All Forum Posts by: Cheza M.
Cheza M. has started 26 posts and replied 71 times.
Post: Issue with wire transfer
- Investor
- New York
- Posts 87
- Votes 58
Quote from @Nathan Gesner:
Quote from @Cheza M.:
Cheza, there is too much going on here for you to handle on your own. You need to contact someone at the state level and file a complaint. I'm providing you a guide that will walk you through the process and give you some suggestions on who you should talk to. If you do not understand the instructions or do not know who to talk to, just start making phone calls and asking questions. Someone will point you in the right direction.
Thank you very much for this, will do that!
Post: Issue with wire transfer
- Investor
- New York
- Posts 87
- Votes 58
Quote from @Theresa Harris:
Quote from @Cheza M.:
Quote from @Nathan Gesner:
Quote from @Cheza M.:
I think they are either incompetent or playing games. I think decision to terminate is a good one.
Read your contract with them. It should tell you how much notice you have to give. Even if you terminate early and pay them out for the rest of those months, it would be worth it especially as they aren't replying to your messages or giving you your rent. Get a copy of the lease and the deposit.
I was trying to get a copy of the PM agreement from them so I could reread it, as I could no longer find it in my computer. But the PM is still not replying to my emails. Is it possible that they just completely cut off communication with you and take your money with them? I was hoping I could at least save the september rent before the tenant deposit the funds to them on sept 1st
Post: Issue with wire transfer
- Investor
- New York
- Posts 87
- Votes 58
Quote from @Bill B.:
Assuming they are local tell them you’d like to meet with them today or tomorrow at the latest at their bank to get this settled. I’ve never encountered a PM using wire transfers because of the fees. But ACH has worked flawlessly for 20 years.
I think we are all afraid for you assuming the worst. They could just be lazy or incompetent but this time that’s your best case scenario, and that’s not good. You could easily go from missing a months rent to 2 months.
It’s going to put a sour taste in everyone’s mouth but you’re almost at small claims court time unless you want to hire a lawyer. It shouldn’t take them 5 minutes to provide a screen shot of what they’re calling proof. Maybe 30 if they wait for their bank to send something to them from their end.
I don’t quite understand how can the PM be lazy with simply wiring the money and they’ve already got the entire month to do it. He’a not providing me an proofs yet as he’s not replying to my emails
Post: Issue with wire transfer
- Investor
- New York
- Posts 87
- Votes 58
Quote from @Nathan Gesner:
Quote from @Cheza M.:
I think they are either incompetent or playing games. I think decision to terminate is a good one.
Post: Issue with wire transfer
- Investor
- New York
- Posts 87
- Votes 58
Quote from @Chris Seveney:
Quote from @Cheza M.:
Quote from @Nathan Gesner:
Quote from @Cheza M.:
If they are contractually obligated to make payment prior to the 15th, then that is what they should do. I think you need to be firm with this property manager and let them know they are in clear violation of the management agreement. Give them very clear instructions on how they can fix the issue and keep your business, or terminate with them and move to a new property manager.
I just received an email from the PM yesterday saying they've attempted to send me the money twice now to my account and that they will contact their bank again and that his partner will provide me the proof of the attempts of wiring me the funds. I feel like we're just going back and forth with our emails and nothing's really happening, as if they're just buying some time until September comes so they could collect the rent for Sept and possibly use it as the August rent.. I'm not sure. I did reply to him to use a different method already and the proofs of the attempts to wire the funds.
Some banks do use a different routing number for wires vs ACH. What does happen sometimes as well is if they keep an excel sheet with routing and account numbers they copy and paste from excel into their bank and the leading zero gets dropped. They should be able to send you a screenshot of the ACH and a copy of the ACH returns notification they receive. I would also request that to see if they are putting in the correct info. If they are not providing that info then I would start to get suspicious.
I've confirmed my account and routing numbers with the PM and it's correct. Also, he switched and was using ACH already to wire the funds 2 months ago and it was working fine. I've already asked him for a proof but he still hasn't provided me anything. He just told me he's going to ask his partner for it, maybe he said that so that I won't pressure him for it
Post: Issue with wire transfer
- Investor
- New York
- Posts 87
- Votes 58
Quote from @Theresa Harris:
Quote from @Cheza M.:
Quote from @Nathan Gesner:
Quote from @Cheza M.:
If they are contractually obligated to make payment prior to the 15th, then that is what they should do. I think you need to be firm with this property manager and let them know they are in clear violation of the management agreement. Give them very clear instructions on how they can fix the issue and keep your business, or terminate with them and move to a new property manager.
