All Forum Posts by: Amie D.

Shera Gregory, no it's not too basic, thanks for the ideas. I do need a new property manager, but I'm thinking that rather than continue with hassling with this and dealing with two different managers in two different states, especially since it has appreciated so much, if I sold it and used the profits to buy a different house(s) near where my other rental is located. The current tenant's lease ends next month, and the house would sell for more as a single family in that area than a rental.

On the most basic level, if I can sell the house for say $120-130K, minus what I still owe on the mortgage - around $40K, say I get $80K back from that.

Say in the other state that my other house is located, I could pick something up with an after repair value of around $40-45K that would rent for $850 a month. This is doable from what I've been seeing is still on the market there. It is on the upswing but has not inflated like other markets in the country. So with the $80K I could get from selling my one property that currently rents for $1K a month, I could buy two rentals bringing in around $1700 a month.

This also means dealing with one management company and a simplified tax situation each year.

This is all completely simplified, I realize this is the optimal situation and there are more expenses to be considered, but what I thinking about. I'm sure there are pitfalls I have not looked at yet.

I have a rental in a good area, after repairs I probably had about 60K in it and it originally rented for $950 a month.

The area has appreciated for housing values due to some new developments coming in and the area becoming an "art-sy" area of town, and so the house is now worth about $120K+ (I've owned the house for about a decade). But, the rents have only increased to about $1000/month.

I'm having troubles with the property manager of this house and had a bad one before that.

I currently own two rentals in two different states. So, I am wondering if I should sell this rental and find something with a better ROI near where my other property is (Cincinnati) and where I'm satisfied with the management team. This would also simplify taxes at the end of the year as I'd only be filing one state and with one manager.

I realize buy/sell overhead would be high but just trying to see things from a longer term perspective. On the flip side, the house I'm having problems with the management, is in a good area with extremely low vacancies and so is a solid rental, was rehabbed and so has very little issues that have come up, so from a maintenance standpoint is still a decent property.

Also, the property managers on my other property that I am satisfied with, I've only been using for about six months now. However their references were also solid and they have an A+ with the BBB and only do property management since 1971. Their management so far has put my "bad manager" to even more shame.

Appreciate any thoughts? Thanks!

Steve Babiak, thanks for the link. Unfortunately the town my rental is in is not listed there, but I see your point, not all of them get cut down. I am somewhat concerned about it. I don't necessarily want to have a management company with a bad reputation in a small town.

It's a headache because it's adding to my already long list of things going on right now: find a new property manager. I've been considering selling my rentals and this is one big reason why.

Thanks for the viewpoints. They have been in business in that town for 25 years and are right down the street from my rental house, which are some reasons why I have been considering them. I am with a smaller company now, a real estate agency with just one guy managing the rentals, and he does not respond to my messages in a reasonable timeframe (this is just one of my many complaints with him). I am thinking if I went with a larger company, there is more than one point of contact if I need information, and a company that has been around for that long must be doing some things right.

Actually what's funny is I rented out rooms while I went to school there and seem to remember a guy I rented a room to had similar complaints about renting from this management company, they took his deposit unfairly, etc. I had no problems with him as a renter and he got his deposit back in full after renting a year from my place. I've sent him a message as this was a while ago.

I don't know that I would eliminate them from consideration due to this, but I guess it would be fair game when I interviewed the company to ask why they feel I've seen so many complaints of this nature about their company online, and see what explanation they provide.

I'm also going to interview other companies, but it seems to be a theme that comes up on sites that review their management services.

Hi all,

I've gotten to the end of my rope with my current PM and am looking for a different company. The town is a smaller college town so there's not a huge selection. I only have one house in this town, but it's in a good area and is not hard to rent. I live out of town and am required by local codes to have a local manager, so can't just do it myself.

One of the larger management companies has gotten bad reviews online, not from their owners, but from the tenants. The negative reviews were mostly because they got apps denied or did not get their security deposit returned for damages they felt unfairly charged or overcharged for (knowing that they have strict screening and go after getting paid for damages might actually be a plus to an owner), but also some commented that when they moved in the properties were dirty/in disrepair.

How much of this would you pay attention to versus attributing it to tenants who were just unhappy in general with deposits not being returned, etc? Is it a bad sign that I find more bad reviews for this company from tenants versus other companies, or could that just be because they are in general larger?

Thanks!

Hi - looking for a good property manager in Bloomington, IN. Current one is not up to par, won't go into the long story of it all, but if you know of a solid company that has good communication and prompt service for issues, good placement rates, please let me know! Thanks!

Yeah, I would, but just sounds suspish to me. Flags are raised, in any case, LOL.

This sounds very strange to me. It seems like the agents would comment that just being the stove was strange, but again I am not familiar with that area so can't comment. A deal just fell through with another buyer on this house so it went back on the market, the listing agent said it was because their financing was not approved. Makes me wonder if something else was found, but seems like they'd have to disclose that.

Ok the agent I was with called the other agent and said the only reason it's a 203k is because it doesn't have a stove and FHA will not approve without a stove.

This sounds odd to me, since how many houses are sold without appliances?? But...

Ok. Is 203K still only available to owner-occupants?