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Updated over 1 year ago on . Most recent reply

Chris Gallick's profile image
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Chris Gallick
  • from Santa Clara, CA
  • Member since Oct 31, 2021
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Chris Gallick's profile image
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Chris Gallick
  • from Santa Clara, CA
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Chris Gallick
  • Santa Clara, CA
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Managing Your Property

property manager withholding some of my revenue

Chris Gallick
  • Santa Clara, CA
Posted

Is there a valid reason why my property manager consistently withholds some of my revenue in addition to the agreed upon minimum account balance? Numbers: $400 min account balance. My current balance is $720 with my PM after the owner draw. Why would they do this? 

Salt Lake City, Utah
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Richard F.
  • #1 Tenant Screening Contributor
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Richard F.'s profile image
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Richard F.
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  • from Honolulu, HI
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Richard F.#1 Tenant Screening Contributor
  • Property Manager
  • Honolulu, HI
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Richard F.#1 Tenant Screening Contributor
  • Property Manager
  • Honolulu, HI
Replied

Aloha,

You really need to closely review your Management Agreement to see what it says about reserves or if they are witholding for taxes or other legit expenditures. If it is not addressed in the Agreement, email the PM for an explanation. Do not waste time with a phone call, get a response in writing.

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