All Forum Posts by: Shanah Bell

We have some hard money lenders who will consider new builds, but need other options with better terms. We already have the lot and it will be for a SFR once the build is complete.

I need to break my contract with my Property Manager, but I am unsure whether or not my reasons have legal standing. It says that unless it is for legal reasons, I will be charged the remaining property management fees for the year from the date the contract is broken. 

But, my reasons are that they have been charging me more than our contract amount of 8% for multiple months now and have not responded to my requests to refund the money. As well as the fact that they have taken money out of my owner's draw for work done to the property last year, but I just got a letter from the vendor stating they still haven't been paid by my PM. My PM responded once saying they have had communication issues with that vendor so they aren't paying them until they get it straightened out. I spoke with the accounting department for the vendor who tells a different story and says that my particular PM has been horrible to work with and won't pay them for work done for multiple properties, even after sending multiple communications. This is why they sent letters to the owners of the properties instead, trying to recoup some of the money owed.

My PM also refuses to send me itemized reports of what I am getting for my owner's draw and why. It is just a random number each month, so I feel like they are skimming off the top.

Do these reasons count as legal reasons to break my contract?

Any advice would be appreciated!

@Alexandra Hughes Pailet Thank you for looping me in on this one!

@Matt Faircloth, I will be there also. Looking forward to meeting everybody!

We are new  to the investing world for ourselves (as I have been working for a group of investors for quite some time but decided to start buying some of our own properties) and have just gone under contract for our first property in Fayetteville, NC. We are in negotiations for a second property in that area currently also and both would close before the end of this year. 

I have experience with other Property Management firms in different markets but none in this market. Can anyone please steer me to a good Property Manager in the Fayetteville, NC area?

Much thanks in advance!