I bought a duplex by the children's museum and got BHB Investments as my management company. one side of the property is rented out for $750, and the other side vacant.
right after they took control there was a "large leak" in the kitchen which was right under the $250 amount needed for them to notify me about. no pictures, or any other proof; just a bill. okay..
after a few months with no showings I looked up the property on Zillow, and trulia, and there were no pictures on the ad. after a discussion, they added pictures.i also told them to cut the rent to $700.
after about a month I checked again, and they never lowered the rent. after a discussion, they lowered it to $700..
after almost 5 months I've been trying to get them to list ads in LOCAL places (bulletins, news papers, social media, etc) I don't mind lowering the rent a bit more, but I feel like I'm lowering the rent because they are just to lazy to do any real work??
I just got notification that I owe another $330 for a "rat problem". once again, no proof of any sort. just a bill.
so my question: any good companies out there that are not above the 10% fee, or should I just expect to pay a higher percentage for good service in indy?
I don't know the specific area in Indy you are referring to but if you send me a private message with the address I can ask the property manager I have been using with good success the last 4 years if he works that area?
@Gautam Venkatesan will do. Thanks!
I know the area well. Most likely your duplex is on the older side, and unless properly renovated/upgraded it will unfortunately continue to have a fair share of issues (as any older building would). Sorry to hear about your bad experience with the property manager. Unfortunately I don't have a referral for you but keep in mind most property managers are not great at finding quality tenants quickly. I agree however that 5 months is unacceptable.
One alternative you could try is to have your property manager open it up to other real estate agents. This way, the placement fee acts as an incentive to those agents. The PM won't make that money anymore, but they save all the hassle, which is probably worth it to them in the end and keeps you happy. Good luck.
I have been recommended IPM property management, Red Door PM and I am currently using T&H Realty Services and I am happy with them. Let me know if you have any other questions.
Check out the simply wholesaling website. They are wholesalers in Indy and they have references on their website.
All the best to you.
You need to talk to @ Lee Smith , he manages some of mine (one I have over there as well ) he does excellent marketing , weekly report on applicants.
Is very responsive . Spouses buying houses is his website , you can check out his ads there
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@Neil Goradia thanks. I wasn't aware of that technique. good idea.
Thanks to everyone for your input. I wrote all the companies down, and ill try review all of their details. @Samantha Soto I actually bought my unit from ed. geri was helping me through the process. (awesome family)
@Lee Smith ill definitely get in contact with you, and check out your website.
hopefully after this whole situation is squared away, I can get back to my RE goals and look for more units.
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I know some great PMs in Indy.
I came here to recommend @Lee Smith as well. Looks like he has a lot of happy customers out there!
I am not allowed to respond per biggerpockets non-advertising rules.. Hence my post was removed by the admins.. /snicker
@Todd Miller FS Houses is the best out there by far. The focus on inner city and can help you expand your portfolio as well. A one stop shop for real estate.
Yep Ryan and Ashley at FS are really professional folks also,anybody can be very comfortable doing business with them.Only problem now is Fountain Square is so successful there is no more deals around there😭
Lee Smith is legit. It's a shame he can't get a plug in for his business. I've known and worked with a lot of property managers - he is one of very few who I would ever chose to work with.
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