I got a call today from the former tenant of a property we just took over from another property manager. Seems the property manager had been getting slower and slower on paying the property owner and was now two months behind paying the property owner his proceeds. The former tenant (when we took the rental house over it was in good repair and clean) had just vacated the property when we acquired the house to manage.
She was calling to say how frustrated she was because she had super cleaned the home (and I would agree) in hopes of receiving her deposit back. She had even had a final walk thru with the property manager and he promised her the money but “didn’t have his check book” at that time.
It’s a couple weeks later and now the manager isn’t returning her calls. Neither is their leasing agent. And now she hears me telling her that they weren’t legal managers anyway because they were not licensed real estate agents and that is a requirement in Missouri.
Checking to see if the property is something you like is important. But knowing who and where your money will be held is equally important. My guess is she’ll not see that money again. And neither will the owner of that property.
BBQ Capital | Kansas City Real Estate Investing 