Property Manager refusing to close account-Tampa

24 Replies

Hi,

Looking for advice or attorney assistance related to my former Property Management firm CHRESTATE Real Estate Group, LLC based in Tampa.

It's a long story but since our agreement was terminated and before they'are ignoring emails, voice messages, left a trail of unpaid vendors, NSF checks to Utility and Property Tax Collector meanwhile deducting all payments from the property account.

Now they are refusing to close the account, I haven't receive any closing documents (Grand Ledger, Bank Statements, supporting invoices and owed account balance money including security deposit).

I have a second property (both 10 unit properties) which the agreement was terminated after and the closing deadline is approaching; anticipating the same thing happening.

Any advice and reference are welcome.

Mario

PS: Hi, @Shawn Yesner I read your welcoming post and would be great if you could give me some guidance. I want to go public with this so everybody can learn from my mistake choosing them as PM.

Hi Account Closed

I'm also watching this thread closely for some good advise from the BP community. Ever since getting majorly burned by an incompetent idiot in Orlando, and an outright thief in Tampa, I've been reluctant to take on a new PM.

Obviously, I have no practical advise to offer, but don't be too hard on yourself for choosing them. It seems that finding a decent PM is a daunting task.

I don't have positive suggestions for you either, but thanks for sharing your experience so we can learn.  How long have you been using them?  When you started using them were they called Maysonet?  What made you select this company when you did your initial interviews?

"Pedro Maysonet, Manager of Maysonet Enterprises, LLC, is also the President of Maysonet Group, LLC which has a pattern of complaints that allege non-payment and service issues. Maysonet Enterprises, LLC is affiliated with Bravo Maintenance Group, LLC, Rapid Product Marketing, and Chrestate Real Esate Group LLC. All companies are located at the same address."

http://www.bbb.org/west-florida/business-reviews/m...

https://www.linkedin.com/profile/view?id=68812224&...

It looks like the owner is also a minister, for what that is worth.

If property managers are required to be licensed in Florida, you can file a complaint with the real estate board and see if they can assist you.  The Board in North Carolina helped me handle a situation where my old PM stopped contact for 2-3 months, no payment of rents to me at all even though my tenants were paying her on time.   I was living on the west coast at the time, so their advice on finding a new PM helped immensely, and the new management company went out of their way to secure all my old rents, security deposits, keys, etc., without me having to fly in, and I've been with them ever since.    

I'm sorry to hear of these tales of flat our criminals.  I work in the legal vertical and can get a good recommendation for a local attorney if you're interested.  I don't run a PM business, but I do manage my own rental in the area.  If you ever need any assistance (eyes or boots on the ground) I'd be happy to help.  Also I have an excellent handy man and plumber.  Perhaps this field, along with general contractors, is a great opportunity for a reputable business

Mario,

I'd strongly consider reporting them to the Florida Real Estate Board (you can find a link on myfloridalicense.com).

I am not sure what you can do about recovering funds that were stolen that were not in escrow, but you should be protected against lost escrow money from the Florida Real Estate Recovery Fund.

We manage property in both Orlando and Tampa and I would be happy to answer any questions you may have.

Both properties were reassigned to two different property management firms which were referred to me; this time. Still too soon to tell but things are coming nicely together with both new PMs I must say; time will tell.

I was with them for about 14 months. It was my first real estate acquisition in Tampa and therefore was not able to get references. Went thru the regular selection and interview process. But still not obvious as these companies know how to present and promote themselves as oppose as the good ones who tends to be not as "marketing aggressive". By the end of the first year, I was having serious doubts that something was wrong. Then the whole thing blew up in my face doing the 2013 Tax report (spare you the details here). Since the contract was terminated and they stop all communications with me.

All the references to Chrestate aka Maysonet and the CEO are accurate; including being a minister. Who also published about business ethics; ironic isn't it.

Thanks for mentioning the licensing board (FREC in Florida), I'll definetely explore that avenue as I need all the help I can get.

@Robert Curls yes please if you can PM me your recommendation for a local attorney, I'll make contact to see option what my options are.

PS: I know now that none of the money was hold in escrow account as oppose as what I was led to believe.

Hey Account Closed

Hey Account Closed thanks for introducing yourself! It's great to have you here! Don't miss The BiggerPockets Podcast - they are great for learning how others are finding success.

Oh - and be sure to set up some Keyword Alerts- especially for "Ottawa" so you'll be notified when people mention it here in the forums.

Thanks again for introducing yourself!

I have same problem with CHRESTATE. Any reference for a good property manager in Tampa area? Just curious...to which PM you switched over. Appreciate your help.

@Mario L.,

Sorry you are having problems with your PM. Did you screen the PM and did you get a copy of the PM insurance and a copy of their E & O insurance? Now you should  go after their E & O insurance and maybe fraud for misuse of funds.


Joe Gore

Hi all,

@Priadeep S., I'm now using "Real Property Management Tampa St Pete" and "Florida Asset Management" and only have good words to say on both companies.

@Joe Gore., I went ahead and filed a complaint at the Florida Real Estate Commission but you are the first one that talks to me about E&O insurance. I don't have a copy of their insurance, and I don't think this information is public domain unless someone knows otherwise.

