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That's unfortunate, and something that keeps me only managing my own properties locally. I know it won't scale so much, but I feel like I have too much skin the
by EADGBE 9y ago
That's unfortunate, and something that keeps me only managing my own properties locally. I know it won't scale so much, but I feel like I have too much skin the game for the property to lose value on my own fault.
It sounds like a very bad experience with a management company. Was this your first PM company?
- jcadam 9y agoYes, first and last time being a landlord. When I was growing up, my parents had a similarly bad experience renting a home they couldn't afford to sell after moving out-of-state. Theirs included an unscrupulous (rather than just incompetent/lazy) PM who charged them for unnecessary and expensive repairs, and tenants who paid their deposit and never paid again (the PM talked them into renting to Section 8ers). The situation ultimately ended in foreclosure for my parents (they were depending on rental income to make the mortgage payments). If I ever find myself upside-down on a mortgage again, I'm going to short-sale, walk away, or find a reputable local arsonist to deal with it.