I just received an email from the PM yesterday saying they've attempted to send me the money twice now to my account and that they will contact their bank again and that his partner will provide me the proof of the attempts of wiring me the funds. I feel like we're just going back and forth with our emails and nothing's really happening, as if they're just buying some time until September comes so they could collect the rent for Sept and possibly use it as the August rent.. I'm not sure. I did reply to him to use a different method already and the proofs of the attempts to wire the funds.
I agree with you that at this point they are likely buying time to combine the two, problem is that isn't what they are supposed to do. Confirm the bank info with them and give them a hard deadline to pay you the money.
It's the first thing I did with them, confirming my account and rounting numbers. I've emailed the PM yesterday telling him I'd like him to wire the funds now using a different method but he's not responding. I don't think being firm with them is helping at all, they're just ignoring it as if they're the one in charge. Maybe I should consider terminating the contract with them
Post: Issue with wire transfer
- Investor
- New York
- Posts 87
- Votes 58
Quote from @Nathan Gesner:
Quote from @Cheza M.:
If they are contractually obligated to make payment prior to the 15th, then that is what they should do. I think you need to be firm with this property manager and let them know they are in clear violation of the management agreement. Give them very clear instructions on how they can fix the issue and keep your business, or terminate with them and move to a new property manager.
I just received an email from the PM yesterday saying they've attempted to send me the money twice now to my account and that they will contact their bank again and that his partner will provide me the proof of the attempts of wiring me the funds. I feel like we're just going back and forth with our emails and nothing's really happening, as if they're just buying some time until September comes so they could collect the rent for Sept and possibly use it as the August rent.. I'm not sure. I did reply to him to use a different method already and the proofs of the attempts to wire the funds.
Post: Ending a PM Contract
- Investor
- New York
- Posts 87
- Votes 58
Hey all,
I'd like to know how do I end my contract with a property management company. The current PM I have is showing me a lot of red flags and I'd like to switch to a better one asap. Do I have to wait until the signed contract is over or I could end it anytime? When is the correct and right time to end it? Because I'm worried they might take the funds away if we end in bad terms. Is there any way I could do it nicely and have a smooth transition from one PM to another? I'm sorry for newbie questions as I'm still new to all of these landlording stuff
Post: Issue with wire transfer
- Investor
- New York
- Posts 87
- Votes 58
Quote from @Nathan Gesner:
Quote from @Cheza M.:
This is one of those instances where it pays to be clear in your communication. Something like this:
"Dear PM, I have not received my August payment and it is now two weeks late with no explanation from you. I demand you respond within 48 and provide me proof that the funds transfer was initiated by your office and that it was sent to my account, per my instructions. If you've done everything correctly and the funds are lost, I want to see exactly what steps you've take to correct this and specific date of when your bank intends to have this corrected. If it will take more than 72 hours, I expect an update every two days until this is remedied."
Thanks Nathan for giving me a sample of what I can say to them. He actually made some explanations that it could be the ACH that's causing the delay and that the funds have been transferred to my account already which clearly hasn't. I tried calling him just now since he's not responding in my the email I sent 4 days ago but he's not answering. Not really sure what I should at this point.
I feel like waiting is pointless. Just like how I sometimes have to email and remind him about the wire before or after the 15th because he sometimes don't wire the funds unless I say something about it. Is it usual for PMs to wire the funds to you later than the agreed date, which is the 15th, without any explanation? Is it normal for them to have the entire month period to give you the funds? I thought that we agreed on the 15th because just in case the tenant is having trouble paying the rent, the tenant will have at least 15 days to pay the rent but not past that date.
Post: Issue with wire transfer
- Investor
- New York
- Posts 87
- Votes 58
Quote from @Theresa Harris:
Either they put the money in the wrong account or there is a bigger problem. Tell them you want the money transferred using a different method.
I've actually provided them a different routing number already, just in case it was the issue but the he just told me that it's already showing on their end that it's already been transferred to my account. I've also suggest a different way to wire the funds multiple times but I have a feeling he doesn't want to change it maybe because he prefers ACH or something else I don't know about