I invite everybody out there with a Chrestate problem to PM me. I believe it would make a better and stronger case for a law firm if we merge our files together. Let do this together, otherwise they will walk away and do this on and on to others.

Mario, Im in Tampa also.  If you need a "boots on the ground" to check something out let me know and I'll help if I can.

By the way, if they are legit, I would think the State will probably have a copy of their E&O Insurance on file. I may be wrong about that but you should ask.

IMO the proper channel is the Florida Real Estate Commission. I would have sent a certified letter to the agent giving them 10 day to provide all accounting and any funds due or that you would file a complaint .  An agents E &O insurance protects and defends the agent not the consumer. Now at some point if a lawsuit is filed , the insurance company may settle on behalf of the agent but I would be surprised if they even spoke to you at this point. Good luck and stay on top of it as these type of actions give us Agents/Brokers who do things the right way a bad name !

@Greg H.  I filed a complaint at the Florida Real Estate Commission, while they are still reviewing my case their first comment was that bad accounting practices and holding funds (regular and escrow) from landlords do not constitute a real estate licensed activity infringement; how about that!!

Agree with you that we won't hear from their insurance unless somebody go after them with a solid case.

Most likely what will happen is Maysonet now Chrestate will soon change name once again and start fresh in other parts of Florida doing the same to other landlords/contractors/suppliers/services providers.

Thanks Mario. I will be in touch with you to make a stronger case. 

My name is Brande and I own a property Management Company in New Port Richey. I just had a client bring me two properties that are currently being managed by Crestate Property Management. They have a similar story as to what I have read here. I am getting ready to go them to get their properties in order and money that has not been paid. Have you had your case resolved?

@Brande Webb  , my contractual closing date was June 1st; still not closed.  The last email I received from the CEO stated that the closing documents will be issued end of August; so we'll see very soon if...

You can go there if you want but of all the people I know that did go there to collect due money and documents (owners waiting for closing documents/money or contractors/suppliers after their xth NSF check, all were turned around and went out the front door empty handed rather quickly.

Today I am going to go into the office and if I don't get anywhere I am filing a complaint with FREC regarding the escrow checks. There are a lot of things FREC doesn't really care about but there are very specific things that govern how they are to treat Escrow accounts. I also have concerns about unlicensed activity and will be confirming that today. This is another no no in FREC books and it appears as though the only licensed person per the DBPR doesn't work out of that office, so that's easy enough to prove.From there I am going to the TPD to file fraud charges. The company status on the DBPR is currently voided.

I looked through my owners ( The owner who hired me)  appfolio and saw where they were keeping thousands of dollars on the books and not releasing them. We have the proof the money was brought in, now if the management company misused used it or spent it, that's a different scenario. Either way I should have an answer today. My last step is the local news department. They love this sort of stuff.

I work very hard in this industry to support my family and its companies like this that make it very difficult to keep the community whole. Ill keep you updated as I move forward. Best of luck to you and all on this post.

As a side note, they provided improper access to the owner I a helping. They didn't give them an owners portal they gave thme employee access so they have a lot more information. If you log into your appfolio account through them, if you have a reports tab, click on the owners report. It shows all the items you have been charged for. Its interesting. I saw a $95 charge for forms and printing...no where in the owners agreement does it state they charge for that. They also charged the owner $25 to put up their OWN signs. Just crazy.

Maysonet Group, which was the predecessor to Chrestate, owes our firm $200,000 in judgments against him and the company. They deposit the rent money, dummy up reports, do not pay the bills and then disappear. I suggest you take them to court ASAP...

Mario, 

I'm currently doing intake on a property in Tampa that has a story similar to the below, (Justice Realty) I understood from my contacts here in town that Crestate had packed up shop, do you have a more recent update as to what has occurred with your lawsuit?

-Ben

Originally posted by Account Closed:

Hi,

Looking for advice or attorney assistance related to my former Property Management firm CHRESTATE Real Estate Group, LLC based in Tampa.

It's a long story but since our agreement was terminated and before they'are ignoring emails, voice messages, left a trail of unpaid vendors, NSF checks to Utility and Property Tax Collector meanwhile deducting all payments from the property account.

Now they are refusing to close the account, I haven't receive any closing documents (Grand Ledger, Bank Statements, supporting invoices and owed account balance money including security deposit).

I have a second property (both 10 unit properties) which the agreement was terminated after and the closing deadline is approaching; anticipating the same thing happening.

Any advice and reference are welcome.

Mario

PS: Hi, @Shawn Yesner I read your welcoming post and would be great if you could give me some guidance. I want to go public with this so everybody can learn from my mistake choosing them as PM.

Hi Ben,

I didn't file a lawsuit, as to my knowledge nobody before me was successful getting their money back.  But I can tell that Pedro Maysonet and his same crew are newly back in business in full force and ready to go after a whole new set of victims.  Looks like nothing or nobody can stop him; Florida Justice Net holes size are too big for him.

Mario, I would report to the BBB, also post a review on Google and Yelp. I hope you can recover your money.

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