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Updated almost 6 years ago on . Most recent reply

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Jenna Rangel
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Radiant Heat/Property Management Issue

Jenna Rangel
Posted

We have a duplex that we purchased this past June, in Indianapolis. Both units have radiant heat ceiling panels, as well as several baseboard heaters in the front rooms. I received an email from our property management company, saying that one of our tenants utility bills was $300 last month, and he only ran the heat for one week. They said he will break his lease if we aren't able to provide affordable heating, and they gave me a quote for $7k - $10k for a forced air system. We've already spent upwards of $13k on this property since June, and we bought it for $57k. It's not worth our investment to spend $7k+ on a forced air system. Our property management company then recommended a mini-split system, but it's still more than we're wanting to spend - the estimate was $3,500+. I suggested installing a gas wall heater, as it's low cost to purchase and install, and being that the unit is small, could be an efficient option to heat it. Property management has stated that they can't accommodate our request, as it's "not cost effective" and that they don't have anyone who can do it. We have had other issues with this property management company - the first unit they ever listed for us was "listed" for six weeks, only for us to find out it wasn't showing on a single website due to what they claimed to be a system error. We have two more units listed for rent with them now - one has been on the market for two months, the other for six weeks, still no tenants. I don't know if this heating system is the real issue, or if it's the property management company. They're constantly recommending repairs/updates that are a high cost to us. We've done three rehabs with them over the past few months, and they've never been able to provide a single bill for any of the work done. Their upfront estimate is the final/total amount that was paid for each rehab. Something doesn't sit right with me on this. As a new investor, I'm in need of some advice. This is the first property management company we've had, and I don't know if this is typical or not.

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