First Property - Unresponsive PM
Hey All - Seeking some advice on a situation I've found myself in after purchasing my first investment property.
For background, I'm based in NYC and after 1-2 years of sitting on the sidelines I decided that 2020 was going to be the year I acquired my first property. Being in a high COL area, I decided to go the turnkey route and got in touch with a turnkey provider that generally has decent reviews here on Biggerpockets. After reviewing their inventory, I landed on a property in Davenport, IA which was renovated in 2019 and occupied (and supposedly current) when I closed in early November 2020. Of note, the Turnkey provider I used introduced me to a separate property manager who had been managing the asset because they didn't have an in-house PM in IA. All throughout the purchase process, the Turnkey provider and my contact at the PM firm I decided to use were great and no red flags popped up (although I probably wouldn't have been able to spot them anyway!). The PM firm I'm using isn't mentioned much here on BP.
So now I sit here ~3 months after closing on an occupied rental property without receiving an accurate account statement or a disbursement of any of the (supposedly) collected rental income. I have received two account statements, both of which were incorrect/incomplete, and have had minimal uninformative contact with my investor rep at the PM firm. We've exchanged a few emails but nothing has been resolved to-date. I'm booked for a call with them on February 1st, but the last time I booked a call in mid-January we were unable to connect.
Now I understand that I only have one property with the PM firm and I'm not generating a lot of revenue for their business. Plus, the Holidays always slow down turn around on these things and everyone is dealing with COVID. I also understand that something may have happened with the property, maybe the tenant isn't paying, maybe there were other expenses that came up, all of which is fine. However, I'm starting to become frustrated with being kept in the dark and not informed as to what is going on.
My question is how long do I let this continue before taking action, maybe this is a normal situation when onboarding a new property? And, once I decide to take action, what are my options? Given I'm remote and don't know the tenant I feel like I lack a lot of bargaining power in the situation and have tried to avoid doing anything drastic up until this point. My hope is that this is just a misunderstanding/accounting snafu and we can all move forward but feel like I need to draw the line somewhere.
Thanks all!