All Forum Posts by: Manco Snead

Had a similar situation with OOS PM; different but as bad, probably alot worse. I have a new PM now, they're better, but still in no way up to my standards. If this one doesn't work out I'm selling and am done with OOS. To your original question, get a new PM yesterday.

And don't worry about the contract length; it will probably say 30 days required to terminate them. If you want out asap just buy them out with the 30 days management fees and tell them where to put it...

@Bryan Ester I don't mean this as criticism, only to be helpful, but if you have that much money to invest it sounds like your level of education in REI may not match the amount of money you have to invest, if that makes sense. I'd do alot more research, reading, number crunching, etc so when you go invest that money you know exactly what you're doing and why you're doing it. It's too easy to make costly mistakes in real estate; most of us have made them and the only person that is ultimately going to care about your money in all of this is you. Again, this is just meant to help you not make the biggest financial mistake of your life.

If this doesn't end soon for you and you're unclear how to resolve everything I'd hire an attorney to help. They're expensive but it will be worth it. Right now it's costing you stress and money. 

I'd beware of people you don't really know directing you to other people you don't really know who will have their hands in your money.

I put ethics, morals, and being a good neighbor before all the administrative paper work and businessy stuff. If the neighborhood really is unsafe and she really does feel unsafe there with her daughter I'd just have her give 30 days or less, return her deposit given she didn't destroy the place and that's it. The other way I look at it is that you, being in the position of privilege, own at least one house while she presumably doesn't own any. Just my opinion.

@Audi Pine   If this is your first property I would not recommend buying out of state. There are too many moving parts; not only will you not know the moving parts because you've never done it, but you won't even be at your OOS property to see everything with your own eyes and you will, presumably, be relying on a property manager who may or may not be horrible. My 1st property was local; it was overwhelming but it was a huge learning experience and turned out very well. Then I bought an OOS property and even with some experience alot went wrong; bad decisions on my part, horrible PM. Alot of the remedies would have been very simple if I was there to do things myself, but instead I was relying on other people. With a new PM it seems to finally be coming together (9 months later) but I'll probably never do OOS again. I'm no expert; just my personal experience and opinion. Also know that alot of people here on BP have something they're trying to sell you.

@Paul Sandhu  "psychotic mutts" - can you elaborate?  And what does one's per diem have to do with rent charge? I don't see a difference between this approach and having all rent amounts, long or short term, being income based.

Just my opinion from someone who has been a healthcare worker at them. I would never consider investing in one of them. Largely they are a disappointing extension of our already problematic health care system. I imagine it would be enormously complicated/expensive to do this correctly=ethically. And the alternative to doing it correctly, the more common way as I have seen, is immoral with poor care for residents. None of the residents at these facilities want to be there. They want to be with their families/relatives. And the people that work there are generally underpaid=problems. To people from many other countries these institutions, normal in America, are shocking with the thought being "how could you just leave your elder family member in a facility full of strangers."  After having worked in them, I now cringe every time I drive by one. When I get towards the end of my days I would much rather be dropped off at the edge of the woods than be put in one of these places.

@Janelle Sandoval  If this is your first property I would say 100% do not buy out of state. There are too many moving parts; not only will you not know the moving parts because you've never done it, but you won't even be at your OOS property to see everything with your own eyes and you will, presumably, be relying on a property manager who may or may not be horrible. My 1st property was local; it was overwhelming but it was a huge learning experience and turned out very well. Then I bought an OOS property and even with some experience alot went wrong; bad decisions on my part, horrible PM. Alot of the remedies would have been very simple if I was there to do things myself, but instead I was relying on other people. With a new PM it seems to finally be coming together (9 months later) but I'll probably never do OOS again. I'm no expert; just my personal experience and opinion. Also know that alot of people here on BP have something they're trying to sell you.

@Susan Foreman Just my personal experience; it is more work and stress to have a PM than to just manage on your own. Unless you get really lucky and find a rare good PM.