All Forum Posts by: Sean L.

I have owned a SFR in Davenport IA since late 2020. I purchased it from a turnkey operator / Property manager who admittedly doesn't have the best reputation but such is life. Property is a 3 bed, 1.5 bath, an unfinished basement with laundry hook-ups, and on street parking. Address and Zillow Link at the bottom of the post. Entertaining all offers.

After initially shuffling around to a few different PM companies it has largely been occupied over the last 5 years. It is in fine condition but may require some modest work in the future and I don't want to misrepresent anything. I just put money into the property to fix things up after a tenant left end of 2024. I have just signed up a quality tenant at $1,300 a month rent who is moving in on June 1, 2025. I received multiple applications and lots of interest rental interest in the property but set a relatively high bar from a tenant screening perspective. I received applications at an initial rental price of ~$1,450 a month but most of them didn't pass the smell test (credit quality, criminal records) so I opted to lower the rent to $1,300 and lease to a higher credit quality tenant. But, depending on your personal risk tolerance, there is likely the ability to re-lease at a higher rate next year.

I wanted to fully disclose the backstory and context above so people have the full history. In short, the property is now stabilized at a healthy rental level and ready for its next owner. I am selling because I don't live in the area and this has become to much of a time sink relative to the small dollars at work. I just want to exit the asset and have my time back. As everyone on this forum knows, out of state property management, even with a PM company in place, still requires time/work and I am ready to move on. The team managing it now are great.

I currently have a mortgage in place but it is not assumable. 

Accepting any and all offers. Happy to trade a bit on price for certainty of closing / no contingencies but obviously you're welcome to do a walkthrough to decide if you actually want it.

Address: 520 South Clark Street, Davenport IA 52802

Zillow: 520 South Clark Street, Davenport IA (Zillow)

@Andy Collins It was not EPM. Feel free to message me for the name if you'd like. I've spoken with several people who had similar experiences with the property manager in question and their incompetence is pretty widely known at this point. The takeaway for me was that I shouldn't have continued working with the PM for 5-6 months hoping that the service would improve. 

@Andy Collins Apologies for the delay here..

Frankly, this investment has been a loser. That's not to say the market is bad but I was referred to a property management company which turrned out to be about as capable as my dog would have been. The tenant only paid one month of rent in 2021 but thankfully I was made whole through the various rental assistance programs available to tenants. About 5 months in I finally pulled the trigger and switched to a new property manager and they have been great so far. The yield isn't where I would like it due to sub-optimal tenant and property management issues but I would buy more units in Davenport having learned quite a bit through this experience.
  

I was toying with the idea of buying a rental property for several years before finally pulling the trigger last November. When I made my first investment I got in touch with a turn-key provider and went with the property that looked the best in their inventory at the time. Was it a home run? Absolutely not. I'm 5-6 months post-close now and it's just starting to perform. That said, it got me started and I'm about to go into contract on a duplex and am actively looking for another so it was a great jumping off point even if the individual deal wasn't great.
  

@Damaso Bautista Think we got our wires crossed, when did the mortgage come into play here? The mortgage is current, that's the only piece I control 100%. I just couldn't tell you if the tenant was actually paying the rent to the PM or not.

@Damaso Bautista I don't know if my rent is getting paid. I haven't received a check or an accurate account statement since I closed. Took a look at my contract and I can terminate the agreement without cause and with 30 days notice.

I'm in the process of reaching out to other PM firms in davenport and speaking with the turnkey provider who recommended my current PM so hopefully over the next week I'll be in a position to terminate and transition to a new provider.

@Bryan O. Thanks Bryan, I'm using them currently and facing similar issues. I'm glad to hear that self-managing has been working out for you though.

Hi @Bryan O. Would you mind sharing the PM firm you decided to go with or are you self managing? I'm having a very bad experience with my current PM in Davenport and am exploring alternatives currently. Also, would you feel comfortable sharing the name of the PM you were previously wondering (maybe via a message) I'm curious if it's the same firm I'm using?

Thank you! 

How should I go about terminating the PM relationship if that’s what I decide to do? Believe there is a boiler plate 30 day no fault termination clause in the contract but I don’t even have a copy of the lease nor have I had any contact with the tenant. Should I involve a lawyer?

@Joseph Schweizer I just pinged the turnkey provided will report back. The PM does have a portal through which I can download the inaccurate statements they’ve sent me but that about it. I technically have an account person who I have been contacting directly with little success.

@Johnny Lynum it’s funny, I was prepared for literally anything happening to the property and my investment going to zero. What I wasn’t prepared for at all was just being ignored by the people supposedly running it on my behalf. A few months from now when this is all resolved it will have been a very valuable lesson.