@Stacy Weng I'm really sorry to hear you have had a challenging experience. Let me assure you that we are here for you and that we will do everything we can to support you though the entire process. I just checked with my staff and it appears that nobody at my company has heard from you in two months. So, first of all, I would strongly encourage you to be directly in touch with us whenever you are experiencing a challenge, so we can immediately get involved and do our best to support you through whatever the issue is. We can only raise issues with the seller if we know about them.
Regarding the Property Management...In an effort to serve their clients better (and in response to some of the customer feedback you cited), the seller has partnered with an established local property management company to expand the property management infrastructure and resources to better ensure that owners receive the level of responsiveness and overall customer service they deserve. The seller is still involved in fulfilling warranties, maintenance, etc. I'm sure when your property is ready to move into the leasing and management phase, you will receive details on this preferred property management option. You are, of course, welcome to use any PM company you choose though, and are not obligated to use the one affiliated with the seller.
Regarding construction delays, there are unfortunately a lot of variables in the construction business that can cause delays. The seller obviously has a financial incentive to finish the property as quickly as possible because they have to pay you rent as a penalty every month if they don't (which you confirmed they are currently doing). While 12 months is definitely longer than most properties are taking, these kind of delays are always a possibility, which is why you have the agreed upon financial recourse of the seller paying you rent. I apologize if the possibility of delays was not clearly communicated to you from the outset. The seller is now sending out introductory letters that clearly communicate the possibility of delays, and the associated buyer recourse in the event they happen.
Moving forward, if you feel that the seller paying you rent, combined with the other advantages of the BRRRR model, is not a sufficient trade off for the potential downside of construction delays, then I would encourage you to consider buying performing properties on the classic turnkey model. Performing properties remove the variables of potential construction delays because the property is already renovated and cash-flowing on the day you close.
I apologize again for the challenges you've experienced Stacy, for the stress, and for any misalignment of expectations about potential construction delays. We are not perfect, nor are any of the sellers we work with, and there are a lot of variables in the real estate industry that our out of our control, but I can assure you that we will work as hard as we can to support you and do our best to help resolve any challenges you may have.
Now that I am aware of your issue, I will have my staff reach out to the seller and be in touch with you privately this coming week with an update. If you can communicate directly with us moving forward, that would be the most efficient way to resolve any remaining issues.
We appreciate your patience and thank you for being part of our community!