Buying a property with a terribly property manager
Hi All,
I was hoping for some advice. I have acquired a property in a great area (within 45 minutes of my personal residence), with a great purchase price to rent ratio for my area. The current tenant has also been in the property for just over 4 years and has never paid late. Now the bad news. Prior to the sale, the previous owner had signed a contract with a new property management company (they did not place the current tenant).
I have quickly found that the property management company is about as bad as they come. I closed on the property 12 days ago and immediately attempted to get in contact with the property manager. Now after 12 days of multiple calls per day and many emails with no response I am not sure what my options are. I have not even been sent the contract between the owner and the property management company. I do however have a template agreement that states any breech of contract would incur a $735 fee.
Since I never signed a contract with the property manager am I liable for this contract? (That was my thought going into this, I had just not thought they could be this bad)
If I am liable, are there any actions you would recommend taking?
Thanks!