal."  yeah, all con artists seem normal.

@Joel Case 

"$5k EMD, $2k appraisal gap, $15k over asking, $2k escalator clause up to $35k over asking, appraisal and inspection contingency. I could non-owner-occupy as my goal is to STR after 1 year of occupying. I just don't know the LTV of hard money lenders, etc."

5k on 500k is 1%.  2k is less than 0.5%.  The other things/escalators are things realtors believe have power but really dont.  

What is giving me the impression that you are being led down a dirt road, presumably by your real estate agent, is the paltry amount left aside for appraisal shortfalls. 2k is quite frankly, statistically insignificant compared to 500k. you need 10% of that amount to truly cover any appraisal shortfall.

I would exercise EXTREME caution and consider re-evaluating.