Property Management nightmare Columbus

Foreigners Buying in the USA
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Property Management nightmare Columbus

Ram Srinivasan
Business Consultant · Calgary, Alberta · Member since 2014 · 178 posts · 36 votes

Hi All:

I feel like something is wrong. Terribly Wrong. I bought a duplex is a decent area of Bexley Ohio, and hired a property manager who I thought seemed to be a good fit. I provided a rehabed ready property and handed over to the property manager. So far after 6 months, I seem to have one issue after another, one eviction causing me $1000 repairs after the PM did not ask for the damage deposit, 2.5 months of missed rent, and $400 in eviction fees. 

I sit here midway through June, and so far, my net cash flow over the last 8 months since I have owned the property is -$2800. 

This is a property with NO MORTGAGE. It doesnt' seem that hard, and I really feel like I am taken advantage off living outside the country and not being able to see the property.

Can anyone recommend to me a good property manager in Columbus, OH, who can get the job done? In  So far the only folks who have gotten any cash out of this are the lawyers, accountants and the property manager.

Thanks

Ram

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Tom Yung
Investor · Winnipeg, Manitoba · Member since 2013 · 303 posts · 321 votes
12y

@Ram Srinivasan

@Peter Lohmann is a BP member & he has his own property management company in Columbus, Ohio. Contact him & see if he can help solve your problem.

One thing I will suggest as an out of town(country) investor myself. Work closely with your property manager. Check the monthly statement, tenant contracts, bank deposit, repair amounts very closely. Do it on a monthly bases. Communicate with your PM. 

Also find out more about Ohio state landlord & tenant Act, arm yourself with the knowledge of the local city, county by laws; it will take you some time to find all the info, but will benefit you in the long run.

Also set up your own rental requirement,like 3X rent, no eviction for the last 2 years. & see if your manager can incorporate those into their tenant screening process.

I wish you all the best.

Me & my wife graduated from SAIT 1976.

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  • Justin Lemaster
    Real Estate Agent · Columbus, OH · Member since 2015 · 57 posts · 31 votes
    10y

    The BBB can be a good source to research Property managers, look more for specific owner issue commentary, rather than a disgruntled tenant who just wants to complain (the PM didn't fix anything, etc. Their is generally a deeper back story you don't see when it comes to tenant relations). You can learn a lot about a PM by spending 10 minutes to learn the back story on the company. Most companies I've dealt with put up a great front and sell their product well, but don't follow through. Also, look for a company that focus's their efforts on investment properties. What this means to you as the consumer is for example. You have two property managers, one manages your "accidental landlord clients" (350 properties/individual owners in portfolios) and the other manages for investment clients (350 properties/20 owners). The likely hood of a better experience for the owner will lay with the investor property manager, better response, better personal care, likely better maintenance structure (better pricing by not having to outsource work much), etc. Their are a lot of property managers in Columbus, but only a few that I would recommend to anyone as being reputable. (I happen to work for one, thankfully, but have worked for a few that are dismal at best. I have plenty of horror stories to offer, trust me.)

    I just wanted to pass along some information that could be useful to many investors out their, both novice and veteran.

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  • Robert EllisBusiness Member
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    10y

    What other property managers do you recommend in Columbus? That's always an issue I've found that holds many of the investors I work with from purchasing additional properties. 

    [email protected]786-494-6766
    Section 8 Launch52 Reviews
    WebsiteView Page
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  • David Lucas
    Rental Property Investor · Columbus, OH · Member since 2014 · 63 posts · 9 votes
    10y

    Hi Ram - Just wondering how everything turned out? Also, curious to know whom was previously mismanaging your property?

    Best,

    David

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  • Jose Oliveira
    Westerville, OH · Member since 2016 · 2 posts · 2 votes
    10y
    Thank you for sharing your experience Ram and all the other comments. This is really an amazing site. All these shared knowledge is helping me to decide the route I want to take. Thank you.
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