Rental Property Investor · Roseville, CA · Member since 2015 · 30 posts · 10 votes
Hello everyone, I'm in a bit of a bind here and need some help. I have a property in Chicago that has been being managed by a property manager. I feel like I'm being taken advantage of and want to know if there is anything I can do or what I can do. Of course I have a lot of details around this but an example is they seem to have "in house" contractors so they can't really furnish actual invoices and receipts for repairs. I've paid a lot of money for repairs and every time I turn around there are more things to fix. Seems odd to me considering this property was "fully rehabbed" about 5 years ago. Any help of info is greatly appreciated.
@Mike U. sorry to hear you are having a tough time with this project. I can send you an attorney for sure. Maybe look to switch companies as well if you feel taken advantage off? One of the advantages of working in a primary market like Chicago is that you will have so many options for your PM.
@Mike U. sorry to hear you are having a tough time with this project. I can send you an attorney for sure. Maybe look to switch companies as well if you feel taken advantage off? One of the advantages of working in a primary market like Chicago is that you will have so many options for your PM.
@Mike U. sorry to hear you are having a tough time with this project. I can send you an attorney for sure. Maybe look to switch companies as well if you feel taken advantage off? One of the advantages of working in a primary market like Chicago is that you will have so many options for your PM.
Thanks John, I'm actually trying to offload the property right now but I find it odd that they can't furnish actual invoices/receipts. If you have a good attorney you can refer, I would definitely appreciate it.
Hey @Mike U. - That stinks and isn't an uncommon thing to hear. I have a couple of questions....
What neighborhood of Chicago is your building in?
Do you have any boots on the ground beside your property manager?
Which property management company is it?
The first place I would be going to look is your property management agreement, to see what it states about repairs and invoicing. Spending any money on an attorney may not be worth it....maybe @Bob Floss II can add some context.
We have worked with several out-of-state investors to understand what's really going on, on the ground here in Chicago. Happy to help out any way we can.
@Mike U. Sorry to hear. I just settled a lawsuit with a company that provided "turnkey" properties and billed the client for extensive phantom repairs. Hopefully it's not the same person. My client ended up doing the same as you by selling the properties and starting over.
@Mike U. Sorry to hear. I just settled a lawsuit with a company that provided "turnkey" properties and billed the client for extensive phantom repairs. Hopefully it's not the same person. My client ended up doing the same as you by selling the properties and starting over.
Hey @Mike U. - That stinks and isn't an uncommon thing to hear. I have a couple of questions....
What neighborhood of Chicago is your building in?
Do you have any boots on the ground beside your property manager?
Which property management company is it?
The first place I would be going to look is your property management agreement, to see what it states about repairs and invoicing. Spending any money on an attorney may not be worth it....maybe @Bob Floss II can add some context.
We have worked with several out-of-state investors to understand what's really going on, on the ground here in Chicago. Happy to help out any way we can.
Thanks Johnathan. I PM'd you to keep the information confidential. I don't have any boots on the ground unfortunately. This was my first and only out of state investment property. I'm currently trying to sell the property and would like to 1031 into a better property so if you have any suggestions I'm definitely open.
@Mike U. Sorry to hear. I just settled a lawsuit with a company that provided "turnkey" properties and billed the client for extensive phantom repairs. Hopefully it's not the same person. My client ended up doing the same as you by selling the properties and starting over.
Thanks Bob, I just PM'd you. Hope to hear from you.