McNutt Property Management

5 Replies | Memphis, Tennessee

Well, this was one of the guys that screwed me over, too.  He is NOT licensed, which is what I found after the damage was done.  Now that he is in jail, I can actually serve him even though there is very little chance I get some money back.  McNutt was initially very reliable, did repairs for very reasonable prices, and even found me a possible lease purchase tenant that helped fix up my property.  However, in lieu of getting a lease purchase option down payment, he gave the tenant two months free rent so in essence I paid for the repairs.  The tenant paid McNutt in cash.   As soon as I terminated my management agreement with him (based on losing another possible lease purchase tenant for a different property because he did not make the repairs in time as he promised), the tenant stopped paying me.  Now I have to proceed with eviction.

Still after terminating my agreement with McNutt, he continued to harass one of my other tenants asking to inspect the property because he supposedly had a buyer.  I was never informed of this until recently and I don't know how he could have sold my property without my consent but it may have been another scam he could have planned on the potential buyer.

Ironically, I got the news of McNutt's arrest from another management company I hired after McNutt and terminated also within a short period of time because they were going out of business without telling me ahead of time.  Now they are eager to send me the past rents :-)

Thankfully, I am now with a very reputable management company that I was referred to that otherwise would not manage my few properties.  In addition, I have an offer on one of my properties and just received a call from another potential buyer from my listings on postlets.com which posts to a large group of sites without any additional efforts.

Hey Sabrina,  not sure how I missed your post, but just read it.  I am sorry to hear of your woes here in Memphis.  I am just cutting my teeth as a buy and hold investor.  I am close to quitting the day job and making this my full time effort.

Even though I am new to the game, I see a lot of frustration from renters that I talk to and also local contractors that I work with.  I think there are some significant issues with outside investment and poor property management here in town.  I don't know if it is better or worse in other areas, but there are too many stories just like yours floating around regarding the Memphis market.  It find it a bit embarrassing, because I am from Memphis and love my town.   

I hope the situation has resolved itself and you are working with a good property manager.  

I just saw the original post. I find it so funny when people who run and own small business use terms such as CEO, CFO, etc.  That guy was no more a CEO as I am a Astronaut. Calling small business owners a CEO is an insult to actual CEO's. I have worked for real CEO's, it is a very difficult job that very few are qualified to do.  CEO's typically are senior officers and report to a board of directors.  President would is fine for larger small business with multiple employees.  One person shops should be owner, manager, etc.