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All Forum Posts by: Will Ellis

Will Ellis has started 2 posts and replied 7 times.

Originally posted by @David Epstein:
Michele,

happy to meet you!  Just sent you a quick DM.  

as I have said before to folks, I am extremely pleased with Suncoast and the entire team there.  Communication is excellent maintenance and property management is fantastic, and the way the team handles things like COVID or hurricane season is exemplary!  My tenant is extremely happy an in place for many, many years!

 I wouldn't judge a property management company by their ability to preserve a high quality tenant.  Wait to see what happens when the tenant moves out and trashes your place.  Are they able to respond to professionally and promptly manage your property to get it in working condition and back on the market.  Suncoast can not do that.  I had 3 unbelievably frustrating months where there was no initiation of communication from Suncoast and literally no one in the company knew what was going on at my vacant house.  If I were you I would change managers now before you end up in a situation like I was in.  Best of luck!

And for all other investors reading this thread, if you are considering Suncoast please review the evidence above and PM me if you need more.  

Sorry to hear that Par, wish you the best of luck finding a better property manager.  It blows my mind that Suncoast is actually still in business.  

If you are considering hiring Suncoast to manage one or more of your investment houses please read this first. It is rare for me to leave a negative review, especially knowing how detrimental it can be for a business, but in this case it has to be done. You deserve to know this before you begin a contract with Suncoast.

I own multiple rental properties in multiple states. I work with multiple property management companies. I have never dealt with a company more incompetent to take care of a house than Suncoast.


This is going to be a long review. If google didn’t limit character count it would be much longer.

I will attempt to briefly summarize the type of experience you will have if you choose to work with Suncoast:

Communication:

Please see attached photo showing vacancy timeline. Their communication was so poor that I had no idea what was going on with my house. I actually got to the point where I was starting to look at plane tickets to Jacksonville so I could see the house in person since I literally had no idea what was going on in the house and it had been vacant for 3 months. No one ever reached out to me to inform me of what was going on. In most cases my phone calls were not answered and I did not receive replies to most voicemails or emails.

Management:

1 - Tenant was caught red handed with a dog in the property. This was a violation of the lease. I communicated this with Suncoast and they failed to do anything about it.

2 - During the vacancy period the AC was not turned on however the blower was on blowing hot humid air all over the house and causing ridiculously expensive power bills. This led to the development of a mold problem.

3 - Management company never told me about the mold issue, I only found out because I had emailed them to ask why the house was no longer listed as for rent. Mold issue was discovered in mid June and as of July 16 when I terminated my agreement with Suncoast I did not have a single repair quote for the whole scope of repair. An entire month went by without me receiving any useful information from Suncoast in regards to the extent of the damage and the price to have it repaired. Ironically I was able to get multiple quotes in less than a day after terminating my contract with suncoast. Also, I ended up selling the house and three separate professional home buyers inspected the property and found no evidence of mold in the entire house. I could have easily been tricked into dishing out over 10 grand for suncoast to fix a problem that didn’t even exist!

Maintenance:

1 - Ryan, the turn manager viewed the house when it became vacant. 20 days later I received a repair estimate - The house had been destroyed by a tenant (placed by Suncoast with a ridiculously low security deposit). He prepared a list of things that needed to be repaired. His list, while long, missed extremely important items which include but are not limited to: thermostat broken, tile floor destroyed in kitchen and bathroom, 3 interior doors destroyed, broken screen door, missing towel bars in the bathroom, spilled paint on floor and carpet. I honestly have no idea if this would have ever been addressed.

2 - There was never any communication with me as to how repairs were going. On July 16, 2 months after I approved the list of repairs, I found out that out of the entire list of things that needed to be done the only one that was taken care of was the paint job. This is indisputable and was even communicated to me by Suncoast. I am not sure when they planned on doing these repairs.

3 - The paint job that was done by suncoast was so poor that it has to be redone.

4 - House was so poorly maintained that I realized it was hopeless to have this asset while living out of state. I realized that my only option was to sell the house for a loss. Multiple experienced home buyers looked at the house and all of them told me they were shocked that a property management company would allow a house to be in such a terrible condition.

Stay away from Suncoast.  They are terrible

I do not enjoy IRS audits so I definitely appreciate your insight.  Good to know I can evenly split this, that is ridiculously less complicated than every other option I was trying to think of.

Thanks so much for the help!

Thanks for the fast response!  I will definitely check out the book.  I assumed that I would expense the mileage on line 6 of schedule E and did not realize it could be a deduction from my taxable income.  Probably won't be very helpful for me since I will likely just use the standard deduction.

I am a new real estate investor.  I am starting to look at taxes and have a question about Schedule E.  I have some expenses that I have incurred this year that do not coincide with a single house that I am still hoping to add to my overall expenses on schedule E.  These include the purchase of signs for advertising, tools for maintenance and driving to see houses that I did not end up purchasing.


Should I randomly assign these to another house just to make them fit on schedule E?  Should I call my type of rental property: 8 (other) and then describe that it is for things that do not fit to one specific property?  What do most people do in this situation?


Any advice would be extremely appreciated.


Thanks!