Please offer me feedback on my current property manager
Hello, I have jumped into investing in single family homes in Northwest Indiana, in Lake county. I now own 11 homes, and have been working with a property manager that I personally do like. I would like to explain my results with the group and get your perspective on what is going on. I have had 11 tenants placed in 2017. 1 went through entire eviction process, 1 left on August 15th, 2017 without paying august rent. My property manager who placed this tenant about 6 months earlier, charged me $2600 to get the property rent ready, and I just got an email today, almost one month after the tenant left, that it is now tenant ready again. So of 11 people placed this year, 5 have been evicted.
I just found out that 3 more of my tenants have been filed on for eviction as they have not yet paid August rents. Another person is being evicted tomorrow. Of my portfolio, only 2 tenants are current on their rent.
The property manager tells me that if they were high credit people, they wouldn't be renting.
I would love people to explain the 50% rule to me, as I am getting almost 50% of what my expected rents should be for these properties. I don't want to transfer my properties away from my current manager, but he does not return my calls, and makes me feel like I am a bother when I express my concerns.
I was so very pumped up to get into investment real estate, but now that I am having huge monthly payments for my taxes, mortgages, and insrurance, yet rarely am I getting rental income, I fear I am on the wrong path.
If there are any property managers or investors that work in Hammond, Gary, Hobart, or Merrillville that could offer me an experienced opinion, I would be grateful. I can't change my Property manager's way of doing business, but I can change who I hire to manager my nest egg.
Thanks