All Forum Posts by: James H.

I am not incorporated and the management company is an LLC.

Hard To imagine, but why else would they not be issuing a 1099. According to them they manage over 600 homes in the St. Louis area. 

The tenants pay the management company . The management company pays me after they deduct any expenses and their management fee. .

Yes. Every other management company I have ever dealt with has a provided a 1099 to the property owner. I Assumed this was not only required but standard business practice.

I Have a few different properties and different property managers. In the same area. I did not receive a 1099. From one of the property managenent companies and assumed it was lost in the mail. Until a couple of days ago, so I reached out to them in an e-mail and asked for them to email me a copy and where had they mailed the original to? The reply I got was they don't Supply 1099 to their owners and never have. I find this odd. . Is this standard practice? ? Is the IRS going to take my word for the amount of rent collected on this property, because there are plenty of expenses that I plan to write off and of course depreciation. This is the first year with this management company.

Thanks for echoing my sentiments. This is a tough crowd...

I'm looking for steps to fix this.

I have paid them most of the money because they billed me each month and every month they would say we're almost done, we have inspection scheduled and an interested tenant. Inspections always led to more items that should have been done already, Just a little more money each time they would say...

should I threaten to get an attorney?

report to BBB?

file complaint with realtor board?

ideas?

They billed me a little every month and when I realized it was over the original estimate and ask them about it they said it was almost done and will just be a little more but would never put a figure on it that, it happened 3 months in a row. 

I know these were all red flags. No contract just the written estimate in the beginning. I have paid them every time they billed me. I have been asking for detailed records for the last several months and I'm not getting very far. They will give me a few receipts but no detailed, itemized work listed which leads to more questions and now I'm feeling that I have been the victim of a scam.

They gave me a written estimate including what they called a "fudge Factor." Of 1,500, When I realized we were going over estimate they kept saying we're almost done it's just a little bit more work and we'll have it rented that went on for several months. Of course looking back I see lots of red flags along the way but I wanted to trust them and they were recommended to me by someone I trusted who now is no longer doing business with them.

Not sure how to handle this.